55 Jason Ready, single, attended the University of San Diego during 2015-2019 under the Army ROTC...

 

 

 

 

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55 Jason Ready, single, attended the University of San Diego during 2015-2019 under the Army ROTC program. Excluding the school expenses covered by his ROTC scholarship, he incurred additional school expenses of $10,000 in total for his education, and $1,500 of that amount was incurred in 2019 for his last semester. To finance these expenses, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from SoCal Credit Union for educational purposes. After graduation, he received his officer s commission and was ordered to report to the Military Entrance Processing Station in Portland, OR, for duty, during 2019. He lives off base at 4560 Ranch Drive, Portland, OR 97035. His social security number is 412-34-5670 (date of birth 7/10/1997). His W-2 contained the following information: Wages (box 1)-$67,533.05 Federal W/H (box 2)=$ 8,104.95 Social security wages-$67,533.05 (box 3) Social security W/H (box 4) Medicare wages (box 5) -$67,533.05 Medicare W/H (box 6)-$ 979.23 =$ 4,187.05 35 In moving to Portland, he incurred the following unreimbursed moving expenses: $495 in gasoline. $295 for renting a truck from IGOTYA rentals. $125 in food. $465 for motel lodging on the way to Portland. He also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from SoCal Credit Union and showed $150.75 of student loan interest. Required: Prepare a Form 1040, a Form 3903, and Schedule 1. (Do not round Intermediate computations. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the forms.) Use the appropriate Tax Tables. 1 4:40:13 Book wint rences Form 3903 Department of the Treasury Internal Revenue Service (99) Name(s) shown on retum Jason Before you begin: Moving Expenses Go to www.irs.gowForm3903 for instructions and the latest information Altach to Form 1040, Form 1040-SR, or Form 1040-NR. 1 Transportation and storage of household goods and personal effects (see instructions) 2 Travel (including lodging) from your old home to your new home (see instructions). Do not include the cost of meals 3 Add lines 1 and 2 4 Enter the total amount the government paid you for the expenses listed on lines 1 and 2 that is not included in box 1 of your Form W-2 (wages). This amount should be shown in box 12 of your Form W-2 with code P 5 Is line 3 more than line 47 O No. Your social security number 412-34-5670 Ready You can deduct moving expenses only if you are a Member of the Armed Forces and meet certain other requirements. See the instructions to find out if you quality You cannot deduct your moving expenses. If line 3 is less than line 4, subtract line 3 from line 4 and include the result on Form 1040 or Form 1040-SR, line 1; or Form 1040-NR, line 8 1 2 OMB No. 1545-0074 2019 Attachment Sequence No 170 3 Yes. Subtract line 4 from line 3. Enter the result here and on Schedule 1 (Form 1040 or 1040- SR) line 13, or Form 1040-NR, line 26. This is your moving expense deduction For Paperwork Reduction Act Notice, see your tax return instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS Cat No 12490K Form 3903 (2019) OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 McGraw-Hill Education. 5 1 10 points 04:39:40 ebook P 1994 Part 1 1 2a D 3 4 5 6 7 A Part II CHEESE 10 11 12 13 14 15 16 17 teau) Additional Income Taxable refunds, credits, or offses of state and local income taxes Alimony received Date of onginal divorce or separation agreement (see instructions) Business income or (ass) Amach Schedule C Other guns or Dosses) Atach Form 4797 Rental al estate, royses, parberships, 5 corporations, trusts, etc Atach Schedule Farm income or goss) Atach Schedule F Unemployment compensation Other income List type and amount Combine lines 1 through B Enter here and on Form 1040 or 1040-5R, ne 7a Adjustments to Income Educalor expenses Certain business expenses of reservists performing artists and fee-basis government officials Atach Form 2106 Health savings account deduction Atach For Moving expenses for members of t Amed Forces. Aach Form 3903 Deductible part of self-employment tax Atach Schedule S Self-employed SER SIMPLE qualed an Self-employed bean rance deduction Peray early withdrawal of sangs 1 2a 3 4 # 5 6 7 9 15 16 10 11 37 