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during 2021 john paid the following amounts,  Auto loan 1575 Credit card interest 655 State sales tax 1800 Doctor bills 4000 Other deductible medical expenses 1800 Income tax prep fee 500 Job-hunting expenses 925 Cash charitable donation to the jonagold research center 500 John's employer offers a retirement plan, but john does not participate. instead, he made a $4000 contribution to a Roth IRA.  Required: Form 1040, Schedule 1, Schedule A,and Schedule D as needed to complete this tax return.

during 2021 john paid the following amounts,  Auto loan 1575 Credit card interest 655 State sales tax 1800 Doctor bills 4000 Other deductible medical expenses 1800 Income tax prep fee 500 Job-hunting expenses 925 Cash charitable donation to the jonagold research center 500 John's employer offers a retirement plan, but john does not participate. instead, he made a $4000 contribution to a Roth IRA.  Required: Form 1040, Schedule 1, Schedule A,and Schedule D as needed to complete this tax return.

FINANCIAL ACCOUNTING
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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during 2021 john paid the following amounts, 

Auto loan 1575

Credit card interest 655

State sales tax 1800

Doctor bills 4000

Other deductible medical expenses 1800

Income tax prep fee 500

Job-hunting expenses 925

Cash charitable donation to the jonagold research center 500

John's employer offers a retirement plan, but john does not participate. instead, he made a $4000 contribution to a Roth IRA. 

Required: Form 1040, Schedule 1, Schedule A,and Schedule D as needed to complete this tax return. 

