Use the following additional information to complete the tax return: Dan and Cheryl's last name is Meyer.
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Use the following additional information to complete the tax return:
Dan and Cheryl's last name is Meyer.
If the Meyers have a refund, have the entire amount refunded.
Dan's commissions were $150,000 instead of $125,000.
Change federal estimated tax payments to $26,000 instead of $24,000 and state estimated taxes to $2,500 instead of $2,200.
They made $11,000 in cash charitable contributions instead of $9,000.
For Schedule D:
- Assume the STCL was from Intel stock originally purchased on 1/4/19 for $12,000 and sold on 3/1/19 for $4,200.
- Assume the LTCG was from the sale of Google, Inc. stock originally purchased on 7/19/14 for $10,100 and sold on 10/1/19 for $15,000.
- Assume the LTCL was from the sale of Yahoo, Inc. stock originally purchased on 1/30/16 for $48,200 and sold on 11/2/19 for $45,000.
Assume the charitable donation of GE stock was to the United Way. It was donated on 9/5/19 and was originally purchased on 4/17/12.
Schedule C:
- Dan uses the cash method.
- Assume one-third of the tax preparation fees are allocable to Dan's business.
- The Taxpayers' house is 3,000 square feet.
- The vehicle was placed in service on 12/31/17.
- Answer "yes" to items 45-47b on page 2.
Use the 2019 tax forms (locate tax forms on http://www.irs.gov/).
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: