Prepare income tax return for mary

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Reference no: EM131863102

Taxpayer, Mary Kelly, is 35 years old. Her social security number is 123-66-4478.

Mary is divorced. She pays her ex $15,000 a year in alimony. Her ex's name is Pat Downs. Pat's social is 111-22-3345. Mary also pays $20,000 a year in child support. Her divorce decree allows her to claim her daughter, Beth, born 8/2/2010, SS 221-31-5544 as a dependent.

Mary is an inventor. Companies pay her royalties to use her inventions. She received $106,000 in royalties last year. She had no associated expenses.

Mary works as a professor. Her W2 income was $75,000. Her federal withholding was $18,000. Her State withholding was $6,000.

Mary paid $23,000 in mortgage interest, $5,900 in property taxes, $1,300 in PMI, and $1,100 in homeowners insurance.

Mary paid $12,000 in daycare for her daughter.

Mary sold 10,000 shares of apple stock at $156/share.. She inherited it from her uncle John who had an unfortunate skydiving accident on March 13, 2012.

Mary donated $3,000 to charity. She also paid $30,000 for solar panels which are at her primary residence last year.

Mary's house is in a desirable area for new years' celebrations. She rented her house from December 26 2015 until Jan 2 2016 for $7,500. Unfortunately her septic system was destroyed. it costed her $19,000 to make repairs and bring it up to title 5 requirements.

Prepare a 2016 income tax return for Mary.

Reference no: EM131863102

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