Juanita,who Is Single,is in an Automobile Accident in 2013 and Her

question 72

Multiple Choice

Juanita,who is single,is in an automobile accident in 2013 and her car sustains $6,200 in damages.Because both drivers received tickets in the accident,Juanita does not expect to recover any of the loss from her insurance company.Juanita's 2013 AGI is $31,000,and she deducts a $3,000 loss on her 2013 tax return.Her other itemized deductions in 2013 exceed $12,000.In 2014,Juanita's insurance company reimburses her $2,800.Juanita's 2014 AGI is $28,000.As a result,Juanita must

• A)amend 2013 to show a $200 loss.
• B)do nothing and simply keep the $2,800.
• C)do nothing to the 2013 return but report $2,800 of income on her 2014 return.
• D)amend the 2013 return to show $0 loss and file her 2014 return to show a $200 loss.

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Definitions:

Elderly Parents

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A measure of one's ability to understand complex ideas, learn from experience, apply knowledge to solve problems, and adapt to new situations.

Forethought

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