The following information is shown on Beth's Wage and TaxStatement (Form W–2) for 2020.
During the year, Beth received interest of $1,300 from ArizonaFederal Savings and Loan and $400 from Arizona State Bank. Eachfinancial institution reported the interest income on a Form1099–INT. She received qualified dividends of $800 from BlueCorporation, $750 from Green Corporation, and $650 from OrangeCorporation. Each corporation reported Beth's dividend payments ona Form 1099–DIV.
Beth received a $1,100 income tax refund from the state ofArizona on April 29, 2020. On her 2019 Federal income tax return,she claimed the standard deduction.
Fees earned from her part-time tax practice in 2020 totaled$3,800. She paid $600 to have the tax returns processed by acomputerized tax return service.
On February 8, 2020, Beth bought 500 shares of Gray Corporationcommon stock for $17.60 a share. On September 12, 2020, Beth soldthe stock for $14 a share.
Beth bought a used sport utility vehicle for $6,000 on June 5,2020. She purchased the vehicle from her brother-in-law, who wasunemployed and was in need of cash. On November 2, 2020, she soldthe vehicle to a friend for $6,500.
On January 2, 2020, Beth acquired 100 shares of Blue Corporationcommon stock for $30 a share. She sold the stock on December 19,2020, for $55 a share.
During the year, Beth records revenues of $16,000 from the saleof a software program she developed. Beth incurred the followingexpenses in connection with her software development business.
Beth elected to expense the maximum portion of the cost of thecomputer, printer, and furniture allowed under the provisions of §179. These items were placed in service on January 15, 2020, andused 100% in her business.
Although her employer suggested that Beth attend an in-personconference on current developments in corporate taxation, Beth wasnot reimbursed for the travel expenses of $1,420 she incurred inattending the meeting. The $1,420 included $200 for the cost ofmeals.
During the year, Beth paid $300 for prescription medicines and$2,875 for doctor bills and hospital bills. Medical insurancepremiums were paid by her employer. Beth paid real property taxesof $1,766 on her home. Interest on her home mortgage (ValleyNational Bank) was $3,845, and credit card interest was $320. Bethcontributed $2,080 to various qualifying charities during the year.Professional dues and subscriptions totaled $350.
Beth paid estimated taxes of $1,000.
- Beth R Jordan Lives At 2322 Skyview Road Mesa Az 85201 She Is A Tax Accountant With Mesa Manufacturing Company 1203 1 (37.41 KiB) Viewed 12 times