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hapter 06 Tax Form Problems (Mast Note: This problem is for the 2019 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta has never owned or used any virtual currency. She does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta, an advertising executive, earned a salary from ABC Advertising of $80,000 in 2019. Her employer withheld $9,000 in Federal Income tax and $3,100 in state income tax. Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne indicates that his expenses for Jason are $5,500. Roberta can document that she spent $6,500 for Jason's support during 2019. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2019, she has decided not to do so. Roberta provides all of June's support. Roberta's mother died on January 7, 2019. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Roberta received Insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Roberta's favorite aunt gave her $13,000 for her birthday in October On November 8, 2019, Roberta sells for $22,000 Amber stock that she had purchased for $24,000 from her first cousin, Walt, on December 5, 2013. Walt's cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2015. On December 1, 2019, Roberta sold Falcon stock for $13,500. She had acquired the stock on July 2, 2015, for $8,000. An examination of Roberta's records reveals that she received the following: Interest income of $2,500 from First Savings Bank. Groceries valued at $750 from Kroger Groceries for being the 100,000th customer. Qualified dividend income of $1,800 from Amber. Interest income of $3,750 on City of Springfield school bonds. Alimony of $16,000 from Wayne; divorce finalized in May 2015. Distribution of $4,800 from ST Partnership. Her distributive share of the partnership passive taxable income was $5,300. She had no prior passive activity losses. Assume that the qualified business income deduction applies and the W-2 wage limitation does not. From her checkbook records, she determines that she made the following payments during 2019: Charitable contributions of $4,500 to First Presbyterian Church and $1,500 to the American Red Cross (proper receipts obtained). Paid $5,000 to ECM Hospital for the medical expenses of a friend from work. Mortgage interest on her residence of $7,800 to Peoples Bank. Property taxes of $3,200 on her residence and $1,100 (ad valorem) on her car. $800 for landscaping expenses for residence. Estimated Federal income taxes of $2,800 and estimated state income taxes of $1,000. Medical expenses of $5,000 for her and $800 for Jason. In December, her medical insurance policy reimbursed $1,500 of her medical expenses. She had full-year health care coverage. A $1,000 ticket for parking in a handicapped space. Attorney's fees of $500 associated with unsuccessfully contesting the parking ticket. Contribution of $250 to the campaign of a candidate for governor. Because she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994. Required: Calculate Roberta's net tax payable or refund due for 2019, Enter all amounts as positive numbers. However, use the minus sign to indicate a loss. If an amount box does not require an entry or the answer is zero, enter "O". Make realistic assumptions about any missing data. It may be necessary to complete the tax schedules before completing Form 1040. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Use the Tax Rate Schedule provided. Do not use the Tax Tables. Form 1040 Complete Roberta's Form 1040 below for 2019. 2019 OMB No. 1545-0074 IRS Use Only Form Department of the Treasury Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return Filing Status Head of household (with qualifying person) (HOH) Your first name and middle initial Last name Roberta Santos of joint return, spouse's first name and middle initial Last name Your social security number 123-45-6780 Home address (number and street). If you have a P.O. box, see instructions. Apt.no 120 Sanborne Avenue City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Springfield, IL 60781 Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. a Foreign country name Foreign province/state/county Foreign postal code of more than four dependents, see instructions and here Standard Deduction Someone can claim: None You: None Age/Blindness Spouse: apter 06 Tax Form Problems (Mast Dependents (see instructions): (1) First name (2) Social security number (3) Relationship to you Last name (4) If qualifies for (see instructions): Child tax credit Credit for other dependents No - Yes Jason Santos 111-11-1112 Child June Santos 123-45-6788 Child No - Yes 1 Wages, salaries, tips, etc. Attach Form(s) W-2 ++++ 1 80,000 2a 2b 2,500 3b 1,800 b Taxable interest. Attach Sch. B 2a Tax-exempt interest .. If required b Ordinary dividends. Attach 3a Qualified dividends... 3a Sch. B if required 4a IRA distributions ..... 4a b Taxable amount c Pensions and annuities 4c d Taxable amount 5a Social security benefits 5a b Taxable amount 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here... 4b 4d 5b 6 5,500 X Standard Deduction for Single or Married filing separately, $12,200 Married filing jointly or Qualifying widow(er), $24,400 Head of household, $18,350 If you checked any box under Standard Deduction, see Instructions. 7a Other income from Schedule 1, line 9 7a 7b 8 b Add lines 1, 2, 3, 46, 4d, 5, 6, and 7a. This is your total income.. 8a Adjustments to income from Schedule 1, line 22. b Subtract line 8a from line 76. This is your adjusted gross income 9 Standard deduction or itemized deductions (from Schedule A) 8b Chapter 06 Tax Form Problems (Mast 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A..... 11a Add lines 9 and 10. 10 11a 16,000 X 11b b Taxable income. Subtract line 11a from line 86. If zero or less, enter-O-. BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate Instructions. Form 1040 (2019) Form 1040 (2019) 123-45-6780 Page 2 Roberta Santos 12a Tax (see Inst.) Check if any from Form(s): 1 8814 2 4972 30 12a 12b b Add Schedule 2, line 3, and line 12a and enter the total 0 X 13a Child tax credit or credit for other dependents 13a 1,000 13b 5,500 X b Add Schedule 3, line 7, and line 13a and enter the total 14 14 Subtract line 13b from line 12b. If zero or less, enter-O- 15 15 Other taxes, including self-employment tax, from Schedule 2, line 10 Add lines 14 and 15. This is your total tax. 16 16 17 17 9,000 Federal income tax withheld from Forms W-2 and 1099 18 Other payments and refundable credits: 18a a Earned Income credit (EIC)..... If you have a qualifying child, attach Sch. EIC. . If you have nontaxable 18b b Additional child tax credit. Attach Schedule 8812 18c riman nnnortunity credit fmm Form 8863, line 8 MODE instructions, Refund Direct deposit? d Schedule 3, line 14. 18d e Add lines 18a through 18d. These are your total other payments and refundable credits 18 19 Add lines 17 and 18e. These are your total payments 19 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid. 20 21a Amount of line 20 you want refunded to you. If Form 8888 is attached, check here 21a b Routing number c Type: Checking Savings d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions. 24 Estimated tax penalty (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss this return with Yes. Complete below. the IRS? See Instructions. No See Instructions Amount You Owe Third Party Designee (Other than paid preparer) Sign Here no. Designee's Phone Personal identification name number (PIN) Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation If the IRS sent you an Identity Chapter 06 Tax Form Problems (Mast Name(s) shown on Form 1040 or 1040-SR Your social security number Roberta Santos 123-45-6780 At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual o Yes No currency? Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 1 2a 1,600 X 05/2015 2a Almony received b Date of original divorce or separation agreement (see instructions) 3 Business income or (loss). Attach Schedule C.. 4 Other gains or (losses). Attach Form 4797 4 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 5 5,300 6 6 7 7 Farm income or (loss). Attach Schedule F Unemployment compensation.. Other income. List type and amount 8 8 9 Combine lines 1 through B. Enter here and on Form 1040 or 1040-SR, line 70 9 Part II Adjustments to Income 10 10 Educator expenses. 11 Certain business expenses of reservists, performing artists and fee-basis government officials. Attach Form 6 6 Other credits from Form: a 3800 b 8801 C 7 Add lines 1 through 6. Enter here and include on Form 1040 or 1040-SR, line 13b Part II Other Payments and Refundable Credits 7 8 2019 estimated tax payments and amount applied from 2018 return 8 9 10 11 9 Net premium tax credit. Attach Form 1962 10 Amount paid with request for extension to file (see instructions) 11 Excess social security and tier 1 RRTA tax withheld 12 Credit for federal tax on fuels. Attach Form 4136 13 Credits from Form an 2439 D Reserved c8885 do 14 Add lines 8 through 13. Enter here and on Form 1040 or 1040-SR, line 18d BAA For Paperwork Reduction Act Notice, see your tax return instructions. 12 13 Schedule 3 (Form 1040 or 1040-SR) 2019 Chapter 06 Tax Form Problems (Mast Complete Roberta's Schedule A for 2019. OMB No. 1545-0074 SCHEDULE A Itemized Deductions (Form 1040 or 1040-SR) Go to www.irs.gov/Schedulea for instructions and the latest information. 2019 (Rev. January 2020) Attach to Form 1040 or 1040-SR. Department of the Treasury Attachment Caution: If you are claiming a net qualified disaster loss on Form 4684, see the Internal Revenue Service (99) Sequence No. 07 Instructions for line 16 Name(s) shown on Form 1040 or 1040-SR Your social security number Roberta Santos 123-45-6780 Caution: Do not include expenses reimbursed or paid by others. Medical 1 Medical and dental expenses (see instructions) and Dental 2 Enter amount from Form 1040 or 1040- SR, line 8b.. 2 Expenses 3 Multiply line 2 by 7.5% (0.075). 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-O- 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 5a b State and local real estate taxes (see Instructions). 5b 3 D c State and local personal property taxes. 5c d Add lines 5a through 5c .. 5d e Enter the smaller or line 5d or $10,000 ($5,000 if married filing separately) 6 Other taxes. List type and amount 5e 7 Interest You Paid 7 Add lines Se and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, bulld, or improve your home, see Instructions and check this box.. a Home mortgage interest and points reported to you on Form 1098. See instructions if limited. b Home mortgage Interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address Caution: Your mortgage interest deduction may be limited (see instructions) Ba 8b 8c Bd c Points not reported to you on Form 1098. See Instructions for special rules a Mortage insurance premiums (see instructions). e Add lines 8a through Bd. 9 Investment interest. Attach Form 4952 if required. See Instructions. Be 10 Add lines 8e and 9...... 10 11 Gifts by cash or check. If you made any gift of $250 or more, Gifts to Charity see instructions .. 11 11 Gifts by cash or check. If you made any gift of $250 or more, Gifts to Charity see instructions. 11 12 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 If over $500.... 13 Carryover from prior year 13 Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses 14 Add lines 11 through 13 14 DO 15 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions. 16 Other-from list in instructions. List type and amount Other Itemized Deductions 16 17 Total 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 9 Itemized 18 If you elect to itemize deductions even though they are less than your standard deduction, Deductions check this box BAA For Paperwork Reduction Act Notice, see the Instructions Schedule A (Form 1040 or 1040-SR) 2019 for Forms 1040 and 1040-SR