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Harold J. Milton (SSN 000-22-1111) is unmarried filing single with no dependents. He had the following income and deduc

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Question;Harold J. Milton (SSN 000-22-1111) is unmarried filing single with no dependents. Hehad the following income and deductions for 2011:Salary $177,000State income taxes 18,000Interest income from bank 12,000Mortgage interest expense on residence 19,000Dividend income (qualified) 18,000 Deductible IRA contribution 5,000 Interest expense on car loan 3,000Tax-exempt interest from municipal bonds 24,000 Real estate taxes on residence 2,000Charitable contributions 27,000Miscellaneous deductions?other (before the 2% AGI floor) 7,000Income taxes withheld 20,000Estimated tax payments ($2,500 per quarter) 10,000Complete Milton?s 2011 Form 1040, Schedule A, B, D, Form 6251, and Form 2210.Milton had AGI in 2010 of $200,000 and his 2010 income tax liability was $46,000.(Note: Milton is eligible to use the Short Method on Form 2210.)

 

Paper#43633 | Written in 16-Oct-2015

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