Tax problem part $1.241$ Fall, $2024$

Prof Barry Cooper

Term Project: Tax Return Preparation

Jerry & Roberta Smith $-2023$ Tax Return Information

Family members and Dependents: The following is a list of information for Jerry Roberta Smith for the tax vear $2023.$ Jerry & Roberta are married and have three children Andrew, George, and Terry. They live in New York City. Jerry is an attorney and he is self$-$ employed in his own law firm: Smith Legal Consultancy in New York, NY$.$ Roberta is a Professor of Chemistry $($PHD$)$ at CUNY $-$ Manhattan.

$2023$ Tax Information regarding the Smith's and their dependents are as follows: Other Facts Name Social Security Age No$.$ Lawyer and Self Employed Jerry $-$ Husband $24567890154$ Professor of Chemistry at CUNY $-$ Roberta $-$ Wife $87642676848$ Manhattan. Full$-$time student at Cornell University. Andrew is very good student and he earned $$175,000$ in royalties from

Andrew $($Son$)12345678921$ patents related to his STEM science project that he invented.. Attends Public School in New York City. George $($son$)43278420912$

He lives at home with Mom & Dad.

Terry attends Columbia University Grad School. Terry is married to Robert Jones Terry $($daughter$)$

$56725789524$ and is supported by him. The Smith's regularly contribute to Terry & Robert's support. Retired NYC Teacher and Roberta's Mother. NYC Pension in $2023$ $$25,000.$

Harriet Adams The Smith's contributed over $50\%$ of her $843687915$

$82($Roberta$\text{'}$s mother$)$ support. She lives in New York City in her own apartment. Jerry's Uncle. He lives in NYC by Edward James himself. He receives $55\%$ of his support $57$

$762349753($Jerry$\text{'}$s Uncle$)$ from Jerry & Roberta. He earned $$4,950$ from a part$-$time job. Tracy Smith $816635890$ Jerry's ex$-$wife. See note below. $47$ Jerry's cousin. He earned $$4,500$ income from part$-$time work. He lived with the

Sid Roth $62578907519$ Smith family and was supported by them for the entire year. Dependents: Assume that all other requirements are met by each potential dependent. Term Project: Tax Return Preparation

NOTE: Jerr's Previous Marriage to Tracy Smith: A per the Mark $20,$ Tracy sa Agreement, ery is obligad to are to Troy a Chid upon to his exo chit su smith. He is required to make mont to pay limory and Child sony and $8500$ for Child Support. Jerry would like to deduct the Alimony paid $($$$650$ x $12)?$

The Smiths's W$-2$ information is as follows:

Jerry Roberta Gross wages

$140,000-0-$ Federal Withholding Taxes

$25,000$ NYS Withholding Taxes $15,000$

NYC Withholding Taxes $10,000$

Interest and Dividends earned by the Smiths' and reported on Form $1099\text{'}$s are as follows:

Types of Interest $/$ Dividends Amounts Interest on $3\mathrm{.}75\%20$ year US Treasury Bonds

$5,500$ Interest on NYS $4\%$ General Obligation Bonds $9,700$

Interest on N$.$J$.3\mathrm{.}75\%$ State Dormitory Bonds $5,300$ Interest on CD $-$ Chase Bank

$4,000$ Interest $-$ GE $4\mathrm{.}65\%20$ year bonds $7,200$

Ordinary & Qualified Dividend Income $-$ Per Fidelity $12,000$ Statement

Roberta received a $"$on Forever: Memo from Mastercard company in $2023$ in the amount $56,50$; tis conemed a pror charge from $2022,$ advising the Smith's that the dece has been forgiven. Estimated Tax Payments: Mr & Mrs$.$ Smith made Estimated Tax Payments as follows: Federal: $ $35,000$ Total Payments; Paid by $12/31/23$ NYS $$10,000$ Total Payments; Paid by $12/31/23$