Business, 28.07.2020 22:01 kloey908

Kelly Martin divorced in 2017; her 6-year-old child, Barbara, lives with her and is her dependent. Kelly has the following items of income and expense: Income:
Salary - $58,000
Cash dividends - 3,000
Interest income on City of New York bonds - 5,000
Interest income on U. S. Treasury bills - 4,000
Net rental income (not QBI) - 3,500
Alimony received from ex-husband - 2,500
Child support received from ex-husband - 3,500
Life insurance proceeds received on the death of her mother - 100,000
Sales of Capital Assets:
Stock held for 3 months (basis is $12,000) sold for 18,000
Investment land held 5 years (basis is $30,000) sold for 14,000
Expenses:
Interest on the $150,000 principal from her home acquisition mortgage - 6,000
Real property taxes on the home - 2,000
Charitable contributions - 7,000
Qualifying child care expense - 3,700
Federal income tax withheld - 6,000
Go to the IRS website (www. irs. gov) and print Form 1040 and Schedules 1 and 3. Complete these forms using the information provided above.

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Kelly Martin divorced in 2017; her 6-year-old child, Barbara, lives with her and is her dependent. K...

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