1) John is 19 years old. He has a W-2 for $20,000 with $2,000 federal withholding. 2) Pam (John's wife) is 24 years old. She
1) John is 19 years old. He has a W-2 for $20,000 with $2,000 federal withholding.
2) Pam (John's wife) is 24 years old. She has a W-2 for $50,000 with $5,000 federal withholding. Pam also has $250 in teacher expenses.
3) John has $2,000 student loan interest.
4) Pam has 3 kids from a previous marriage. The kids are 3, 4, and 5.
5) John is an accounting student. He has paid $5,000 in tuition.
6) Pam has $2,000 childcare expense. 7) John has $2,000 interest income.
8) Pam has $20,0000 mortgage interest, $18,000medical expense, $10,000 church donations, and $10,000 RE Taxes.
9) John has Uber profit of $2,000.
10) Pam sold stocks $40,000 basis $30,000
11) John has a farm loss of $8,000 12) John has rental gain of $5,000
Required
1) Prepare the tax return for John and Pam.
2) What is the refund amount?
Step by Step Solution
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