Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Jason Ready attended the University of Ohio from 2018 to 2022 under the Air Force ROTC program. Excluding the school expenses covered by his ROTC scholarship, he incurred additional school expenses of $15,000 in total for his education, and $2,250 of that amount was incurred in 2022 for his last semester. To finance these expenses, he borrowed $10,500 through a federal student loan program and borrowed another $4,500 from Buckeye State Credit Union for educational purposes. After graduation, he received his officers commission and was ordered to report to the Joint Base San Antonio-Lackland, in Texas for duty. He lives off base at 9947 Birch Field Dr, San Antonio, TX 78245. His social security number is 412-34-5670 (date of birth 7/10/2000).

His W-2 contained the following information:

Wages (box 1) =$ 67,533.05Federal W/H (box 2) =$ 8,204.45Social security wages (box 3) =$ 67,533.05Social security W/H (box 4) =$ 4,187.05Medicare wages (box 5) =$ 67,533.05Medicare W/H (box 6) =$ 979.23

In moving to San Antonio, he incurred the following unreimbursed moving expenses:

$385 in gasoline.

$275 for renting a truck from IGOTYA rentals.

$135 in food.

$485 for motel lodging on the way to San Antonio.

He also received two Forms 1098-E. One was from the federal student loan program, which showed $550 of student loan interest; the other was from Buckeye State Credit Union and showed $160.40 of student loan interest.

Required:

Prepare a Form 1040, Schedule 1, and a Form 3903. Use the appropriate Tax Tables.

Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the 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

Apple Marketing Audit And New Service Product Plan

Authors: Sherry King

1st Edition

3656610797, 978-3656610793

More Books

Students also viewed these Accounting questions

Question

Determine the amplitude and period of each function.

Answered: 1 week ago