Posted: October 20th, 2022

ACC Tax Problem – Mariana Roberts was born June 18, 1970

Mariana Roberts was born June 18, 1970. She currently resides at 1818 S. Princeton in Nowhere,Illinois 60507. Her social security number is 345-89-9876.Mariana moved to a new home on March 2, 2012 to accommodate the relocation of heremployers office from Somewhere, Illinois to Nowhere, Illinois. Mariana lived 5 miles from herjob at the old location. The distance from her old home to her new job location is 65 miles.Mariana paid $8,000 to move her furniture, $150 for meals during the day of the move, and $275for a hotel room on the day of the move because the movers did not arrive at her new residenceuntil 4:00am. Marianas employer reimbursed her for $2,500 of moving expenses in 2012. Theemployers reimbursement was included in the salary reported on Marianas 2012 W-2.In 2012, Mariana paid $2,400 for meals and $8,000 for travel expenses related to her job forwhich her employer did not reimburse her.In November 2011, Thomas Cheney, an unemployed former work associate of Marianna, askedMariana to care for his children, Jill Cheney and Tim Cheney until he found a job. Marianna tookThomas children into her home in December 2011. None of the children had income in 2012.Mariana Roberts was married to John Roberts (SS# 566-79-2849) for 8 years. John died inFebruary 2012 leaving Mariana with their 2 children, Jane Roberts and Dick Roberts. JaneRoberts (SS# 333-56-9898) was born on August 1, 2000 and Dick Roberts (SS# 356-78-3564)was born on November 7, 2002. In March 2012, Mariana married Thomas Cheney (SS#288-679183) and Thomas moved into Marianas house. Thomas remained unemployed and was fullysupported by Mariana until he abandoned her in May 2012 to live with a wealthy former highschool girlfriend. Thomas left his 2 children, Jill Cheney (SS#555-99-8888) and Tim Cheney(SS# 699-76-2974), with Mariana. Jill Cheney was born on August 2, 1999 and Tim Cheney wasborn on October 6, 1997. Jill and Tim lived with Mariana for the entire year. Mariana provided100% of their support.Mariana paid ABC Child Care (EIN# 26-3457658) $2,220 in 2012 for child care services forDick Roberts. ABC Child Care is locate at 2378 N. Streeter Ave., Nowhere, Illinois 60507.Mariana won $12,000 at the Casino in January 2012 after losing $9,000 in November 2010 and$9,600 in March 2012.Mariana is the sole owner a Sub-Chapter S Corporation, Confections Limited Inc. (EIN 362009207) that was incorporated on February 15th 2012. Confections Limited Inc. is located at9817 S. Benson in Somewhere, IL 60999. Confections Limited is a retail business that sellscosmetics to the general public. The sales of the company were $295,000 in 2012. 2012 expensesinclude Cost of Sales of $210,000, Rent of $30,000, Salaries paid to a sales clerk of $40,000,Employer Payroll taxes of $3,000, Utilities of $15,000, Supplies of $6,000, Business Licenses of$2,000, and traffic violations of $650. Mariana purchase office equipment for the business for$12,000 in 2012, electing Section 179 depreciation. Confections Limited Inc. had total assets of$95,000 at December 31, 2012.Mariana also received a 1099 in 2012 for Misc. Income of $8,000 for consulting services sheperformed for Arts, Inc. She incurred $3,500 of car related expenses to perform these services.Mariana owns a Condo that she rented out in 2012. The Condo is located at 6161 N. Rome St.,Somewhere, IL 60988. She received rents of $22,000 in 2012. She paid $3,000 for repairs,$4,000 for condo assessments, $12,000 for mortgage interest, and $1,000 for real estate taxes onthe Condo in 2012. The condo was purchase on January 1, 2007 for $180,000. It is beingdepreciated on the Double Declining Balance Method for 20 years (full year convention).On May 5, 2012, Mariana sold 100 shares of her stock in IBM Corporation for $95 per share.She purchased this stock on January 8, 2002 for $60 per share. Mariana received $140,000 in2012 of proceeds from a life insurance policy on her late husband. She also received $8,000 in2012 for punitive damage related to a lawsuit she won. Mariana received 2012 interest income of$2,000 from State of Illinois bonds, $3,000 from Enron Corporation bonds, and $1,000 from asaving account at Washington Mutual Bank. Mariana borrowed $6,000 in 2012 to makeinvestments and paid $1,000 in interest expense in 2012 on these borrowed funds.Mariana was a partner with her friend Nick in a newspaper venture in 2012. The partnership wascalled Nick and Marianas Venture. Mariana received a K-1 from the partnership for $3,000 forher share of the income in 2012.Mariana purchased her old home at 2222 S. Somewhere, IL 60988 for $350,000 in 2003. Shesold this house in February 2012 for $410,000 and paid $20,000 in brokers commission. Shepurchased her current residence in February 2012 for $500,000 and paid $15,000 in closingcosts. She received a 2012 1098 from National Bank reflecting mortgage interest and real estatetaxes paid on her old home of $6,000 and $1,800 respectively. She also received a 2012 1098from Republic Bank reflecting mortgage interest and real estate taxes paid of $22,000 and $2,500respectively on her new home.Mariana had another home that she purchased in 2008. The address was 2655 Slip Street, OutThere, IL 60026. She paid $450,000 for the house in 2008. She had a mortgage of $430,000 onthe home. She sold it on a short-sale for $190,000 in 2012. She received a 1099 C for debtcancellation in 2012.Mariana paid medical bills in 2012 as follows:$10,000 for herself$2,000 for Jill Cheney$9,000 for John Roberts$10,000 for Tim Cheney$10,000 for Thomas CheneyIn 2012, Mariana donated $5,000 to the Boy Scouts of America and $8,000 to her church. Shealso donated appreciable property with a cost of $18,000 and Fair Market Value of $12,000 to aqualified charity called United Methods. She paid a tax accountant $2,500 to complete her 2011tax return which was filed on April 15, 2012. Mariana received a state tax refund of $650 on June10, 2012. She itemized deductions in 2011.Mariana received a 2012 W-2 from her employer, MIX READY, INC., with the followinginformation:Salaries:Federal Tax withheld:State Taxes Withheld$58,000$5,000$1,200Mariana is an officer of TAXIS COMBINED, INC. She received a 2012 W-2 for compensationto officers with the following information:Salaries:Federal Tax withheld:State Tax withheld$14,000$1,500$500In anticipation of taxes due, Mariana made estimated tax payments to the IRS of $1,500 in 2012.Mariana received a settlement of $9,300 in 2012 for punitive damages resulting from a lawsuitthat she won.Mariana paid $2,800 interest on student loans in 2012.Marianas mother, Julia Crown, lives in a nursing home and was fully supported by Mariana in2011. Julia Crown was born on July 4, 1942. Her social security number is 336-35-8174.Mariana does not have a pension plan at her job. Instead, she has a Traditional IRA in which shecontributed $2,000 on February 15, 2013.Prepare Marianas federal tax return for 2012. Also, prepare an invoice to bill Mariana for yourfee. (You can download the forms you need from IRS.gov)

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