Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

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

3.42 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

To prepare the tax return for John and Pam we first need to gather all the necessary information to ... blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

978-1259206955, 1259206955, 77862368, 978-0077862367

More Books

Students explore these related Accounting questions

Question

Criticism and how do they deal with it?

Answered: 3 weeks ago