During 2023, Paul Crawford, a 40-year-old single taxpayer, who is a professor at BMCC, reports the...

 

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During 2023, Paul Crawford, a 40-year-old single taxpayer, who is a professor at BMCC, reports the following items to his tax preparer: ■ Salary 150,000 ■ Federal Tax Withholding 45,000 ▪ Ordinary Dividends from Alta Corporation 1,200 ▪ Interest income from a savings account at Chase Bank 150 ■ Business income from self-employment, 24,000 ▪ Expenses incurred with the Business income, 25,000 ■ Net Long-Term capital losses 5,000 ■ Alimony payments to former wife (divorced July 21, 2018) 18,000 Student loan interest of 1,200 ■ Contributions to his Traditional IRA, 5,800 ■ Educator expenses of 300 Gambling winnings 4,500 ▪ Gambling losses 500 ▪ ▪ Child support payments of 24,000 ▪ Interest earned on Series EE Bonds 1,000 ▪ Loaned his sister 3,000 and received 3,500. ▪ Qualified Medical Expenses, 15,000 ▪ Mortgage Interest, 8,500 ▪ State Income Taxes, 14,000 Property Taxes, 6,500 Charitable Contributions, 5,000 Instructions: Prepare Paul's 2023 Tax return. Only submit his Form-1040 for grading! During 2023, Paul Crawford, a 40-year-old single taxpayer, who is a professor at BMCC, reports the following items to his tax preparer: ■ Salary 150,000 ■ Federal Tax Withholding 45,000 ▪ Ordinary Dividends from Alta Corporation 1,200 ▪ Interest income from a savings account at Chase Bank 150 ■ Business income from self-employment, 24,000 ▪ Expenses incurred with the Business income, 25,000 ■ Net Long-Term capital losses 5,000 ■ Alimony payments to former wife (divorced July 21, 2018) 18,000 Student loan interest of 1,200 ■ Contributions to his Traditional IRA, 5,800 ■ Educator expenses of 300 Gambling winnings 4,500 ▪ Gambling losses 500 ▪ ▪ Child support payments of 24,000 ▪ Interest earned on Series EE Bonds 1,000 ▪ Loaned his sister 3,000 and received 3,500. ▪ Qualified Medical Expenses, 15,000 ▪ Mortgage Interest, 8,500 ▪ State Income Taxes, 14,000 Property Taxes, 6,500 Charitable Contributions, 5,000 Instructions: Prepare Paul's 2023 Tax return. Only submit his Form-1040 for grading!

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Form 1040 US Individual Income Tax Return Filing Status Single Taxpayer Information First Name Paul ... View the full answer