Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ACCT 3453: Taxation 1 Return 1 - Due 11/12/21 25 Points . gaps. . Required: Use the following information to complete Keith and Jennifer Hamilton's

image text in transcribed
image text in transcribed
image text in transcribed
ACCT 3453: Taxation 1 Return 1 - Due 11/12/21 25 Points . gaps. . Required: Use the following information to complete Keith and Jennifer Hamilton's 2020 federal income tax return. If any information is missing, use reasonable assumptions to fill in the Form 1040, supporting schedules, and instructions to the forms and schedules can be found at the IRS website (www.irs.gov) Facts: 1. Keith Hamilton is employed as an airline pilot for Flyby Airlines in Las Vegas, Nevada Jennifer is employed as a teacher's assistant at Small World Elementary School, in Henderson, Nevada Keith and Jennifer live in a home they purchased this year. Keith and Jennifer have three children who lived with them all year, Joshua (17), Danielle (14). and Sara (10). None of the children provided more than half of his or her own support. Keith and Jennifer provided the following personal information: . . . . Keith and Jennifer do not want to contribute to the presidential election campaign Keith and Jennifer do not claim itemized deductions Neither Keith nor Jennifer have any foreign bank accounts or trusts. Neither Keith nor Jennifer acquired, sold, or exchanged virtual currency in 2020 Keith and Jennifer live at 3678 Blue Sky Drive, Henderson, Nevada 89052 Keith's birthday is 10/12/1974 and his Social Security number is 535-22-4466. Jennifer's birthday is 7/29/1977 and her Social Security number is 535-44-2255 Joshua's birthday is 6/30/2002 and his Social Security number is 454-54-5454. Danielle's birthday is 8/12/2005 and her Social Security number is 343-43-4343 Sara's birthday is 5/13/2009 and her Social Security number is 232-32-3232 . . . 2. Keith received above Form W-2 for 2020 from Flyby Airlines 535-22-4466 25,000.00 were 22222 w 91-0001002 1845.00 8.249.80 132.800.00 178 145.00 Flyby Airlines 375 West Fight Blvd Las Vegas, NV 89119 2.58035 15,000.00 Kaith Hamion 1 1 3078 Blue Sky Drive Henderson, NV SIGER LA My i 163,64500 Do 2021 W-2 wage and Tax Stement ww-For Chloe Tube 3 Jennifer received the following Form W-2 for 2020 from Small World Elementary School 22222 $35.44-2255 36,625.00 3,350.00 39,825.00 2P Small Word Elementary School 333 Tiny Tot Lane Henderson, NV 80053 2.475.35 . 578 91 30.975 00 19 Debre tie D3,100.00 Jennifer Hamilton 12 3578 Blue Sky D Henderson, NV 89062 94 NV 123456789 36 825 00 W-2 Wapo and Tax Statement 2021 copy-Fur Close To Der 4. During 2020, Keith and Jennifer received $550 in interest from Las Vegas municipal bonds, 51.070 interest from U.S. Treasury bonds, and 565 from their savings account at SCD Credit Union Keith and Jennifer are joint owners of the Las Vegas city bonds and the US Treasury bonds. They have a joint savings account at SCD Credit Union 5. On May 17, 2020, Keith and Jennifer received a federal income tax refund of $975 from their 2019 federal income tax return. 6. On September 29, 2020, Jennifer won an iPad valued at $500 in a raffle at the annual fair held at Joshua's high school 7. Keith and Jennifer did not buy, sell, exchange, or otherwise acquire any financial interes in a virtual currency ACCT 3453: Taxation 1 Return 1 - Due 11/12/21 25 Points . gaps. . Required: Use the following information to complete Keith and Jennifer Hamilton's 2020 federal income tax return. If any information is missing, use reasonable assumptions to fill in the Form 1040, supporting schedules, and instructions to the forms and schedules can be found at the IRS website (www.irs.gov) Facts: 1. Keith Hamilton is employed as an airline pilot for Flyby Airlines in Las Vegas, Nevada Jennifer is employed as a teacher's assistant at Small World Elementary School, in Henderson, Nevada Keith and Jennifer live in a home they purchased this year. Keith and Jennifer have three children who lived with them all year, Joshua (17), Danielle (14). and Sara (10). None of the children provided more than half of his or her own support. Keith and Jennifer provided the following personal information: . . . . Keith and Jennifer do not want to contribute to the presidential election campaign Keith and Jennifer do not claim itemized deductions Neither Keith nor Jennifer have any foreign bank accounts or trusts. Neither Keith nor Jennifer acquired, sold, or exchanged virtual currency in 2020 Keith and Jennifer live at 3678 Blue Sky Drive, Henderson, Nevada 89052 Keith's birthday is 10/12/1974 and his Social Security number is 535-22-4466. Jennifer's birthday is 7/29/1977 and her Social Security number is 535-44-2255 Joshua's birthday is 6/30/2002 and his Social Security number is 454-54-5454. Danielle's birthday is 8/12/2005 and her Social Security number is 343-43-4343 Sara's birthday is 5/13/2009 and her Social Security number is 232-32-3232 . . . 2. Keith received above Form W-2 for 2020 from Flyby Airlines 535-22-4466 25,000.00 were 22222 w 91-0001002 1845.00 8.249.80 132.800.00 178 145.00 Flyby Airlines 375 West Fight Blvd Las Vegas, NV 89119 2.58035 15,000.00 Kaith Hamion 1 1 3078 Blue Sky Drive Henderson, NV SIGER LA My i 163,64500 Do 2021 W-2 wage and Tax Stement ww-For Chloe Tube 3 Jennifer received the following Form W-2 for 2020 from Small World Elementary School 22222 $35.44-2255 36,625.00 3,350.00 39,825.00 2P Small Word Elementary School 333 Tiny Tot Lane Henderson, NV 80053 2.475.35 . 578 91 30.975 00 19 Debre tie D3,100.00 Jennifer Hamilton 12 3578 Blue Sky D Henderson, NV 89062 94 NV 123456789 36 825 00 W-2 Wapo and Tax Statement 2021 copy-Fur Close To Der 4. During 2020, Keith and Jennifer received $550 in interest from Las Vegas municipal bonds, 51.070 interest from U.S. Treasury bonds, and 565 from their savings account at SCD Credit Union Keith and Jennifer are joint owners of the Las Vegas city bonds and the US Treasury bonds. They have a joint savings account at SCD Credit Union 5. On May 17, 2020, Keith and Jennifer received a federal income tax refund of $975 from their 2019 federal income tax return. 6. On September 29, 2020, Jennifer won an iPad valued at $500 in a raffle at the annual fair held at Joshua's high school 7. Keith and Jennifer did not buy, sell, exchange, or otherwise acquire any financial interes in a virtual currency

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

Basel III, The Devil And Global Banking

Authors: D. Chorafas

2nd Edition

0230353770, 9780230353770

More Books

Students also viewed these Accounting questions