Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2015. She lives at
Question:
Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2015. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea’s Social Security number is 466-78-7359 and she is single. Her earnings and income tax withholding for 2016 for her job as a manager at a Florida shrimp-processing plant are:
Bea’s other income includes interest on a savings account at Beach National Bank of $2,175 and $620 per month alimony from her ex-husband.
During 2016, Bea paid the following amounts (all of which can be substantiated):
In July 2016, someone broke into Bea’s house and stole a diamond ring she had purchased in 2004. The diamond ring had a fair market value of $11,000 and a tax basis to Bea of $7,700. The ring was uninsured.
Required: Complete Bea’s federal tax return for 2016. Use Form 1040, Schedule A, Schedule B, and Form 4684, from Pages 5-53 through 5-57 to complete this tax return. Make realistic assumptions about any missing data.
Step by Step Answer:
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller