During 2012 Gary earned $57000 as an executive. Single, supported half sister, w

Question

During 2012 Gary earned $57000 as an executive. Single, supported half sister, who lives in a nursing home. Gary received the following interests: $400 on City of LA Bonds, $200 on a money market, $2100 on a loan made to his brother. Gary spent one week serving on Jury Duty and received $50. His prior year refund was $1200 for federal and $140 for state. Itemized deductions last year of $8000, $1000 of which was state income taxes. Received qualifying dividends $1000 from Ace Co, and $1400 from Tray Co. Itemized deductions this year, $9000. Withholding tax $8000. Compute Gary

Explanation / Answer

get a 1040 and enter the items you list on the appropriate lines when you enter them, you will find your gross income, any credits to reduce that to the AGI, apply your personal exemptions, and if you itemize, the Sch A amounts(or if not, the standard deduction) spelding

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