1:14-69 Harold J. Milton (SSN 000-22-1111) is 66 years old and unmarried, filing single with no dependents. He had the following income and deductions for 2019: 18,000 5,000 Salary $177,000 Interest income from State Bank 12,000 Dividend income (qualified) Deductible IRA contribution Tax-exempt interest income from municipal bonds Charitable contributions Medical expenses (before the floor) 24,000 27,000 18,000 State income taxes Mortgage interest expense on residence (100% acquisition debt) Interest expense on car loan Real estate taxes on residence Miscellaneous deductions- other (before the floor) Income taxes withheld Estimated tax payments ($2,500 per quarter) $18,000 19,000 3,000 2,000 12,000 20,000 10,000 14.1-32 Full Alternative Text Complete Milton's 2019 Form 1040-SR, Schedules 1, 2, 3, A, B and Form 8960. In 2018, Milton had AGI of $200,000 and his income tax liability was $46,000.

1:14-69 Harold J. Milton (SSN 000-22-1111) is 66 years old and unmarried, filing single with no dependents. He had the following income and deductions for 2019: 18,000 5,000 Salary $177,000 Interest income from State Bank 12,000 Dividend income (qualified) Deductible IRA contribution Tax-exempt interest income from municipal bonds Charitable contributions Medical expenses (before the floor) 24,000 27,000 18,000 State income taxes Mortgage interest expense on residence (100% acquisition debt) Interest expense on car loan Real estate taxes on residence Miscellaneous deductions- other (before the floor) Income taxes withheld Estimated tax payments ($2,500 per quarter) $18,000 19,000 3,000 2,000 12,000 20,000 10,000 14.1-32 Full Alternative Text Complete Milton's 2019 Form 1040-SR, Schedules 1, 2, 3, A, B and Form 8960. In 2018, Milton had AGI of $200,000 and his income tax liability was $46,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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