Question: Hannibal Lecter is single and cannot be claimed as a dependent on another persons tax return. He is 45 years old and is not blind.

Hannibal Lecter is single and cannot be claimed as a dependent on another person’s tax return. He is 45 years old and is not blind. He is not in AMT. He has no dependents. He is fully “at risk” for all of his investments and activities. He has receipts for all of his payments. He does not qualify for a Qualified Business Income deduction.

Hannibal Lecter reports the following activity for 2020:

Salary Income $141,000

Interest Income from bank accounts 3,100

Interest Income from State and Local Bonds 10,000

Dividends (qualified) 2,000

Long Term Capital Gains 8,000

FMV of Gift Received from his sister 16,000

Gains taxed under Section 1245 700

Net Loss from Sch. C (Hannibal is a material participant) 1,200

Net income from a passive rental property (Hannibal is NOT a material participant and is NOT an active participant) (3,200)

Net ordinary loss from K-1 (Hannibal is NOT a material participant in the partnership) Cash distributions from a partnership reported on Sch. K-1 5,000

State Income Tax Withheld from W-2 3,000

State Income Estimated Payments made in 2020 500

Federal income tax withheld from his W-2 12,000

Real Estate Taxes on personal residence 5,000

Mortgage Interest paid on personal residence (all qualified acquisition debt) 10,000

Charitable donations made to qualified charities in cash 2,000

Nonrefundable Tax Credits 674 charities in cash

Nonrefundable Tax Credits 674

A. What is Hannibal's AGI for 2020?

B. What is the total of Hannibal's itemized deductions for 2020?

C. What is Hannibal's taxable income for 2020?

D. What is Hannibal's federal income tax liability for 2020?

E. What is Hannibal's refund or tax due with his 2020 tax return?

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