America Los Rios (age 36) is a single taxpayer, living at 4700 Oak Drive, Sacramento, CA 95841.

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America Los Rios (age 36) is a single taxpayer, living at 4700 Oak Drive, Sacramento, CA 95841. Her Social Security number is 976-23-5132. America’s earnings and income tax withholding as the manager of a local supermarket store for 2016 are:

America’s other income includes qualifying dividends on American River Corporation stock of $4,400 and interest on a long-term certificate of deposit at Bank of Sacramento of $5,205.

During the year, America paid the following amounts (all of which can be substantiated):

In her spare time, America trades stocks and bonds. During the year, she sold several stocks and received a Form 1099-B, which showed the following:

Required: Complete America’s federal tax return for 2016. Use Form 1040, Schedule A, Schedule B, Schedule D, Form 8949, and the Qualified Dividends and Capital Gain Tax Worksheet on Pages 8-57 to 8-65 to complete this tax return (she is not subject to Alternative Minimum Tax). Make realistic assumptions about any missing data.

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Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

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

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