Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8. Armando and Lourdes have given you a file containing the following receipts for expenditures during the year: Prescription medicine and drugs (net of insurance

8. Armando and Lourdes have given you a file containing the following receipts for expenditures during the year: Prescription medicine and drugs (net of insurance reimbursement) $ 376 Doctor and hospital bills (net of insurance reimbursement) 2,468 Penalty for underpayment of last year's state income tax 15 Real estate taxes on personal residence 4,762 Interest on home mortgage (paid to Home State Savings & Loan) 8,250 Interest on credit cards (consumer purchases) 595 Cash contribution to St. Matthew's church 3,080 Payroll deductions for Lourdes's contributions to the United Way 150 Professional dues (Lourdes) 325 Professional subscriptions (Lourdes) 245 Fee for preparation of prior year tax return paid April 12, of current tax year 500

9. The Gonzaleses filed their prior year federal, state, and local returns on April 12 of the current tax year. They paid the following additional taxes with their prior year returns: federal income taxes of $630, state income taxes of $250, and city income taxes of $75.

10. The Gonzaleses made timely estimated federal income tax payments of $1,500 each quarter during the current tax year. They also made estimated state income tax payments of $300 each quarter and estimated city income tax payments of $160 each quarter. The Gonzaleses made all fourth-quarter payments on December 31. They would like to receive a refund for any overpayments.

Complete ALL required tax forms for filing the Gonzales couple's tax return for the current tax year 2016. You will use 2016 tax return forms.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Beyond Audit Auditing Remotely And Delivering Value

Authors: Robert L. Mainardi

1st Edition

1119789605, 978-1119789604

More Books

Students also viewed these Accounting questions

Question

List some problems associated with risk tolerance questionnaires.

Answered: 1 week ago