12 13 14 MEESAANU Help Save & Exit Submit Check my work 55 Jason Ready, single, attended the University of San Diego during 2015-2019 under the Army ROTC program. Excluding the school expenses covered by his ROTC scholarship, he incurred additional school expenses of $10,000 in total for his education, and $1,500 of that amount was incurred in 2019 for his last semester. To finance these expenses, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from SoCal Credit Union for educational purposes. After graduation, he received his officer s commission and was ordered to report to the Military Entrance Processing Station in Portland, OR, for duty, during 2019. He lives off base at 4560 Ranch Drive, Portland, OR 97035. His social security number is 412-34-5670 (date of birth 7/10/1997). His W-2 contained the following information: Wages (box 1)-$67,533.05 Federal W/H (box 2)=$ 8,104.95 Social security wages-$67,533.05 (box 3) Social security W/H (box 4) Medicare wages (box 5) -$67,533.05 Medicare W/H (box 6)-$ 979.23 =$ 4,187.05 35 In moving to Portland, he incurred the following unreimbursed moving expenses: $495 in gasoline. $295 for renting a truck from IGOTYA rentals. $125 in food. $465 for motel lodging on the way to Portland. He also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from SoCal Credit Union and showed $150.75 of student loan interest. Required: Prepare a Form 1040, a Form 3903, and Schedule 1. (Do not round Intermediate computations. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the forms.) Use the appropriate Tax Tables. 1 4:40:13 Book wint rences Form 3903 Department of the Treasury Internal Revenue Service (99) Name(s) shown on retum Jason Before you begin: Moving Expenses Go to www.irs.gowForm3903 for instructions and the latest information Altach to Form 1040, Form 1040-SR, or Form 1040-NR. 1 Transportation and storage of household goods and personal effects (see instructions) 2 Travel (including lodging) from your old home to your new home (see instructions). Do not include the cost of meals 3 Add lines 1 and 2 4 Enter the total amount the government paid you for the expenses listed on lines 1 and 2 that is not included in box 1 of your Form W-2 (wages). This amount should be shown in box 12 of your Form W-2 with code P 5 Is line 3 more than line 47 O No. Your social security number 412-34-5670 Ready You can deduct moving expenses only if you are a Member of the Armed Forces and meet certain other requirements. See the instructions to find out if you quality You cannot deduct your moving expenses. If line 3 is less than line 4, subtract line 3 from line 4 and include the result on Form 1040 or Form 1040-SR, line 1; or Form 1040-NR, line 8 1 2 OMB No. 1545-0074 2019 Attachment Sequence No 170 3 Yes. Subtract line 4 from line 3. Enter the result here and on Schedule 1 (Form 1040 or 1040- SR) line 13, or Form 1040-NR, line 26. This is your moving expense deduction For Paperwork Reduction Act Notice, see your tax return instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS Cat No 12490K Form 3903 (2019) OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 McGraw-Hill Education. 5 1 10 points 04:39:40 ebook P 1994 Part 1 1 2a D 3 4 5 6 7 A Part II CHEESE 10 11 12 13 14 15 16 17 teau) Additional Income Taxable refunds, credits, or offses of state and local income taxes Alimony received Date of onginal divorce or separation agreement (see instructions) Business income or (ass) Amach Schedule C Other guns or Dosses) Atach Form 4797 Rental al estate, royses, parberships, 5 corporations, trusts, etc Atach Schedule Farm income or goss) Atach Schedule F Unemployment compensation Other income List type and amount Combine lines 1 through B Enter here and on Form 1040 or 1040-5R, ne 7a Adjustments to Income Educalor expenses Certain business expenses of reservists performing artists and fee-basis government officials Atach Form 2106 Health savings account deduction Atach For Moving expenses for members of t Amed Forces. Aach Form 3903 Deductible part of self-employment tax Atach Schedule S Self-employed SER SIMPLE qualed an Self-employed bean rance deduction Peray early withdrawal of sangs 1 2a 3 4 # 5 6 7 9 15 16 10 11 37 12 13 14 MEESAANU Help Save & Exit Submit Check my work

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