Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bill and Mary wish to file jointly. Requirements Prepare an income tax return ( with appropriate schedules ) for 2 0 2 2 , the
Bill and Mary wish to file jointly. Requirements Prepare an income tax return with appropriate schedules for the following tax forms. You will have to submit the return to your manager for review. Use the following guidelines and information: The taxpayers do not wish to contribute to the Presidential Elections Campaign Fund. The taxpayers do not own any foreign bank accounts or other investments. The taxpayers have the necessary substantiation eg records, receipts to support all transactions reported in their tax return. Make necessary assumptions for information not given in the problem but needed to complete the return. Use the provided TaxAct file to start the second part of the project. This file contains items from part but do not use your part file. Use the file I provided. Mary is a licensed attorney who works on a consulting basis. Mary collected $ consulting fees during they year. Mary does her work at the clients premises or in her office at home see item below The federal business code is Her buisness expenses for they year are as follows: Supplies $ Library materials $ Expert Legal and professional Services $ Professional License Fees $ Subscriptions to professional journals $ Dues to professional organizations $ Contract labor s issued to others $ Tip: You can find the input screen for NEC on Schedule C line On March rd Mary purchased a new Ford SUV for use in her job. The SUV cost $ including sales taxes with no tradein involved. The SUV was driven miles. Mary reports that the car was used for business purposes for all years. The mileage was evenly distributed throughout the year. Mary uses actual cost method, and for depreciation he uses the halfyear convention. In addition, Mary did not claim any deduction or bonus depreciation on the vehicle. The vehcile weighs over lbs Mary's expenses for the Ford SUV are as follows: Gasoline $ Oil Changes $ Auto Insurance $ Repairs $ AAA dues $ Registration $ Interest on car loan $ Parking $ When the Clients purchased their home on February they allocated space was set asside for Mary's office. As of January the home has a basis of $of which $ is attributed to land the fair value of the house is in excess of this amount. Relevant information concerning the home office is as follows: Office square footage Total home square footage Mortgage Interest Already on Schedule A but enter $ on input screen as well. Real Estate Taxes Already on Schedule A but enter $ on input screen as well. Homeowner's Insurance $ Repairs and Maintenance $ Utilities $ Depreciation Enter information starting on the line above line Bill and Mary own a second home which they rent to tenants. The property is used for personal use. The house was originally Mary's grandmothers. She purchased the home in for $ of which was for land At the time of her death, March the house was appraised at $$ of which was for land The address of the house is Apple Street, Murphysboro, IL There is no outstanding debt related to the property. Items for the year are listed below: Rental Income $ Management Fee $ Cleaning $ Insurance $ Repairs $ Supplies $ Property Taxes $ Utilities $ Bill and Mary are both occupied with their primary jobs; they hired a management company to perform functions towards the rental house. They own of the house. Included in source documents is Sandy's T listing her qualified education expenses. Last year, the Clients took the American Opportunity Credit and would like to take it again. This is Sandy's second year in her bachelor's degree. You cannot enter the T directly. Search for "Student Information Worksheet." Tip: I had issues here. You must enter the university's information under part of this form. I originally did not see the employer ID field. This made the form not calculate. Once all of the university's info was entered the system said I could claim the AOTC. The Clients have made total quarterly federal income tax payments of $ and state income tax payment of $ each quarter. The payments were made on the due dates and the fourth quarter payment was paid one month early on The estimated payments input screen can be found through Schedule A line a Click on the appropriate folder icon. You enter both federal and state on this input screen. Make sure you enter OH as the state or Schedule A will not update. The total amount paid for the year was $ federal and $ stateplease specify where to put each step and what document in each step. Please also help in a way that tells me where to put things because I am new to this.
Bill and Mary wish to file jointly.
Requirements
Prepare an income tax return with appropriate schedules for the following tax forms. You will have to submit
the return to your manager for review. Use the following guidelines and information:
The taxpayers do not wish to contribute to the Presidential Elections Campaign Fund.
The taxpayers do not own any foreign bank accounts or other investments.
The taxpayers have the necessary substantiation eg records, receipts to support
all transactions reported in their tax return.
Make necessary assumptions for information not given in the problem but needed to
complete the return.
Use the provided TaxAct file to start the second part of the project. This file contains items from part
but do not use your part file. Use the file I provided.
Mary is a licensed attorney who works on a consulting basis. Mary collected $
consulting fees during they year. Mary does her work at the clients premises or in her office
at home see item below The federal business code is Her buisness expenses
for they year are as follows:
Supplies $
Library materials $
Expert Legal and professional Services $
Professional License Fees $
Subscriptions to professional journals $
Dues to professional organizations $
Contract labor s issued to others $
Tip: You can find the input screen for NEC on Schedule C line
On March rd Mary purchased a new Ford SUV for use in her job. The SUV cost $
including sales taxes with no tradein involved. The SUV was driven
miles. Mary reports that the car was used for business purposes for all years.
The mileage was evenly distributed throughout the year.
Mary uses actual cost method, and for depreciation he uses the
halfyear convention. In addition, Mary did not claim any deduction or bonus
depreciation on the vehicle. The vehcile weighs over lbs Mary's expenses for the
Ford SUV are as follows:
Gasoline $
Oil Changes $
Auto Insurance $
Repairs $
AAA dues $
Registration $
Interest on car loan $
Parking $
When the Clients purchased their home on February they allocated space
was set asside for Mary's office. As of January the home has a basis of $of
which $ is attributed to land the fair value of the house is in excess of this amount.
Relevant information concerning the home office is as follows:
Office square footage
Total home square footage
Mortgage Interest Already on Schedule A but enter $ on input screen as well.
Real Estate Taxes Already on Schedule A but enter $ on input screen as well.
Homeowner's Insurance $
Repairs and Maintenance $
Utilities $
Depreciation Enter information starting on the line above line
Bill and Mary own a second home which they rent to tenants. The property is used
for personal use. The house was originally Mary's grandmothers. She purchased the home in
for $ of which was for land At the time of her death, March the house was appraised
at $$ of which was for land The address of the house is Apple Street, Murphysboro,
IL There is no outstanding debt related to the property. Items for the year are listed below:
Rental Income $
Management Fee $
Cleaning $
Insurance $
Repairs $
Supplies $
Property Taxes $
Utilities $
Bill and Mary are both occupied with their primary jobs; they hired a management company to perform
functions towards the rental house. They own of the house.
Included in source documents is Sandy's T listing her qualified education expenses.
Last year, the Clients took the American Opportunity Credit and would like to take it again.
This is Sandy's second year in her bachelor's degree.
You cannot enter the T directly. Search for "Student Information Worksheet."
Tip: I had issues here. You must enter the university's information under part of this form.
I originally did not see the employer ID field. This made the form not calculate. Once
all of the university's info was entered the system said I could claim the AOTC.
The Clients have made total quarterly federal income tax payments of $ and state
income tax payment of $ each quarter. The payments were made on the due dates and the
fourth quarter payment was paid one month early on
The estimated payments input screen can be found through Schedule A line a Click on the appropriate folder icon.
You enter both federal and state on this input screen. Make sure you enter OH as the state or Schedule A will not update.
The total amount paid for the year was $ federal and $ stateplease specify where to put each step and what document in each step. Please also help in a way that tells me where to put things because I am new to this.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started