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Comprehensive Problem 5-2A Bea Jones (birthdate March 27, 1984) moved from Texas to Florida in December 2017. She lives at 65Home mortgage Interest $8,700 2,300 Auto loan interest State sales tax 820 3,233 Property taxes on personal residence UnrelmbForm 1040 (2018) 466-78-7359 Page 2 Bea Jones Wages, salaries, tips, etc. Attach Form(s) W-2.... 1 2a Tax-exempt interest b T12 C • Head of household $18,000 . If you checked any box under Standard deduction, see instructions. 13 14 15 ONCRETO upende

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Answer #1

statement showing Computation of Bea jones Taxable income and federal tax liability as per year 2018

status of filling single

Bea Jones

Particulars

Amount($)

Wages , salary from Gulf shrimp co

43200

Taxable Interest

2200

add

Additional Income as per schedule 1

7200

600*12 = alimony #

Less contribution to IRA as per schedule 1 -2500 Traditional contibution to ira are deductable and money received after reteirment as pension is taxable

Adjustable Gross Income

50100

43200+2200+7200-2500

Less Standard deduction

0

standard dedution of 12000 is less than itemized deduction so its beeten to take itemized deduction

less itemized deduction as per schedule A

17068

## schedule A rounded off 17067.5

Taxable income

33032

(50100-17067.5)

Taxes on Taxable income

Tax liability on base bracket

953

10% of 9525 rounded off

Tax liability on excess over base@12%

2821

(33032-9525)*12%= 2820.84 rounded off

Tax on Taxable income

3774

(2821+953)
With holding tax 4600

Refund

826

full refund will be delivered as he has opted for health insuranse coverage , so deduction of presidential election campain will be done

# Alimony will be added in the income in the hand bea jones because as per federal tax laws alimony received after 2018 is not to be added as income , alimony receiver before 2018 will be added

## statement showing calculation of Itemized deduction as per schedule A

Unreimbursed Hospital Bill 3250
Doctor Bills 2612
other deductiable medical biils 720
Total Medical Expenses 6582
Adjustable gross income as per form 1040 50100
Multiply adjustable gross income with 7.5% 3757.5
ALLOWED MEDICAL EXPENSES over 7.5% OF ADJUSTABLE GROSS INCOME 6582-3757.5 2824.5
Home mortgage Interest 8700
state sales tax 820
property tax 3233
Total state sales tax and Property tax allowed upto $ 1000 4053

CAsuality and theft loss ###

1490
Total Itemized deduction 17067.5

### casulaity loss

loss in market value of house = 7800

less insurance claim received =-1200

Total loss = 6600

less deduction alllowed upto $ 100 as per federal tax rules  = $100

so total loss = 6600-100

= 6500

adjusted gross income= 50100*10% = 5010

allowed casuality loss above deduction =5010

Casuality loss allowed = 6500-5010

=1490

#### auto loan interest , income tax prepartion and job hunting expenses are disallowed expenses as per new 2018 federal tax rules

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