Tax Return Problem 7-1 Jeffery Norville is a single taxpayer. His SSN is 412-34-

Question

Tax Return Problem 7-1

Jeffery Norville is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. His W-2 for 2014 shows gross wages of $92,600 with $5,741 of social security and $1,343 of Medicare taxes withheld. He has $17,347 of federal withholding and $2,595 in state withholding. Jeffery does not itemize. He had the following stock transactions for the year:

Stock Shares
Date Purchased
Date Sold
Sale Price
Cost Basis
5,500
7/8/13
9/12/14
$15,000
$18,000
$800
3/12/14
10/21/14
43,000
47,000
2,800
2/13/07
10/21/14
30,000
22,000
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, of which $1,350 are considered qualified dividends.

Prepare and submit a 2014 Form 1040 for Jeffery. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. do it with the taxes for 2014, thanks

Explanation / Answer

Answer: Line72=$17,347

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