Help please!

Required information Comprehensive Problem 6-62 (LO 6-1, LO 6-2, LO 6-3) (Algo) [The following information applies to the questions displayed below.) Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,716 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,490 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,090 for the surgery (she received no insurance reimbursement). She also incurred $486 of other medical expenses for the year. C. SD withheld $1,890 of state income tax, $7,585 of Social Security tax, and $14,860 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $286 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,390. e. Shauna paid $3,290 of property taxes on her personal residence. She also paid $536 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $236 property tax based on the state's estimate of the value of her car. Shauna has a home mortgage loan in the amount of $238,000 that she secured when she purchased her home. The home is worth about $418,000. Shauna paid interest of $12,660 on the loan this year. h. Shauna made several charitable Charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,360 and her basis in the shares was $544. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $336 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $536 and Shauna's basis in the items was $336. Shauna had every reason to believe the church would keep them on indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,290 of services to her church last year. i. Shauna paid $286 in investment advisory fees and another $186 to have her tax return prepared (that is, she paid $186 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,590 in prize money and incurred $13,600 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,090 in gambling losses over the year (mostly horse-racing bets) and had only $236 in winnings. g. display indet Comprehensive Problem 6-62 Part -2 (Algo) a-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $125,000. (Round your intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2021 tax rules regardless of year on form.) Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shauna Coleman: 111-11-1111 1040 PG Schedule 1 A Form 1040 Page 1. Department of the Treasury-Internal Revenue Service (99) Form 1040 IRS Use Only-Do not write or staple in this U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 space. Married filing jointly separately (MFS) Filing Status Single Married filling Head of household (HOH) Qualifying widow(er) (QW) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the Check only qualifying person is one box. a child but not your dependent. Your first name and middle initial Last name Your social security number Shauna Coleman 111-11-1111 Spouse's social security If joint return, spouse's first name and middle initial Last name number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign (19010 N.W. 135th Street; Check here if you, or your spouse City, town, or post office. If you have a foreign address, also complete spaces State ZIP code if filing jointly, want $3 to go to this below. fund. Checking a box below will not change your tax or refund. Foreign country name Foreign province/state/county Foreign postal code In You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest ONO OYes in any virtual currency? Someone can Standard claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual- status alien Was born before Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: January 2, 1956 Is blind Dependents (see instructions): (2) Social security (4) if qualifies for (see number (3) Relationship to you instructions): Child tax Credit for other If more than (1) First name ) Last name credit four dependents dependents, see instructions and check here IO 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach Sch. B 2a Tax-exempt interest 2a b Taxable interest 2b required. 3a Qualified dividends 3a b Ordinary dividends 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard 6a Social security benefits 6a b Taxable amount 6b Deduction for-7 Capital gain or loss). Attach Schedule D if required. If not Single or D 7 required, check here Married 8 Other income from Schedule 1, line 9 8 filing 9 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income separately. 9 $12,400 10 Adjustments to income: . Married filing la From Schedule 1, line 22 10a jointly or b Charitable contributions if you take the standard deduction Qualifying 10b See instructions widow(er), $24,800 c Add lines 10a and 10b. These are your total adjustments to income 100 Head of 11 Subtract line 10c from line 9. This is your adjusted gross income 11 0 household, 12 Standard deduction or itemized deductions (from Schedule A) 12 $18,650 13 Qualified business income deduction. Attach Form 8995 or 13 . If you Form 8995-A checked 14 Add lines 12 and 13 14 0 any box under Standard Deduction, 15 Taxable income. Subtract line 14 from line 11. If zero or less, 15 Jenter -- see instructions For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate Cat. No instructions. Form 1040 (2020) 11320B THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education. Required information SCHEDULE A Itemized Deductions OMB No. 1545-0074 (Form 1040) Go to www.irs.gov/ScheduleA for instructions and the latest information. 2020 Department of the Treasury Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster Attachment Sequence No. Internal Revenue Service (99) loss on Form 4684, see the instructions for line 16. 