6. The Cohens did not own, control or manage any foreign bank accounts, nor were they...
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6. The Cohens did not own, control or manage any foreign bank accounts, nor were they grantors or beneficiaries of a foreign trust during the tax year. 7. The Cohens received a New Jersey state income tax refund of $400 in May of 2017. The Cohens received the refund because they had overpaid their New Jersey state individual income tax in 2016. On their 2016 Federal income tax return, the Cohens deducted and received tax benefit for all state tax income taxes paid in 2016. 8. In May, Joseph was injured in a home accident. The injury prevented Joseph from working for about a month. During this time, Joseph received $15,000 in disability payments attributable to a disability insurance policy. The disability policy premiums were paid on Joseph's behalf as a nontaxable fringe benefit. 9. The Cohens paid the following expenses during the year: Dentist (unreimbursed by insurance) Doctors (unreimbursed by insurance) Prescriptions (unreimbursed by insurance) Real property taxes on residence $1,500 $2,425 $675 $7,525 $1,250 $12,550 $2,000 Contribution to American Cancer Society $5,000 Contribution to neighborhood drive to oppose development project $500 Contribution to the Temple Mount Synagogue $12,000 Vehicle property tax based upon value Mortgage interest on principal residence (proceeds: $300,000) Contribution to United Way The Cohens also donated clothing, electronics, furniture and other household goods to the Salvation Army of Pleasantville, New Jersey on April 15, 2017. Estimated thrift value of the goods donated was $275. 10. During the year, the Cohens paid a portion of Rebecca's tuition to attend The College of Liberal Arts of New Jersey (CLA). They also purchased Rebecca's school books. Rebecca attended the spring/summer and the fall semesters as a full-time student. In total, the Cohens paid $9,000 for tuition and $2,000 for books. Rebecca used $6,000 from a scholarship she received from CLA to pay the remaining $6,000 of tuition for the year. Rebecca was not required to perform any services as a condition of accepting the scholarship. Rebecca was not employed during the year. She received Form 1098-T from this institution for 2017. CLA's address and employer identification number (EIN) is as follows: The College of Liberal Arts of New Jersey 65 Ivory Tower Penns Grove, NJ 08069 EIN- 22-5698324 6. The Cohens did not own, control or manage any foreign bank accounts, nor were they grantors or beneficiaries of a foreign trust during the tax year. 7. The Cohens received a New Jersey state income tax refund of $400 in May of 2017. The Cohens received the refund because they had overpaid their New Jersey state individual income tax in 2016. On their 2016 Federal income tax return, the Cohens deducted and received tax benefit for all state tax income taxes paid in 2016. 8. In May, Joseph was injured in a home accident. The injury prevented Joseph from working for about a month. During this time, Joseph received $15,000 in disability payments attributable to a disability insurance policy. The disability policy premiums were paid on Joseph's behalf as a nontaxable fringe benefit. 9. The Cohens paid the following expenses during the year: Dentist (unreimbursed by insurance) Doctors (unreimbursed by insurance) Prescriptions (unreimbursed by insurance) Real property taxes on residence $1,500 $2,425 $675 $7,525 $1,250 $12,550 $2,000 Contribution to American Cancer Society $5,000 Contribution to neighborhood drive to oppose development project $500 Contribution to the Temple Mount Synagogue $12,000 Vehicle property tax based upon value Mortgage interest on principal residence (proceeds: $300,000) Contribution to United Way The Cohens also donated clothing, electronics, furniture and other household goods to the Salvation Army of Pleasantville, New Jersey on April 15, 2017. Estimated thrift value of the goods donated was $275. 10. During the year, the Cohens paid a portion of Rebecca's tuition to attend The College of Liberal Arts of New Jersey (CLA). They also purchased Rebecca's school books. Rebecca attended the spring/summer and the fall semesters as a full-time student. In total, the Cohens paid $9,000 for tuition and $2,000 for books. Rebecca used $6,000 from a scholarship she received from CLA to pay the remaining $6,000 of tuition for the year. Rebecca was not required to perform any services as a condition of accepting the scholarship. Rebecca was not employed during the year. She received Form 1098-T from this institution for 2017. CLA's address and employer identification number (EIN) is as follows: The College of Liberal Arts of New Jersey 65 Ivory Tower Penns Grove, NJ 08069 EIN- 22-5698324
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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