Jacob and Taylor Weaver ages 45 and 42 respectively, are married and are filing jointly in 2021.
Fantastic news! We've Found the answer you've been seeking!
Question:
Jacob and Taylor Weaver ages 45 and 42 respectively, are married and are filing jointly in 2021.
- They have three children, Ashley, age 9; Patrick, age 6; and John, age 17.
- Social Security numbers are: Jacob, 222-33-4444; Taylor, 555-66-7777; Ashley, 888-99-1234; Patrick, 789-56-4321; John, 123-45-6789.
- Taylor works part-time as a paralegal.
- She earned $31,000 in 2021.
- Income Taxes: $4,200 withheld.
- Interest received from Local Bank: $6,575.
- Estimated tax payments: $25,000.
- $350 was paid with their 2020 state tax return.
- Jacob and Taylor bought their first house in 2021.
- Home mortgage interest: $12,246.
- Property tax: $12,230.
- Federal income withholding: $2,350.
- Charities: $4,500.
- $435 to rent a moving truck.
- $8,000 to put new siding on the house.
- $11,600 for childcare expenses ($5,800 for each child).
- It was paid to Lil Tigers Daycare, 1115 S. Garrison St., Muncie, IN 47305 (EIN 98-7654321).
- Taylor is a part-time student at Ball State University in Muncie.
- She received a 1098-T indicating tuition and fees for 2021 in the amount of $6,011.
- Health insurance for the family, through Taylor's job, cost $7,500 for all 12 months of 2021.
- They paid deductibles and co-payments of $2,550. For this assessment, complete the following:
- Read the information provided in the scenario above.
- Use information and publications from IRS.gov and the other IRS resources linked below to determine itemized deductions for the Weavers for Schedule A, based on the scenario information.
- IRS.gov. (n.d.). http://www.irs.gov/
- IRS. (n.d.). Interactive tax assistant. http://www.irs.gov/uac/Interactive-Tax-Assistant-(ITA)-1
- IRS. (n.d.). IRS videos. https://www.youtube.com/user/irsvideos
- Add the information you determine to Schedule A.
- Submit Schedule A
Posted Date: