Question
Alan and Amanda Ross lived with their 2 children (ages 5 and 9). They provided over one-half of the support for each child. Alan is
Alan and Amanda Ross lived with their 2 children (ages 5 and 9). They provided over one-half of the support for each child. Alan is also entitled to claim is son from a prior relationship even though the boy lives with his mother. Alan also pays $9,600 in alimony to his ex-wife. The Ross' intend to file jointly for 2017. Neither is blind, and both are under age 65. They reported the following tax-related information for the year:
Salary income Alan $135,000 Salary income Amanda $45,000 Lottery winnings 5,000 Real estate taxes 3,200 State income taxes withheld in 2017 1,800 Personal Property taxes 2,650 Medical expenses (no health insurance) 18,000 Federal income tax withholding 9,500 Qualified home mortgage interest 8,500 Qualified home equity loan interest 2,500 Charitable contributions 4,000 Employee Business Expenses 2,650 Tax preparation fees 560
Answer the following: Gross Income FOR AGI Deductions AGI FROM AGI Deductions Taxable Income Credits & Withholding Tax due or Refund Tentative Minimum Tax AMT Due
Item of Income or Deduction and amount | Include or Exclude | Why |
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