John received the following Form 1098 reporting mortgage interest and property taxes: CORRECTED (If checked) RECIPIENT'S/LENDER'S name, streat address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Braeburn National Bank 1600 W. Nob Hill Blvd. Yakima, WA 98902 RECIPIENT'S LENDER'S TIN 54-9019016 PAYER'S BORROWER'S nama John Fuji Street address (including apt. no) 468 Bonnie Doon Avenue City or town, state or province, country, and ZIP or foreign postal code Yakima, WA 98902 PAYER'S/BORROWER'S TIN 571-78-5974 9 Number of properties securing the 10 Other mortgage 1 Account number (see instructions) Form 1098 Prop Taxes $1,900.00 Descrip Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm (Keep for your records) Little John Brokerage Statement 100 Nottingham Street Sherwood Forest, MA 01233 Substitute Form 1099-B Tax Year 2021 "Caution: The amount shown may not be fully deductible by you. Limits based on the loan amount and the cost and value of the secured property may apply Also, you may only deduct interest to the extent if was incurred by you actually paid by you, and not reimbursed by another person. Form 1098 1 Mortgage interest received from payer(s)/borrower(e)" $ 7,851.47 2 Outstanding mortgage principal $256,341.99 4 Refund of overpaid interest OMB No. 1546-1380 2021 3 Mortgage origination date 10/1/2017 5 Mortgage insurance premiums $ $ 6 Points paid on purchase of principal residence www.irs.gov/Form1098 $ 7 X If address of property securing mortgage is the same as PAYER'S/BORROWER'S address, the box is checked, or the address or description is entered in box 8, 8 Address or description of property securing mortgage (see instructions) Mortgage Interest Statement Copy B For Payer/ Borrower The information in boxes 1 through 9 and 11 is Important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if the IRS determines that an underpayment of tax results because you overstated a deduction for this mortgage interest or for these points, reported in boxes 1 and 6; or because you didn't report the refund of interest (box 4); or because you claimed a nondeductible item. 11 Mortgage acquisition date John tried his hand at day trading for one week in February 2021. He received a substitute Form 1099-B from his broker. Because the IRS was provided the acquisi- tion date and basis for all trades and none required any adjustments or codes, these can be entered as a summary entry into Schedule D and no Form 8949 needs to be prepared. Department of the Treasury - Internal Revenue Service John Fuji 468 Bonnie Doon Ave. Yakima, WA 98902 XXX-XX-5974 1b 1c 1d 1a Shares Date Acq Date Sold Proceeds 890.00 1e Cost Basis 888.00 740.00 738.00 623.00 473.00 150.00 569.00 593.00 (24.00) 683.00 443.00 240.00 422.00 172.00 250.00 786.00 767.00 19.00 464.00 182.00 646.00 692.00 495.00 595.00 197.00 478.00 117.00 44 2/3/2021 2/3/2021 37 2/3/2021 2/3/2021 31 2/3/2021 2/3/2021 28 2/3/2021 2/3/2021 34 2/3/2021 2/3/2021 21 2/4/2021 2/4/2021 40 2/4/2021 2/4/2021 32 2/4/2021 2/4/2021 35 2/4/2021 2/4/2021 30 2/4/2021 2/4/2021 42 2/5/2021 2/5/2021 28 2/5/2021 2/5/2021 33 2/5/2021 2/5/2021 21 2/5/2021 2/5/2021 32 2/5/2021 2/5/2021 39 2/6/2021 2/6/2021 40 2/6/2021 2/6/2021 38 2/6/2021 2/6/2021 34 2/6/2021 2/6/2021 847.00 579.00 268.00 433.00 132.00 565.00 664.00 422.00 421.00 243.00 277.00 145.00 630.00 478.00 152.00 780.00 509.00 271.00 796.00 711.00 85.00 754.00 484.00 270.00 674.00 424.00 250.00 12,778.00 9,827.00 2,951.00 Net Gain or Loss 2.00 2.00 2 ST/LT ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST
Transcribed Image Text:John received the following Form 1098 reporting mortgage interest and property taxes: CORRECTED (If checked) RECIPIENT'S/LENDER'S name, streat address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. Braeburn National Bank 1600 W. Nob Hill Blvd. Yakima, WA 98902 RECIPIENT'S LENDER'S TIN 54-9019016 PAYER'S BORROWER'S nama John Fuji Street address (including apt. no) 468 Bonnie Doon Avenue City or town, state or province, country, and ZIP or foreign postal code Yakima, WA 98902 PAYER'S/BORROWER'S TIN 571-78-5974 9 Number of properties securing the 10 Other mortgage 1 Account number (see instructions) Form 1098 Prop Taxes $1,900.00 Descrip Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm Moderni Pharm (Keep for your records) Little John Brokerage Statement 100 Nottingham Street Sherwood Forest, MA 01233 Substitute Form 1099-B Tax Year 2021 "Caution: The amount shown may not be fully deductible by you. Limits based on the loan amount and the cost and value of the secured property may apply Also, you may only deduct interest to the extent if was incurred by you actually paid by you, and not reimbursed by another person. Form 1098 1 Mortgage interest received from payer(s)/borrower(e)" $ 7,851.47 2 Outstanding mortgage principal $256,341.99 4 Refund of overpaid interest OMB No. 1546-1380 2021 3 Mortgage origination date 10/1/2017 5 Mortgage insurance premiums $ $ 6 Points paid on purchase of principal residence www.irs.gov/Form1098 $ 7 X If address of property securing mortgage is the same as PAYER'S/BORROWER'S address, the box is checked, or the address or description is entered in box 8, 8 Address or description of property securing mortgage (see instructions) Mortgage Interest Statement Copy B For Payer/ Borrower The information in boxes 1 through 9 and 11 is Important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if the IRS determines that an underpayment of tax results because you overstated a deduction for this mortgage interest or for these points, reported in boxes 1 and 6; or because you didn't report the refund of interest (box 4); or because you claimed a nondeductible item. 11 Mortgage acquisition date John tried his hand at day trading for one week in February 2021. He received a substitute Form 1099-B from his broker. Because the IRS was provided the acquisi- tion date and basis for all trades and none required any adjustments or codes, these can be entered as a summary entry into Schedule D and no Form 8949 needs to be prepared. Department of the Treasury - Internal Revenue Service John Fuji 468 Bonnie Doon Ave. Yakima, WA 98902 XXX-XX-5974 1b 1c 1d 1a Shares Date Acq Date Sold Proceeds 890.00 1e Cost Basis 888.00 740.00 738.00 623.00 473.00 150.00 569.00 593.00 (24.00) 683.00 443.00 240.00 422.00 172.00 250.00 786.00 767.00 19.00 464.00 182.00 646.00 692.00 495.00 595.00 197.00 478.00 117.00 44 2/3/2021 2/3/2021 37 2/3/2021 2/3/2021 31 2/3/2021 2/3/2021 28 2/3/2021 2/3/2021 34 2/3/2021 2/3/2021 21 2/4/2021 2/4/2021 40 2/4/2021 2/4/2021 32 2/4/2021 2/4/2021 35 2/4/2021 2/4/2021 30 2/4/2021 2/4/2021 42 2/5/2021 2/5/2021 28 2/5/2021 2/5/2021 33 2/5/2021 2/5/2021 21 2/5/2021 2/5/2021 32 2/5/2021 2/5/2021 39 2/6/2021 2/6/2021 40 2/6/2021 2/6/2021 38 2/6/2021 2/6/2021 34 2/6/2021 2/6/2021 847.00 579.00 268.00 433.00 132.00 565.00 664.00 422.00 421.00 243.00 277.00 145.00 630.00 478.00 152.00 780.00 509.00 271.00 796.00 711.00 85.00 754.00 484.00 270.00 674.00 424.00 250.00 12,778.00 9,827.00 2,951.00 Net Gain or Loss 2.00 2.00 2 ST/LT ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST ST
