Basic Scenario 6: Daniel and Avery Emory Directions Using the tax software, complete the tax return,...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca341cbd5_035665aca3378b37.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca35038b2_036665aca345b2ed.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca35f2ece_037665aca3552d32.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca36d662b_038665aca36488fc.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca37ba735_039665aca3734715.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca3885f75_039665aca37f3d4a.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca3962094_040665aca38c8135.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca3a261b4_041665aca39a0649.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/665aca3a52d9f_042665aca3a4e9ea.jpg)
Transcribed Image Text:
Basic Scenario 6: Daniel and Avery Emory Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes Daniel, age 64 and Avery, age 53, are married. They elect to file Married Filing Jointly. Daniel is retired. He received Social Security benefits, a pension, and wages from a part-time job. Avery was a full-time elementary school teacher and paid $700 out of pocket for classroom supplies. Avery is paying off a student loan that she took out when she attended college for her bachelor's degree. Daniel and Avery have two sons, Jackson, age 19 and Matthew, age 16. Matthew lived at home the entire year. Jackson is a full-time college student in his second year of study. He is pursuing a degree in Accounting and does not have a felony drug conviction. He received a Form 1098-T for 2019. Box 2 was not filled in and Box 7 was not checked. Jackson lived in an apartment near campus during the school year and spent the summer at home with his parents. Jackson received a scholarship and the terms require that it be used to pay tuition. Daniel and Avery paid the cost of Jackson's tuition and course-related books in 2020 not covered by scholarship. They paid $90 for a parking sticker, $4,500 for a meal plan, $500 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. Daniel and Avery paid more than half the cost of maintaining a home and support for Jackson and Matthew. Daniel and Avery do not have enough deductions to itemize on their federal tax return. They made a charitable contribution in the amount of $350 cash and they have a receipt for it. The Emorys made four timely estimated tax payments of $125 each for tax year 2020. The Emorys received a $2,900 Economic Impact Payment (EIP) in 2020. If Daniel and Avery receive a refund, they would like to deposit it into their checking account. Documents from County Bank show that the routing number is 111000025. Their checking account number is 11337890. Basic Scenario 6: Daniel and Avery Emory Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes Daniel, age 64 and Avery, age 53, are married. They elect to file Married Filing Jointly. Daniel is retired. He received Social Security benefits, a pension, and wages from a part-time job. Avery was a full-time elementary school teacher and paid $700 out of pocket for classroom supplies. Avery is paying off a student loan that she took out when she attended college for her bachelor's degree. Daniel and Avery have two sons, Jackson, age 19 and Matthew, age 16. Matthew lived at home the entire year. Jackson is a full-time college student in his second year of study. He is pursuing a degree in Accounting and does not have a felony drug conviction. He received a Form 1098-T for 2019. Box 2 was not filled in and Box 7 was not checked. Jackson lived in an apartment near campus during the school year and spent the summer at home with his parents. Jackson received a scholarship and the terms require that it be used to pay tuition. Daniel and Avery paid the cost of Jackson's tuition and course-related books in 2020 not covered by scholarship. They paid $90 for a parking sticker, $4,500 for a meal plan, $500 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. Daniel and Avery paid more than half the cost of maintaining a home and support for Jackson and Matthew. Daniel and Avery do not have enough deductions to itemize on their federal tax return. They made a charitable contribution in the amount of $350 cash and they have a receipt for it. The Emorys made four timely estimated tax payments of $125 each for tax year 2020. The Emorys received a $2,900 Economic Impact Payment (EIP) in 2020. If Daniel and Avery receive a refund, they would like to deposit it into their checking account. Documents from County Bank show that the routing number is 111000025. Their checking account number is 11337890.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Finding the WACC Titan Mining Corporation has 8.5 million shares of common stock outstanding, 200,000 shares of 7 percent preferred stock outstanding and 85,000 8.5 percent semiannual bonds...
-
=- Problem 1. [1 point] On which interval is f(x) = -9e6 decreasing ? A) (0.00) B) (-0,3) C) (-3) D) (-00, 0) E) (-1/2,) )
-
Suppose that Ally Financial Inc. issued a bond with 10 years until? maturity, a face value of $ 1 comma 000 $1,000?, and a coupon rate of 7 % 7% ?(annual payments). The yield to maturity on thi...
-
Community Catering (CC) began as a "meals on wheels" agency, providing dinners to elderly people and individuals who were permanently or temporarily homebound. Almost all of its clients were single...
-
Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a book value of $47,000 and a remaining useful life of five years. It can be sold now for $57,000....
-
The data is about the store that sells wine and other alcohols beverages. 1) What is your recommendation regarding the price for Product No 2114 and the price for Product No 3804. Use the data you...
-
In Figure 1, determine the point (other than infinity) where the electric field is zero. Leave q1 = - 1.80 /C and 92 = 6.80 /C. 91 -1.00 m Figure 1 92
-
The purpose of this assignment is to provide an introduction to Excel's what-if analysis.In cost accounting determining the relationships between cost, volume and profit are very important. This...
-
write a blog on a luxurious resort
-
Hermione decided to purchase a new automobile. Being concerned about environmental issues, she is leaning toward the hybrid rather than the gasoline only model. Nevertheless, as a new business school...
-
Assume the same facts as given in Exercise E12-23 for the Honeydukes Treat Shop. Required With a 40 percent tax rate and a 8 percent time value of money, determine the annual unit sales required to...
-
A light-emitting diode (LED) is a semiconductor diode that emits narrow-spectrum light. Although relatively expensive when compared to incandescent bulbs, they use significantly less energy and last...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App