Question

federal taxation HELP please 1040 form and schedules for 2017 tax return Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: Received a $30,000 salary from her employer, who withheld $4,200 federal income tax. . Received a gift of 1,000 shares of Ace Corporation stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Ace Corporation. The dividends are qualified dividends. Received $1,000 of interest income on bonds issued by the City of Tampa. Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Ace Corporation stock with a $5,000 FMV Alice's employer paid $2,000 of medical and health insurance premiums on her behalf. Received $12,000 alimony from her ex-husband. They divorced in 2014 old · State University provided $60,000 of group term life insurance. Alice is 42 years old The tane da esern a and is not a key employee. The table in the text is applicable. Received a $1,000 cash award from her employer for being designated the Secretary of the Year Total itemized deductions are $14,000. Complete Form 1040 and accompanying schedules for Alice Johnson's 2017 return.

Answer 1

b Form 1040 (2017 38 Amount from line 37 (adjusted gross income) 39a Check You were born before January 2, 1953, Blind. Total boxes 38 Spouse was born before January 2, 1953, Blind. Ifyour spouse itemizes on a separate retum or you were a dual-status alien, check here checked 39a Credits 39b Standard 40 Itemized deductions (from Schedule A) or your standard deduction (see left margin) 6350 40 41 42 41 Subtract line 40 from line 38..... .People who 42 Exemptions. If line 38 is $156,900 or less, multiply $4,050 by the number on line 6d. Otherwise, see instructions 43 Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter-0. 43 box on line 350 or3sb or 44 Tax (see instructions), Check ianymForm(s) 8814 Fom 4972 c yhincean as a 45 Alterna claimed as a45 Alternative minimum tax (see instructions). Attach Form 6251..... .. . 45 46 46 Excess advance premium tax credit repayment. Attach Form 8962 Foreign tax credit. Attach Form 1116 if required Education credits from Form 8863, line 19..... . instructions.47 Add lines 44, 45, and 46 All others: 48 Marr ed filing 49 Credit for child and dependent care expenses. Attach Form 2441 separately $6,350 49 50 50 Marg51 Retirerment savings contributions credit. Attach Form 8880 51 Quaitying 52 Child tax credit. Attach Schedule 8812, if required widow $12,700 53 Residential energy credits. Attach Form 5695 Head of54 Other credits from Form: a 3800 b8801 cI 55 Add lines 48 through 54. These are your total credits......... . 56 Subtract line 55 from line 47. If line 55 is more than line 47, enter-0 S9,350 56 38650 Other58 Unreported social security and Medicare tax from Form: a4137 b 8919 Taxes 59 60a Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if requir Household employment taxes from Schedule H 60a 60b . . . . 61 b First-time homebuyer credit repayment. Attach Form 5405 if required 61 Health care: individual responsibility (see instructions Full-year coverage 62 63 Form 8959 b□Form 8960 r total tax constructions; Taxes from: Add lines 56 t a enter code(s) h 62. This is 4200 Payments 64 Federal income tax withheld from Forms W-2 and 1099 If you have a 66a Earned income credit (EIC) child, attach 65 2017 estimated tax payments and amount applied from 2016 retum65 .. . 66a child, antachb Nontasable combat pay election 66b b Nontaxable combat pay election Schedule EIC. 67 Additional child tax credit. Attach Schedule 8812 . . .. 68 American opportunity credit from Form 8863, line 8 69 Net premium tax credit. Attach Form 8962. ..69 70 Amount paid with request for extension to file . 71 Excess social security and tier 1 RRTA tax withheld... 71 72 Credit for federal tax on fuels. Attach Fom 41 73 Credits from Fom: a2439 bReervd c8885 d 74 Add lines 64, 65, 66a, and 67 through 73. These are your total payments 70 Refund 75 If line 74 is more than line 63, subtract line 63 from line 74. This is the amount you overpaid 75 Direct deposit?b Routing number instructions. 77Amoun Amount 78 Amount you owe, Subtract line 74 from line 63, For details on how to pay, see instructions78 76a Amount of line 75 you want refunded to you. If Fom 8888 is attached, check here76a c Type:c CheckingSavings d Account number t of line 75 you want applied to your 2018 estimated tax 77 2305 You Owe 79 Estimated tax penalty (see instructions, 79 Third Party Do you want to alow another person to discuss this return with the IRS (see instructions)? Yes. Complete below. No Designee in' Sign Designee's Personal identification Unter panalties of perjury, I declare that I havs axamined this retum and accompanying schedules ard statements, and to the bast of my knowedpe and belisf, they are true, corect, and sccurstely Ist all amounts and sources ot incoma I recalved durrg the tax yeer. Declaration of preparer (other than taxpayer) a based on al Intormetion of wich preperer has aykwledgs. Here Joint return? See nstructions Keep a copyrSpouses signature. I a joint return, both must sign. Date your records. Your signature Your occupation Daytime phone number I the IRS sent you an ienity Protection PIN, enter here isee inst Spouse's occupation ype preparer s name PTIN Preparer Use Only Fim's name Go to www.irs.goviForm 1040 for instructions and the latest information. Firm's EIN Firm's address Form 1040 (2017)

Alimony  payments are re deductible by the payer and count as income to the recipient. The House bill included a provision repealing the current treatment for agreements signed after 2017. Thus alimony would no longer be deductible or taxable.

If your taxable interest income is more than $1,500, be sure to include that income on Schedule B of form 1040.since it is less it is exempt.

Generally stock dividends are not taxable, but Section 305 of the U.S. tax code provides 5 instances in which a stock dividend would be taxable.

Single or Married filing separately, $6,350 of Standard Deduction

There are two levels of exemption from the gift tax. First, gifts of up to the annual exclusion ($14,000 per recipient in 2013, 2014, 2015, 2016 and 2017) incur no tax or filing requirement. affected by other gifts that recipient may have received from others. this amount tax-free. Note that each giver and recipient pair has their own unique annual exclusion; a giver can give to any number of recipients and the exclusion is not affected by other gifts

The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income for 2017.but f your health insurance premiums are paid entirely by your employer or the government, you cannot deduct the cost.

In general, cash and prizes awarded to employees for good work or suggestions are taxable income since they are presented in return for an employee's performance or services