CH8. Comprehensive Problem 8-2 Homework

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University of Nevada, Las Vegas ACC 401 Instruction Comprehensive Problem 8-2 Lisa Kohl (birthdate 02/14/1953) is an unmarried high school principal. Lisa received the following tax documents (which are located on separate tabs in the problem): x W-2 Form x Form 1099-INT x Form 1099-DIV x Form 1099-B During the year, Lisa paid the following amounts (all of whi ...[Show More]

University of Nevada, Las Vegas
ACC 401
Instruction
Comprehensive Problem 8-2
Lisa Kohl (birthdate 02/14/1953) is an unmarried high school principal. Lisa received the following tax
documents (which are located on separate tabs in the problem):
x W-2 Form
x Form 1099-INT
x Form 1099-DIV
x Form 1099-B
During the year, Lisa paid the following amounts (all of which can be substantiated):
Home mortgage interest reported on Form 1098 (not shown) $9,540
KS state income tax payment for 2018 $475
MasterCard interest 550
Life insurance (whole life policy) 750
Property taxes on personal residence 1,525
Blue Cross medical insurance premiums 250
Other medical expenses 780
Income tax preparation fee 300
Charitable contributions (in cash) 750
On January 28, 2019, Lisa sold land for $175,000 (basis to Lisa of $130,000). The land was purchased 6
years ago as an investment. She received $25,000 as a down payment and the buyer's 10-year note for
$150,000. The note is payable at the rate of $15,000 per year plus 8 percent interest. On January 28,
2020, the first of the ten principal and interest payments is due.
Lisa also helps support her father, Jay Hawke, who lives in a nearby senior facility. Jay's Social Security
number is 433-33-2121. Lisa provides over one-half of Jay's support but Jay also has a pension that paid
him income of $14,000 in 2019. His Social Security benefits were $3,200 in 2019.
Required:
Complete Lisa's Form 1040-SR, Schedules A, B and D, Form 8949, Form 6252 and Qualified Dividends
and Capital Gain Tax Worksheet.
x Make realistic assumptions about any missing data.
x She had health care coverage for the entire year and does not want to make a
contribution to the presidential election campaign.
x Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as
a negative number on the tax form.
x If an amount box does not require an entry or the answer is zero, enter "0".
x If required round any dollar amount to the nearest dollar