07 Name(s) shown on Form 1040 or 1040-SR ) - Your social security number Shauna Coleman 111-11-1111 Caution: Do not include expenses reimbursed or paid by Medical others. and Dental 1 Medical and dental expenses (see instructions) 1 Expenses Enter amount from Form 1040 2 or 1040-SR, line 11 3 Multiply line 2 by 7.5% (0.075) 3 4 Subtract line 3 from line 1. If line 3 is more than line 1. enter-O- 4 0 Taxes You 5 State and local taxes. Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box n 5a b State and local real estate taxes (see instructions) 5b c State and local personal property taxes 5c d Add lines 5a through 5c 5d e Enter the smaller of line 5d or $10.000 ($5,000 if married 5e filing separately) 6 Other taxes. List type and amount 6 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of Interest You your home mortgage loan(s) to buy, build, or improve your Paid home, see Instructions and check this box a Home mortgage interest and points reported to you on 8a Form 1098. See instructions if limited Caution: b Home mortgage interest not reported to you on Form 1098. Your See instructions if limited. If paid to the person from whom mortgage you bought the home, see instructions and show that interest person's name, identifying no., and address deduction may be limited (see instruction) 8b c Points not reported to you on Form 1098. See instructions 8c for special rules d Mortgage insurance premiums (see instructions) 8d e Add lines 8a through 8d 8e 9 Investment interest. Attach Form 4952 if required. See 9 instructions 10 Add lines 8e and 9 10 11 Gifts by cash or check. If you made any gift of $250 or Gifts to 11 more, see instructions Charity 12 Other than by cash or check. If you made any gift of $250 Caution: If or more, see instructions. You must attach Form 8283 if over 12 you made a $500 gift and got a 13 Carryover from prior year 13 benefit for it see 14 Add lines 11 through 13 14 0 instructions. 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified Casualty and disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See Theft Losses instructions 15 Other 16 Otherfrom list in instructions. List type and amount Itemized Deductions 16 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this Total amount on Form 1040 or 1040-SR, line 12 17 0 Itemized 18 If you elect to Itemize deductions even though they are less than your standard Deductions deduction, check this box For Paperwork Reduction Act Notice, see the Instructions for Forms Schedule A (Form 1040) 1040 and 1040-SR. Cat. No. 17145C 2020 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education. Required information Comprehensive Problem 6-62 (LO 6-1, LO 6-2, LO 6-3) (Algo) [The following information applies to the questions displayed below.) Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,716 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,490 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,090 for the surgery (she received no insurance reimbursement). She also incurred $486 of other medical expenses for the year. C. SD withheld $1,890 of state income tax, $7,585 of Social Security tax, and $14,860 of federal income tax from Shauna's paychecks throughout the year. d. In 2021, Shauna was due a refund of $286 for overpaying her 2020 state taxes. On her 2020 state tax return that she filed in April 2021, she applied the overpayment toward her 2021 state tax liability. She estimated that her state tax liability for 2021 will be $2,390. e. Shauna paid $3,290 of property taxes on her personal residence. She also paid $536 to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision. f. Shauna paid a $236 property tax based on the state's estimate of the value of her car. Shauna has a home mortgage loan in the amount of $238,000 that she secured when she purchased her home. The home is worth about $418,000. Shauna paid interest of $12,660 on the loan this year. h. Shauna made several charitable Charitable contributions throughout the year. She contributed stock in ZYX Corporation to the Red Cross. On the date of the contribution, the fair market value of the donated shares was $1,360 and her basis in the shares was $544. Shauna originally bought the ZYX Corporation stock in 2009. Shauna also contributed $336 cash to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $536 and Shauna's basis in the items was $336. Shauna had every reason to believe the church would keep them on indefinitely. Shauna also drove 200 miles doing church-related errands for her minister. Finally, Shauna contributed $1,290 of services to her church last year. i. Shauna paid $286 in investment advisory fees and another $186 to have her tax return prepared (that is, she paid $186 in 2021 to have her 2020 tax return prepared). j. Shauna is involved in horse racing as a hobby. During the year, she won $2,590 in prize money and incurred $13,600 in expenses. She has never had a profitable year with her horse-racing activities, so she acknowledges that this is a hobby for federal income tax purposes. k. Shauna sustained $2,090 in gambling losses over the year (mostly horse-racing bets) and had only $236 in winnings. g. display indet Comprehensive Problem 6-62 Part -2 (Algo) a-2. Complete page 1 of Form 1040 (through taxable income, line 15) and Schedule A assuming her AGI is $125,000. (Round your intermediate computations to the nearest whole dollar amount. Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Use 2021 tax rules regardless of year on form.) Shauna's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Shauna Coleman: 111-11-1111 1040 PG Schedule 1 A Form 1040 Page 1. Department of the Treasury-Internal Revenue Service (99) Form 1040 IRS Use Only-Do not write or staple in this U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 space. Married filing jointly separately (MFS) Filing Status Single Married filling Head of household (HOH) Qualifying widow(er) (QW) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the Check only qualifying person is one box. a child but not your dependent. Your first name and middle initial Last name Your social security number Shauna Coleman 111-11-1111 Spouse's social security If joint return, spouse's first name and middle initial Last name number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign (19010 N.W. 135th Street; Check here if you, or your spouse City, town, or post office. If you have a foreign address, also complete spaces State ZIP code if filing jointly, want $3 to go to this below. fund. Checking a box below will not change your tax or refund. Foreign country name Foreign province/state/county Foreign postal code In You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest ONO OYes in any virtual currency? Someone can Standard claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual- status alien Was born before Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: January 2, 1956 Is blind Dependents (see instructions): (2) Social security (4) if qualifies for (see number (3) Relationship to you instructions): Child tax Credit for other If more than (1) First name ) Last name credit four dependents dependents, see instructions and check here IO 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach Sch. B 2a Tax-exempt interest 2a b Taxable interest 2b required. 3a Qualified dividends 3a b Ordinary dividends 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard 6a Social security benefits 6a b Taxable amount 6b Deduction for-7 Capital gain or loss). Attach Schedule D if required. If not Single or D 7 required, check here Married 8 Other income from Schedule 1, line 9 8 filing 9 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income separately. 9 $12,400 10 Adjustments to income: . Married filing la From Schedule 1, line 22 10a jointly or b Charitable contributions if you take the standard deduction Qualifying 10b See instructions widow(er), $24,800 c Add lines 10a and 10b. These are your total adjustments to income 100 Head of 11 Subtract line 10c from line 9. This is your adjusted gross income 11 0 household, 12 Standard deduction or itemized deductions (from Schedule A) 12 $18,650 13 Qualified business income deduction. Attach Form 8995 or 13 . If you Form 8995-A checked 14 Add lines 12 and 13 14 0 any box under Standard Deduction, 15 Taxable income. Subtract line 14 from line 11. If zero or less, 15 Jenter -- see instructions For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate Cat. No instructions. Form 1040 (2020) 11320B THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education. Required information SCHEDULE A Itemized Deductions OMB No. 1545-0074 (Form 1040) Go to www.irs.gov/ScheduleA for instructions and the latest information. 2020 Department of the Treasury Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster Attachment Sequence No. Internal Revenue Service (99) loss on Form 4684, see the instructions for line 16. 07 Name(s) shown on Form 1040 or 1040-SR ) - Your social security number Shauna Coleman 111-11-1111 Caution: Do not include expenses reimbursed or paid by Medical others. and Dental 1 Medical and dental expenses (see instructions) 1 Expenses Enter amount from Form 1040 2 or 1040-SR, line 11 3 Multiply line 2 by 7.5% (0.075) 3 4 Subtract line 3 from line 1. If line 3 is more than line 1. enter-O- 4 0 Taxes You 5 State and local taxes. Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box n 5a b State and local real estate taxes (see instructions) 5b c State and local personal property taxes 5c d Add lines 5a through 5c 5d e Enter the smaller of line 5d or $10.000 ($5,000 if married 5e filing separately) 6 Other taxes. List type and amount 6 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of Interest You your home mortgage loan(s) to buy, build, or improve your Paid home, see Instructions and check this box a Home mortgage interest and points reported to you on 8a Form 1098. See instructions if limited Caution: b Home mortgage interest not reported to you on Form 1098. Your See instructions if limited. If paid to the person from whom mortgage you bought the home, see instructions and show that interest person's name, identifying no., and address deduction may be limited (see instruction) 8b c Points not reported to you on Form 1098. See instructions 8c for special rules d Mortgage insurance premiums (see instructions) 8d e Add lines 8a through 8d 8e 9 Investment interest. Attach Form 4952 if required. See 9 instructions 10 Add lines 8e and 9 10 11 Gifts by cash or check. If you made any gift of $250 or Gifts to 11 more, see instructions Charity 12 Other than by cash or check. If you made any gift of $250 Caution: If or more, see instructions. You must attach Form 8283 if over 12 you made a $500 gift and got a 13 Carryover from prior year 13 benefit for it see 14 Add lines 11 through 13 14 0 instructions. 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified Casualty and disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See Theft Losses instructions 15 Other 16 Otherfrom list in instructions. List type and amount Itemized Deductions 16 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this Total amount on Form 1040 or 1040-SR, line 12 17 0 Itemized 18 If you elect to Itemize deductions even though they are less than your standard Deductions deduction, check this box For Paperwork Reduction Act Notice, see the Instructions for Forms Schedule A (Form 1040) 1040 and 1040-SR. Cat. No. 17145C 2020 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education