Ch Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and his 2020 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $14,500 of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year: Stock Shares 5,500 Date Purchased Date Sold Sale Price Cost Basis 7/8/19 3/12/20 2/13/13 9/12/20 10/21/20 $ 15,000 43,000 30,000 $ 18,000 47,000 22,000 800 2,800 10/21/20 He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends. Required: Prepare a 2020 Form 1040 for Jorge and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. (Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round your final answers to nearest whole dollar.) Use the appropriate Tax Tables and Tax Rate Schedules. 1040 for a Single taxpayer with no dependents. Schedule D Schedule D 1040 PG 1 1040 PG 2 Schedule B PG1 PG2 Page 2 of Form 1040. Some information does not carry over from Page 1. 412-34-5670 Form 1040 (2020) Jorge Gomez 16 (1) 8814 (2) 4972 (3) 16 Tax (see instructions). Check if any from Form(s): 17 17 Amount from Schedule 2, line 3 18 18 Add lines 16 and 17 ( Prev 10 of 10 Next>
Ch Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and his 2020 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $14,500 of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year: Stock Shares 5,500 Date Purchased Date Sold Sale Price Cost Basis 7/8/19 3/12/20 2/13/13 9/12/20 10/21/20 $ 15,000 43,000 30,000 $ 18,000 47,000 22,000 800 2,800 10/21/20 He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends. Required: Prepare a 2020 Form 1040 for Jorge and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. (Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round your final answers to nearest whole dollar.) Use the appropriate Tax Tables and Tax Rate Schedules. 1040 for a Single taxpayer with no dependents. Schedule D Schedule D 1040 PG 1 1040 PG 2 Schedule B PG1 PG2 Page 2 of Form 1040. Some information does not carry over from Page 1. 412-34-5670 Form 1040 (2020) Jorge Gomez 16 (1) 8814 (2) 4972 (3) 16 Tax (see instructions). Check if any from Form(s): 17 17 Amount from Schedule 2, line 3 18 18 Add lines 16 and 17 ( Prev 10 of 10 Next>
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 30P
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Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency
during the year.
Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor
and his 2020 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $14,500
of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year:
Stock
Date
Shares
Purchased Date Sold Sale Price Cost Basis
5,500
7/8/19
$ 15,000
43,000
30,000
9/12/20
$ 18,000
800
3/12/20
10/21/20
47,000
22,000
2,800
2/13/13
10/21/20
He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in
ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends.
ces
Required:
Prepare a 2020 Form 1040 for Jorge and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for
all sales transactions. (Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round
your final answers to nearest whole dollar.)
Use the appropriate Tax Tables and Tax Rate Schedules.
1040 for a Single taxpayer with no dependents.
Schedule D
Schedule D
1040 PG 1
1040 PG 2
Schedule B
PG2
PG1
Page 2 of Form 1040. Some information does not carry over from Page 1.
Form 1040 (2020)
Jorge
Gomez
412-34-5670
16
(1) 8814
(2) 4972
(3)
16 Tax (see instructions). Check if any from Form(s):
17
17 Amount from Schedule 2, line 3
18
18 Add lines 16 and 17
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