Complete the 2024 federal income tax return for Caleb and Anne Stone. You may assume the Stones have substantiated all expenses that qualify for tax deductions and tax credits In preparing their tax return, you may use Form 1040, Schedule 1, 2, 3, A, B, C, D, E, and SE, Form 2441, 4562, 8582, 8863, 8949, 8995 and other forms if necessary. Please read the following assumptions and instructions: 1. Meal expenses associated with their business are 50% deductible. Family Information: Husband Caleb Stone SSN 598-94-2583 Birthday: 8/21/1970 Wife Anne Stone SSN 301-52-2942 Birthday: 4/15/1974 Home address 461 Golden Ave, Long Beach, CA 90802 Son Henry Stone SSN 614-42-5871 Birthday: 2/08/2005 Daughter Izzy Stone SSN 658-98-7480 Birthday: 6/13/2013 Facts: In 2019, Caleb Stone purchased an annuity from MyLife for $120,000. Monthly payments of $2,000 on the annuity started on January 15, 2024 and will continue for a total of 15 years. 2. On October 1, 2013, the Stones bought a house as their primary personal residence for $500,000. It is located at 1531 Olympic Ave, Placentia, CA 92870. They had lived in this house as primary residence until they moved to Long Beach. They sold it on February 1, 2024 for 700,000. 3.Caleb Stone made the following stock sales: Shares/Stock name Purchase Date Sale Date Sales Price Purchase Price 150 shares of Netflix 2/15/2024 6/12/2024 $5,000 8,000 300 shares of Google 5/12/2019 9/25/2024 $17,000 12,000 100 shares of Starbucks 8/30/2018 10/13/2024 $6,000 9,000 500 shares of Tesla 7/11/2024 11/30/2024 $8,000 4,000 4. In 2024, Anne Stone contributed $7,000 to a traditional IRA.
Complete the 2024 federal income tax return for Caleb and Anne Stone. You may assume the Stones have substantiated all expenses that qualify for tax deductions and tax credits In preparing their tax return, you may use Form 1040, Schedule 1, 2, 3, A, B, C, D, E, and SE, Form 2441, 4562, 8582, 8863, 8949, 8995 and other forms if necessary.
Please read the following assumptions and instructions:
1. Meal expenses associated with their business are 50% deductible.
Family Information:
|
Husband |
Caleb Stone |
SSN 598-94-2583 |
Birthday: 8/21/1970 |
|
Wife |
Anne Stone |
SSN 301-52-2942 |
Birthday: 4/15/1974 |
|
Home address |
461 Golden Ave, Long Beach, CA 90802 |
||
|
Son |
Henry Stone |
SSN 614-42-5871 |
Birthday: 2/08/2005 |
|
Daughter |
Izzy Stone |
SSN 658-98-7480 |
Birthday: 6/13/2013 |
Facts:
- In 2019, Caleb Stone purchased an annuity from MyLife for $120,000. Monthly payments of $2,000 on the annuity started on January 15, 2024 and will continue for a total of 15 years.
2. On October 1, 2013, the Stones bought a house as their primary personal residence for $500,000. It is located at 1531 Olympic Ave, Placentia, CA 92870. They had lived in this house as primary residence until they moved to Long Beach. They sold it on February 1, 2024 for 700,000.
3.Caleb Stone made the following stock sales:
|
Shares/Stock name |
Purchase Date |
Sale Date |
Sales Price |
Purchase Price |
|
150 shares of Netflix |
2/15/2024 |
6/12/2024 |
$5,000 |
8,000 |
|
300 shares of Google |
5/12/2019 |
9/25/2024 |
$17,000 |
12,000 |
|
100 shares of Starbucks |
8/30/2018 |
10/13/2024 |
$6,000 |
9,000 |
|
500 shares of Tesla |
7/11/2024 |
11/30/2024 |
$8,000 |
4,000 |
4. In 2024, Anne Stone contributed $7,000 to a traditional IRA.
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