Comprehensive Problem 5-1 Anthony Stork (birthdate August 2, 1979) is a single taxpayer. Anthony's earnings and withholdings as the manager of a local casino for 2023 are reported on his Form W-2 (see separate tab). Anthony pays his ex-spouse, Salty Pans, $3,900 per month in accordance with their February 12, 2020, divorce decree. When their 12-year-old child (in the ex-spouse's custody) reaches the age of 18, the payments are reduced to $2,800 per month. His ex-spouse's Social Security number is 554-44-5555. In 2023, Anthony purchased a new car and so he kept track of his sales tax receipts during the year. His actual sales tax paid was $3,856 for the car and $925 for all other purchases. For purposes of completing this tax return*, you may assume that Anthony's actual sales tax exceeds the IRS estimated sales tax in 2023. Anthony participates in a high-deductible health plan and is eligible to contribute to a health savings account. His HSA earned $75 in 2023. During the year, Anthony paid the following amounts (all of which can be substantiated): Credit card interest $1,760 Auto loan interest 2,300 Auto insurance 900 Property taxes on personal residence 3,600 Contributions to HSA 2,850 Income tax preparation fee 900 Charitable contributions (all cash): Boy Scouts of America 1,300 St. Matthews Church 3,100 Nevada Democratic Party 250 Fund-raising dinner for the Reno Auto Museum 100 (value of dinner is $45) In 2023, Anthony inherited over $500,000 from his father, Howard, who died in 2023. Although Anthony invested a large portion, he also made a $50,000 cash donation to the Stork School of Engineering at Reno State University (see separate letter). Anthony also received a Form 1098 and a combined Form 1099-DIV (see separate tabs). Required: Complete Anthony's federal tax return for 2023. Use Form 1040, Schedule 1, Schedule A, Schedule B, Form 8889, and the Qualified Dividends and Capital Gain Tax Worksheet to complete this tax return. Make realistic assumptions about any missing data. Anthony had health coverage for the entire year, and he does not want to contribute to the presidential election campaign. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "0". If required, round any dollar amount to the nearest dollar. *Note: There is a difference between Schedule A in CNow and the SM/ProConnect version. The CNow / textbook provides a sales tax amount which assumes that it exceeds the IRS estimated amount. The ProConnect / solution manual version uses the IRS estimated amount. What is the amount of line 12 form 1040?

Line 12 of Form 1040 is for the "Charitable contributions" deduction for taxpayers who take the standard deduction. This line was introduced to allow taxpayers who do not itemize their deductions to claim a limited deduction for charitable contributions. For the tax year 2021, single filers could deduct up to $300 for cash contributions if they took the standard deduction. For married filing jointly, the limit was $600. However, this provision was specific to the tax years affected by the COVID-19 pandemic relief measures and may not apply for the tax year 2023. As of my last update, the IRS had not extended this provision to the tax year 2023. Unless new legislation is passed that extends or modifies this provision, the charitable contribution deduction for those taking the standard deduction may not be available for the tax year 2023. Therefore, unless there is an update to the tax code for 2023 that I am not aware of, Anthony would not enter any amount on Line 12 of Form 1040 for his charitable contributions if he is taking the standard deduction. If he itemizes his deductions on Schedule A, his charitable contributions would be reported there, not on Line 12 of Form 1040. Please check the IRS instructions for the 2023 Form 1040 or consult with a tax professional for the most current information.

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