Prepare an Ohio State Income Tax Return, Form IT 1040, based on the solution of these Scenario.

Transcribed Image Text:

● ● ● ● ● ● ● ● ● Utilities Fire and theft insurance ● 4,100 1,900 The Byrds had the following medical expenses for 2017: Medical insurance premiums $4,500 Doctor bill for Sam incurred in 2014 and not paid until 2017 7,600 Operation for Sam 8,500 Prescription medicines for Sam 900 Hospital expenses for Sam 3,500 Reimbursement from insurance company, received in 2017 3,600 The medical expenses for Sam represent most of the 60% that Bruce contributed toward his father's support. Other relevant information follows: When they filed their 2016 state return in 2017, the Byrds paid additional state income tax of $900. During 2017, Alice and Bruce attended a dinner dance sponsored by the Lowell Police Disability Association (a qualified charitable organization). The Byrds paid $300 for the tickets. The cost of comparable entertainment would normally be $50. The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of $1,200 and fair market value of $350) to the Salvation Army. All donations are supported by receipts, and the clothing is in very good condition. In 2017, the Byrds received interest income of $2,750, which was reported on a Form 1099-NT from Second National Bank. Alice's employer requires that all employees wear uniforms to work. During 2017, Alice spent $850 on new uniforms and $566 on laundry charges. Bruce paid $400 for an annual subscription to the Journal of Franchise Management and $741 for annual membership dues to his professional association. Neither Alice's nor Bruce's employer reimburses for employee expenses. The Byrds do not keep the receipts for the sales taxes they paid and had no major purchases subject to sales tax. All members of the Byrd family had health insurance coverage for all of 2017. Alice and Bruce paid no estimated Federal income tax. Neither Alice nor Bruce wants to designate $3 to the Presidential Election Campaign Fund. Make realistic assumptions about any missing data. If an amount box does not require an entry or the answer is zero, enter "0". . Enter all amounts as positive numbers. It may be necessary to complete the tax schedules before completing Form 1040. Required: Compute net tax payable or refund due for Alice and Bruce Byrd for 2017. If they have overpaid, they want the amount to be refunded to them. ● ● ● ● ● ● ● ● ● Utilities Fire and theft insurance ● 4,100 1,900 The Byrds had the following medical expenses for 2017: Medical insurance premiums $4,500 Doctor bill for Sam incurred in 2014 and not paid until 2017 7,600 Operation for Sam 8,500 Prescription medicines for Sam 900 Hospital expenses for Sam 3,500 Reimbursement from insurance company, received in 2017 3,600 The medical expenses for Sam represent most of the 60% that Bruce contributed toward his father's support. Other relevant information follows: When they filed their 2016 state return in 2017, the Byrds paid additional state income tax of $900. During 2017, Alice and Bruce attended a dinner dance sponsored by the Lowell Police Disability Association (a qualified charitable organization). The Byrds paid $300 for the tickets. The cost of comparable entertainment would normally be $50. The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of $1,200 and fair market value of $350) to the Salvation Army. All donations are supported by receipts, and the clothing is in very good condition. In 2017, the Byrds received interest income of $2,750, which was reported on a Form 1099-NT from Second National Bank. Alice's employer requires that all employees wear uniforms to work. During 2017, Alice spent $850 on new uniforms and $566 on laundry charges. Bruce paid $400 for an annual subscription to the Journal of Franchise Management and $741 for annual membership dues to his professional association. Neither Alice's nor Bruce's employer reimburses for employee expenses. The Byrds do not keep the receipts for the sales taxes they paid and had no major purchases subject to sales tax. All members of the Byrd family had health insurance coverage for all of 2017. Alice and Bruce paid no estimated Federal income tax. Neither Alice nor Bruce wants to designate $3 to the Presidential Election Campaign Fund. Make realistic assumptions about any missing data. If an amount box does not require an entry or the answer is zero, enter "0". . Enter all amounts as positive numbers. It may be necessary to complete the tax schedules before completing Form 1040. Required: Compute net tax payable or refund due for Alice and Bruce Byrd for 2017. If they have overpaid, they want the amount to be refunded to them.

Answer rating: 100% (QA)

Ohio State Income Tax Return Form IT 1040 2017 Alice and Bruce Byrd Taxes and Credits 1 Enter your Ohio adjusted gross income from your federal return If you are filing a separate return enter onehalf ... View the full answer