HOW TO FILL IN THE FORM 1040 WITH THE INFORMATION below? 1) John is 19-year-old. He has
Question:
HOW TO FILL IN THE FORM 1040 WITH THE INFORMATION below?
1) John is 19-year-old. He has a W-2 for $20,000 with $2,000 federal withholding.
2) Pam (John's wife) is 24 years old. She has a W-2 for $50,000 with $5,000 federal withholding. Pam also has $250 in teacher expenses.
3) John has $2,000 student loan interest.
4) Pam has 3 kids from a previous marriage. The kids are 3, 4, and 5.
5) John is an accounting student. He has paid $5,000 in tuition.
6) Pam has $2,000 childcare expense.
7) John has $2,000 interest income.
8) Pam has $20,0000 mortgage interest, $18,000 medical expense, $10,000 church donations, and$10,000 RE Taxes.
9) John has Uber profit of $2,000.
10) Pam sold stocks $40,000 basis $30,000.
11) John has a farm loss of $8,000.
12) John has rental gain of $5,000.
Required: Prepare the tax return for John and Pam.
What is the refund amount?
And how to use the information to fill in the U.S. Individual Income Tax Return?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill