Contribute to the presidential election fund

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Reference no: EM133655532

Question: Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year.

Wendy O'Neil (SSN 412-34-5670), who is single, worked full time as the director at a local charity. She resides at 1501 Front Street, Highland, AZ 85711. For the year, she had the following reported on her W-2:

Wages $ 46,200
Federal withholding 7,930
Social security wages 46,200
Social security withholding 2,864
Medicare withholding 670
State withholding 2,310
Other information follows:

1099-INT New Bank $ 300
1099-DIV Freeze, Incorporated Ordinary dividends 400
Qualified dividends 400
Wendy had the following itemized deductions:

State income tax withholding $ 2,310
State income tax paid with the 2021 return 100
Real estate tax 2,600
Mortgage interest 8,060
Wendy inherited a beach house in North Carolina (rental only) on January 2, 2022, from her father. The FMV at the father's death was $850,000. He had purchased the house 20 years earlier for $100,000.

Summer rental income $ 45,000
Repairs 2,500
Real estate taxes 6,500
Utilities 2,400
Depreciation (Calculate)

On December 29, 2022, Wendy properly conducted a like-kind exchange for rental real estate located at 128 Lake Boulevard, Hot Town, AZ. She received rental property with an FMV of $950,000 and $20,000 cash in exchange for the North Carolina beach house. The Arizona property did not produce any income until 2023.

Prepare Form 1040 for Wendy for 2022. The taxpayer had qualifying health care coverage at all times during the tax year. You will also need Schedule 1, Schedule A, Schedule E, Form 4562, Form 4797, Form 8824, and Form 8995. Use the appropriate Table 6A-6 and Tax Tables or Tax Rate Schedules.

Note: Input all the values as positive numbers. Round intermediate computations and final answers to the nearest whole dollar. Instructions can be found on certain cells within the forms. Do not skip rows while entering in Residential rental property section on Section B of Form 4562.

Reference no: EM133655532

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