Robert Ramos (age 36) is a single taxpayer, living at 8765 Bay Dr., Monterey, CA 93940. His

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Robert Ramos (age 36) is a single taxpayer, living at 8765 Bay Dr., Monterey, CA 93940. His Social Security number is 976-23-5132. Robert's earnings and income tax withholding as the manager of a local supermarket store for 2012 are:
Earnings..............................................$68,000
Federal income tax withheld......................$14,800
State income tax withheld............................2,300
Robert's other income includes qualifying dividends on Arizona Public Service stock of $3,600 and interest on a long-term certificate of deposits at Bank of America of $5,885.
During the year, Robert paid the following amounts (all of which can be substantiated):
Home mortgage interest............................................$10,500
Credit card interest......................................................550
Auto loan interest......................................................1,700
Life insurance (universal policy) ......................................750
Property taxes on personal residence................................1,350
Blue Cross medical insurance premiums...............................650
Other medical expenses.........................................................790
Income tax preparation fee......................................................250
Charitable contributions (in cash) .............................................550
In his spare time, Robert trades stocks and bonds. During the year, he sold several stocks and received a Form 1099-B, which showed the following:
Robert Ramos (age 36) is a single taxpayer, living at

Required:
Complete Robert's federal tax return for 2012. Use Form 1040, Schedule A, Schedule B, Schedule D, Form 8949, and the worksheet on pages 8-57 to 8- 65 to complete this tax return. Make realistic assumptions about any missing data.

Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...
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Related Book For  answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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