Tax Return Assignment

Prepare a 2019 Form 1040 and related schedules. Thanks!

FORM 1040 TAX RETURN 1 Sarah R. (282-56-9320) and James E. (271-04-7926) Wilson live at 1648 West Third Street in Muskegon, Michigan 49441. James worked as a maintenance specialist. Sarah worked as a teacher in 12 th grade (high school). Income: Total wages, $52,500 Federal Income Tax withheld, $384 State Income Tax withholding, $630 Interest from Chase Manhattan Bank, $1,678 Dividend income from XYZ Corp., 3,322 Other Information: Sarah incurred in expenses related for classroom materials such as books and supplies, $1,000 (related to her teacher position in high school). James paid interest of $2,600 related to qualified educational loans. James and Sarah decided to contribute to the Individual Retirement Accounts, the maximum amount allowed. Medical expenses information (not Payments to doctors reimbursed) $910 Hearing aid Eyeglasses Prescription drugs Hospital Jacuzzi for James's aching back 2,500 420 230 425 8,415 Taxes Real property 3,400 2016 Balance due with the State Income tax ret. 2,000 Personal Property Tax (not computed based on FMV) 65 Sales Taxes 785 Interest Mortgage Credit Card Investment 4,800 945 3,700 . Charitable contributions (cash) Church 6,400 Investment expenses Safe deposit box rental expenses 250 Subscriptions journals Investment counsel fees to investment 85 175 Tax determination expenses: 85 Tax Return preparation CPA to obtain a letter ruling 325 Insert X in Yes box for $3 to go to Presidential Election Campaign. Sarah 30 years old James 32 years old Required: Prepare 2019 Form 1040 and related schedules. FORM 1040 TAX RETURN 1 Sarah R. (282-56-9320) and James E. (271-04-7926) Wilson live at 1648 West Third Street in Muskegon, Michigan 49441. James worked as a maintenance specialist. Sarah worked as a teacher in 12 th grade (high school). Income: Total wages, $52,500 Federal Income Tax withheld, $384 State Income Tax withholding, $630 Interest from Chase Manhattan Bank, $1,678 Dividend income from XYZ Corp., 3,322 Other Information: Sarah incurred in expenses related for classroom materials such as books and supplies, $1,000 (related to her teacher position in high school). James paid interest of $2,600 related to qualified educational loans. James and Sarah decided to contribute to the Individual Retirement Accounts, the maximum amount allowed. Medical expenses information (not Payments to doctors reimbursed) $910 Hearing aid Eyeglasses Prescription drugs Hospital Jacuzzi for James's aching back 2,500 420 230 425 8,415 Taxes Real property 3,400 2016 Balance due with the State Income tax ret. 2,000 Personal Property Tax (not computed based on FMV) 65 Sales Taxes 785 Interest Mortgage Credit Card Investment 4,800 945 3,700 . Charitable contributions (cash) Church 6,400 Investment expenses Safe deposit box rental expenses 250 Subscriptions journals Investment counsel fees to investment 85 175 Tax determination expenses: 85 Tax Return preparation CPA to obtain a letter ruling 325 Insert X in Yes box for $3 to go to Presidential Election Campaign. Sarah 30 years old James 32 years old Required: Prepare 2019 Form 1040 and related schedules