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Comprehensive Problem. Larry Johnson, 45 and single, has the…

Comprehensive Problem. Larry Johnson, 45 and single, has the following income and deductions in 2022. He is provided health insurance by his employer. Using the tax rate schedules rather than the tax tables, compute Larry’s tax owed or refund due for 2022.

Salary

$50,000

Interest income

3,200

Qualified dividends

800

Medical expenses

12,150

Medical insurance reimbursements

4,650

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, Larry’s car (value = $15,000, cost = $20,000) was stolen during the year, and the insurance reimbursement was only $7,000. He also had $2,000 of travel expenses related to his job that were not reimbursed and $3,000 of federal income tax withheld from his salary.

He elects to treat his dividends as net investment income, so they are not subject to the special long-term capital gains tax rates.

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