1040 completed on a problem from textbook

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Reba Dixon is a fifth-grade schoolteacher who earned a salary of $38,000 in

2017. She is 45 years old and has been divorced for four years. She receives

$1,200 of alimony payments each month from her former husband. Reba also

rents out a small apartment building. This year Reba received $30,000 of rental

payments from tenants and she incurred $19,500 of expenses associated with

the rental.

Reba and her daughter Heather (20 years old at the end of the year) moved

to Georgia in January of this year. Reba provides more than one-half of Heather’s

support. They had been living in Colorado for the past 15 years, but ever since

her divorce, Reba has been wanting to move back to Georgia to be closer to her

family. Luckily, last December, a teaching position opened up and Reba and

Heather decided to make the move. Reba paid a moving company $2,010 to

move their personal belongings, and she and Heather spent two days driving

the 1,426 miles to Georgia. During the trip, Reba paid $200 for lodging and

$85 for meals. Reba’s mother was so excited to have her daughter and granddaughter

move back to Georgia that she gave Reba $3,000 to help out with

the moving costs.

Reba rented a home in Georgia. Heather decided to continue living at home

with her mom, but she started attending school full-time in January at a nearby

university.

She was awarded a $3,000 partial tuition scholarship this year, and Reba

helped out by paying the remaining $500 tuition cost. If possible, Reba thought it

would be best to claim the education credit for these expenses.

Reba wasn’t sure if she would have enough items to help her benefit from

itemizing

on her tax return. However, she kept track of several expenses this year

that she thought might qualify if she was able to itemize. Reba paid $2,800 in state

income taxes and $6,500 in charitable contributions during the year. She also paid

the following medical-related expenses for her and Heather:

Insurance premiums $4,795

Medical care expenses 1,100

Prescription medicine 350

Nonprescription medicine 100

New contact lenses for Heather 200

Shortly after the move, Reba got distracted while driving and she ran into a

street sign. The accident caused $900 in damage to the car and gave her whiplash.

Because the repairs were less than her insurance deductible, she paid the

entire cost of the repairs. Reba wasn’t able to work for two months after the

accident.

Fortunately, she received $2,000 from her disability insurance. Her

employer,

the Central Georgia School District, paid 60 percent of the premiums

on the policy as a nontaxable fringe benefit and Reba paid the remaining

40 percent

portion.

A few years ago, Reba acquired several investments with her portion of the divorce

settlement. This year she reported the following income from her investments:

$2,200 of interest income from corporate bonds and $1,500 interest income from

City of Denver municipal bonds. Overall, Reba’s stock portfolio appreciated by

$12,000 but she did not sell any of her stocks.

Heather reported $3,200 of interest income from corporate bonds she received

as gifts from her father over the last several years. This was Heather’s only source of

income for the year.

Reba had $10,000 of federal income taxes withheld by her employer. Heather

made $500 of estimated tax payments during the year. Reba did not make any estimated

payments. Reba had qualifying insurance for purposes of the Affordable Care

Act (ACA).

Required:

Determine Reba’s federal income taxes due or taxes payable for the current year.

Complete

pages 1 and 2 of Form 1040 for Reba.

a) Is Reba allowed to file as a head of household or single?

b) Determine the amount of FICA taxes Reba was required to pay on her salary.

c) Determine Heather’s federal income taxes due or payable.

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