Question

Ellen , 45 and single has the following income and deductions in 2019. Salary                             &

  1. Ellen , 45 and single has the following income and deductions in 2019.

Salary                                                          $50,000

Interest Income                                                3,200

Dividends                                                           800

Medical Expenses                                            6,150

Property Taxes on Personal residence             6,300

Interest on Home Mortgage                             7,600

State and Local Income Taxes                         5,800

State and Local Sales Taxes                            2,000

Investment Interest Expense                           5,000

In addition, Ellen’s car (value =$15,000, cost $20,000) was stolen during the year and the insurance reimbursement was $7,000. She also had $2,000 of travel expenses related to her job that were reimbursed. $3,000 of federal income tax was withheld from her salary.

She elects to treat her dividends as net investment income, so that they are not subject to long term capital gains rates.

Compute her tax liability or refund.

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