FILL OUT 1040, SCHEDULE A, B, C, D, E, 8283

Case Study #2 Peter and Jane Dustin are both 44 and have three children, Sue 8, Adam 6, Frank 11 who are all dependents. Peter is a sales administrator Salary: $ 85,000 Jane is a Manager Salary $ 95,000 Federal withholding for both of them was 35,000 total. State taxes withheld was $ 8500. Interest Income: City of Manchester Bonds $2500 Sover Bank $ 1200 Federal Savings Bonds $ 2500 Dividends, $1200 State tax Refund from last years taxes $ 650 They have the following items paid and are not sure if they are all tax deductible: $ 1200 donation of clothing to goodwill $ 500 to Charity $ 5500 paid to pretax medical premiums $ 8000 for surgery not covered by insurance $ 12000 mortgage interest $500 vehicle tax $5500 property taxes $2300 for car loan interest $2100 for credit card interest Jane sold stock for $6,000 that she purchased 5 years ago for $15,000 Peter sold stock for $7000 that he bought 3 years ago for $8000 Case Study Page 2 Jane and Peter own a rental property and they gave you the following information: Rent received: $ 25,000 Repairs to property $650 Mortgage on property $1400 Taxes on property $2200 Cleaning fees $800 Jane also runs a small bookkeeping business and gives you the following information, filed on the cash basis: Sales = $ 35,000 Accounts receivable = $2000 (one customer has paid yet) Office Supplies $ 650 Insurance $ 1200 Computer Supplies $2400 She owes the computer supply store $1200 for the supplies purchased. ( Accounts Payable $ 1200). Please complete the 1040, and schedules A, B, C, D, & E, SE and 8283 to determine taxable income