what amount, if any, must Adrian include in his gross income for 2024 and 2025? If an amount is zero, enter "0".
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Garth is a single cash basis taxpayer (filing status = single since 1980) and has the following activities/transactions in 2021. In 2020, Garth had adjusted gross income of $70,000, took itemized deductions of $12,700, and paid $23,012 in federal income tax. Indicate the amount of each independent statement below that is included in Garth's recognized income (i.e. gross income) for tax year 2021. Sold primary family home for $700,000. The home was purchased in 1980 for $450,000. Include Received state income tax refund of $625 for overpayment of 2020 state income tax. Include Received $8,000 in worker's compensation after he was injured on his tree-cutting job. Include Dental insurance provided by his employer, who paid $1,550 in dental insurance premiums for the year. Include Garth provided 100 hours of carpentry services (valued at $25 per hour) to the local school in exchange for two football playoff tickets (valued at $6,000). Include Garth recently was sickened by eating spoiled peanut butter. He successfully sued the manufacturer for his medical bills ($3,700), his emotional distress ($6,000 - he now fears peanut butter), and punitive damages ($44,000). Include Garth and Camilla got divorced in 2011. Under the terms of the decree, Camilla pays Garth $70,000 in cash each year, decreased to $22,000 when their son turns 19 years old. In addition, Camilla will transfer a castle worth $2,000,000 to Garth. Include Garth purchased an annuity that provides $13,000 annual payments for the next 40 years. The annuity was purchased at a cost of $300,000. The annuity made its first payment this year. Include
Akash M.
Required information [The following information applies to the questions displayed below.] Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university, earning a salary of $152,000, and John worked part time as a receptionist for a law firm, earning a salary of $29,000. Sandy also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2022 AMT exemption for reference. The Fergusons reported making the following payments during the year: • State income taxes of $4,400. Federal tax withholding of $21,000. • Alimony payments to Sandy's former spouse of $10,000 (divorced 12/31/2014). • Child support payments for Sandy's child with her former spouse of $4,100. • $12,200 of real property taxes. • John was reimbursed $600 for employee business expenses he incurred. He was required to provide documentation for the expenses to his employer. • $3,600 to Kid Care day care center for Samantha's care while Sandy and John worked. • $14,000 interest on their home mortgage ($400,000 acquisition debt). • $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. • $15,000 cash charitable contributions to qualified charities. • Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000. Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. Sandy and John Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Sandy (DOB 11/07/1970): 111-11-1111 John (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555 Note: The taxpayer should be provided in the sequence it is provided in the question data. Any rows should not be skipped while entering the dependents in 1040 PG 1. Ferguson's did not transact in any virtual currency. Input all the values as positive numbers. Round your intermediate calculations and final answers to the nearest whole dollar. Use 2022 tax rules regardless of year on tax form.
a. What is the Fergusons' 2023 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? Note: Round your intermediate computations to the nearest whole dollar amount. Tax refund 2,348
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