Tax Return Problem 7-1 Jeffery Norville is a single taxpayer. His SSN is 412-34-
ID: 2448023 • Letter: T
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 Shared. 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 at least tell me which forms i need
Explanation / Answer
Answer:
Line 38=$93534
Line43=$90334
line 55=15897
Line72=17347
Line 73=$1450
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