SWFT Individual Income Taxes
42nd Edition
ISBN: 9780357161555
Author: YOUNG
Publisher: Cengage Learning
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Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following
expenses in connection with her condo: Insurance $ 2, 050 Mortgage interest 7, 450
Property taxes 4, 200 Repairs & maintenance 650 Utilities 4, 650 Depreciation 23, 700 During
the year, Alexa rented out the condo for 137 days. Alexa's AGI from all sources other than
the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive
income. Assume that in addition to renting the condo for 137 days, Alexa uses the condo for
8 days of personal use. Also assume that Alexa receives $47, 750 of gross rental receipts, her
itemized deductions exceed the standard deduction before considering expenses associated
with the condo, and her itemized deduction for non-home business taxes is less than $
10,000 by more than the real property taxes allocated to rental use of the home. Answer the
Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources:
$39,000 in wages.
Alimony payments totaling $14,328. Her divorce was finalized in October 2019.
Unemployment compensation of $6,200.
Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b 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. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…
Use the information provided to answer questions about the taxpayer's 2021 return.
- Jasmine Dayne (29) is filing as a single taxpayer. In 2021, she received income from the following sources:
$39,000 in wages.
Alimony payments totaling $14,328. Her divorce was finalized in October 2020.
Unemployment compensation of $6,200.
Jasmine also made a timely $2,000 contribution to a traditional IRA for 2021.She had no other income or adjustments, and she will claim the standard deduction.
Question 1
What amount should Jasmine report for other income? Her partially completed Form 1040, page 1, is shown below. You may use the form, as well as refer to Schedule 1 (Form 1040) when answering this question.
$0
$6,200
$20,528
$22,528
Question 2
What is Jasmine's adjusted gross income? Her partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this question.
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following is a deduction for AGI? a. Charitable contributions. b. Alimony paid for a divorce finalized in 2015. c. Tax preparation fees. d. Mortgage interest paid on your primary residence.arrow_forwardWhich of the following is not a deduction for AGI? a. Alimony paid for a divorce finalized in 2018. b. Business rent on a self-employed business. c. Property taxes paid on your primary residence. d. One half of self-employment tax.arrow_forwardReview the following scenario. Use the information provided to answer questions about the taxpayer’s 2020 return.Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of her great-grandmother’s traditional IRAs. She passed away during the year, and Evonne took a $2,000 total distribution from the IRA. She then used the money to pay down her credit card debt.Evonne did not qualify for any COVID-19 related exceptions for IRA distributions. As far as she knows, all of her great-grandmother’s contributions to the account were deductible.Evonne’s only other income during the year was $44,000 in wages. She will claim the standard deduction. Question 1. Evonne received the following Form 1099-R reporting the IRA distribution. The form shows a code "4" in box 7, indicating that the distribution is due to death. When Evonne files her 2020 return, how much of the distribution must she include in her total income? $0 $200 $1,800 $2,000arrow_forward
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