Required Information

Comprehensive Problem $6-64($LO $6-1,$ LO $6-2,$ LO $6-3)($Algo$)$

$[$The following information opplies to the questions displayed below.$]$

Shauna Coleman is single. She is employed as an architectural designer for Streamline Design $($SD$).$ Shouna wanted to determine her taxable income for this year. 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 for $2024.$

a$.$ Shauna paid $\backslash$$$4,694$ for medical expenses for care from a broken ankle in October. Also, Shauna's boyfriend, Blake, drove Shouns $($in her car$)$ a total of $115$ miles to the doctor's office so she could receive care for her broken ankle.

b$.$ Shouna paid a total of $\backslash (\backslash$$ $3\mathrm{.}435\backslash )$ in health insurance premiums during the year $($not through an exchange$).$ SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shouna had Lasik eye surgery last year and paid $\backslash (\backslash$$ $3,035\backslash )$ for the surgery $($she received no insurance reimbursement$).$ She also incurred $\backslash (\backslash$$ $464\backslash )$ of other medical expenses for the year.

c$.$ SD withheld $\backslash (\backslash$$ $1,835\backslash )$ of state income tax, $\backslash (\backslash$$ $7,530\backslash )$ of Social Security tax, and $\backslash (\backslash$$ $14,640\backslash )$ of federal income tax from Shauna's paychecks throughout the year.

d$.$ In $2024,$ Shouno was due a refund of $\backslash (\backslash$$ $264\backslash )$ for overpaying her $2023$ state taxes. On her $2023$ state tax return that she filed in April $2024,$ she applied the overpayment toward her $2024$ state tax liability. She estimated that her state tax liability for $2024$ will be $\backslash$$$2,335.$

e$.$ Shouna paid $\backslash (\backslash$$ $3,235\backslash )$ of property taxes on her personal residence. She also paid $\backslash (\backslash$$ $514\backslash )$ to the developer of her subdivision because he had to replace the sidewalk in certain areas of the subdivision.

f$.$ Shouna paid a $\backslash (\backslash$$ $214\backslash )$ property tax based on the state's estimate of the value of her car.

g$.$ Shouna has a home mortgage loan in the amount of $\backslash (\backslash$$ $227,000\backslash )$ that she secured when she purchased her home. The home is worth obout $\backslash (\backslash$$ $407,000\backslash ).$ Shouns poid interest of $\backslash (\backslash$$ $12,440\backslash )$ on the loan this year.

h$.$ Shauna made several 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 $\backslash (\backslash$$ $1,140\backslash )$ and her basis in the shares was $\backslash (\backslash$$ $456\backslash ).$ Shoune originally bought the ZYX Corporation stock in $2009.$ Shaune also contributed $\backslash (\backslash$$ $314\backslash )$ cosh to State University and religious artifacts she has held for several years to her church. The artifacts were valued at $\backslash$$$514$ and Shouna's basis in the items was $\backslash (\backslash$$ $314\backslash ).$ Shauna had every reason to believe the church would keep them on display indefinitely. Shouna also drove $200$ miles doing church$-$related errands for her minister. Finally, Shouna contributed $\backslash (\backslash$$ $1,235\backslash )$ of services to her church lest year.

$1.$ Shouna paid $\backslash (\backslash$$ $264\backslash )$ in investment advisory fees and another $\backslash (\backslash$$ $164\backslash )$ to have her tax return prepared $($that is$,$ she paid $\backslash (\backslash$$ $164\backslash )$ in $2024$ to have her $2023$ tox return prepared$).$

J$.$ Shouna is involved in horse racing as a hobby. During the year, she won $\backslash (\backslash$$ $2,535\backslash )$ in prize money and incurred $\backslash (\backslash$$ $11,400\backslash )$ 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 tox purposes.

k$.$ Shouna sustained $\backslash (\backslash$$ $2,035\backslash )$ in gambling losses over the year $($mostly horse$-$racing bets$)$ and had only $\backslash (\backslash$$ $214\backslash )$ in winnings.

Comprehenslve Problem $6-64$ Part b $($Algo$)$

b$.$ Assume Shauna's $\backslash ($ A G I $\backslash )$ is $\backslash (\backslash$$ $214,000\backslash ).$ Determine Shouns's taxable income.

Taxable income b$-2.$ Complete page $1$ of Form $1040($through taxable income, line $15)$ and Schedule A assuming her AGI is $\backslash$$$214,000.$

$($Input all the values as positive numbers. Enter any non$-$financlal Information, $($e$.$g$.$ Names, Addresses, soclal security numbers$)$ EXACTLY as they appear In any given Information or Problem Statement. Use $2024$ tax rules regardless of year on form.$)$ Shauna does not wish to contribute to the Presidential Election Campalgn fund or did not have any virtual currency transactions or Interests.

Shouns's address is $19010$ N$.$W$.135$th Street, Miami, FL $33054.$

Social security numbers:

Shouna Coleman: $111-11-1111$

Form $1040$ for Single with no dependents.

Form $1040$ Page $1.$