2B. John Fuji (birthdate June 6, 1982) received the following Form W-2 from his employer related to his job as a manager at a Washington apple-processing plant: b Employer identification number (EIN) 34-7654321 e Employer's name, address, and ZIP code Granny Smith Apple Co. 200 Ahtanum Road Yakima, WA 98903 d Control number Employee's first name and initial John Fuji 468 Bonnie Doon Avenue Yakima, WA 98902 f Employee's address and ZIP code 16 State Employer's state ID number WA a Employee's social security number 571-78-5974 W-2 Wage and Tax Statement Form Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. Braeburn National Bank 1600 W. Nob Hill Rd. Yakima, WA 98902 PAYER'S TIN 54-9019016 RECIPIENT'S name John Fuji Street address (including apt, no.) 468 Bonnie Doon Ave. Last name Account number (see instructions) Form 1099-INT RECIPIENT'S TIN City or town, state or province, country, and ZIP or foreign postal code. Yakima, WA 98902 571-78-5974 OMB No. 1545-0008 FASTI Use 16 State wages, tips, etc. 17 State income tax CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN (optional) or foreign postal code, and telephone no. Safe, accurate, P file 1 Wages, lips, other compensation 75,150.00 (keep for your records) 3 Social security wages 75,150.00 5 Medicare wages and tips 75,150.00 7 Social security tips 9 Suff. 11 Nonqualified plans 13 Statutory ▬ 14 Other 2021 Retirement X John's other income includes interest on a Certificate of Deposit reported on a Form 1099-INT: 1 Interest income 987.11 $ 2 Early withdrawal penalty Third-party 6 Foreign tax paid $ 8 Tax-exempt interest. $ 10 Market discount 2 Federal Income tax withheld 9,700.00 18 Local wages, tips, etc. 19 Local income tax 4 Social security tax withheld 4,659.30 8 Medicare tax withheld 1,089.68 8 Allocated tips $ 14 Tax-exempt and tax credit. bond CUSIP no. 10 Dependent care benefits www.irs.gov/Form1099INT Visit the IRS website a www.irs.gov/efile 12a See instructions for box 12 12b 120 12d Department of the Treasury-Internal Revenue Service $ 3 Interest on U.S. Savings Bonds and Treas, obligations OMB No. 1545-0112 $ 4 Federal income tax withheld 5 Investment expenses. 0.00 $ $ 7 Foreign country or U.S. possession 2021 Form 1099-INT 20 Locality name 9 Specified private activity bond interest $ 11 Bond premium $ FATCA filing $ requirement 12 Band premium on Treasury obligations 13 Bond premium on tax-exempt bond $ Interest Income Copy B For Recipient This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. 15 State 16 State identification no. 17 State tax withheld $ Department of the Treasury - Internal Revenue Service Also, in accordance with the January 2016 divorce decree he paid $500 per month alimony to his ex-wife (Dora Fuji, Social Security number 573-79-6075) in 2021.
Transcribed Image Text:2B. John Fuji (birthdate June 6, 1982) received the following Form W-2 from his employer related to his job as a manager at a Washington apple-processing plant: b Employer identification number (EIN) 34-7654321 e Employer's name, address, and ZIP code Granny Smith Apple Co. 200 Ahtanum Road Yakima, WA 98903 d Control number Employee's first name and initial John Fuji 468 Bonnie Doon Avenue Yakima, WA 98902 f Employee's address and ZIP code 16 State Employer's state ID number WA a Employee's social security number 571-78-5974 W-2 Wage and Tax Statement Form Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. Braeburn National Bank 1600 W. Nob Hill Rd. Yakima, WA 98902 PAYER'S TIN 54-9019016 RECIPIENT'S name John Fuji Street address (including apt, no.) 468 Bonnie Doon Ave. Last name Account number (see instructions) Form 1099-INT RECIPIENT'S TIN City or town, state or province, country, and ZIP or foreign postal code. Yakima, WA 98902 571-78-5974 OMB No. 1545-0008 FASTI Use 16 State wages, tips, etc. 17 State income tax CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN (optional) or foreign postal code, and telephone no. Safe, accurate, P file 1 Wages, lips, other compensation 75,150.00 (keep for your records) 3 Social security wages 75,150.00 5 Medicare wages and tips 75,150.00 7 Social security tips 9 Suff. 11 Nonqualified plans 13 Statutory ▬ 14 Other 2021 Retirement X John's other income includes interest on a Certificate of Deposit reported on a Form 1099-INT: 1 Interest income 987.11 $ 2 Early withdrawal penalty Third-party 6 Foreign tax paid $ 8 Tax-exempt interest. $ 10 Market discount 2 Federal Income tax withheld 9,700.00 18 Local wages, tips, etc. 19 Local income tax 4 Social security tax withheld 4,659.30 8 Medicare tax withheld 1,089.68 8 Allocated tips $ 14 Tax-exempt and tax credit. bond CUSIP no. 10 Dependent care benefits www.irs.gov/Form1099INT Visit the IRS website a www.irs.gov/efile 12a See instructions for box 12 12b 120 12d Department of the Treasury-Internal Revenue Service $ 3 Interest on U.S. Savings Bonds and Treas, obligations OMB No. 1545-0112 $ 4 Federal income tax withheld 5 Investment expenses. 0.00 $ $ 7 Foreign country or U.S. possession 2021 Form 1099-INT 20 Locality name 9 Specified private activity bond interest $ 11 Bond premium $ FATCA filing $ requirement 12 Band premium on Treasury obligations 13 Bond premium on tax-exempt bond $ Interest Income Copy B For Recipient This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. 15 State 16 State identification no. 17 State tax withheld $ Department of the Treasury - Internal Revenue Service Also, in accordance with the January 2016 divorce decree he paid $500 per month alimony to his ex-wife (Dora Fuji, Social Security number 573-79-6075) in 2021.
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where did you get the $2000 for Schedule A 5b? 

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