Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me complete a Form 1040 and Form 8949's based on this info? This is what I have so far. The correct #
Can someone help me complete a Form 1040 and Form 8949's based on this info?
This is what I have so far. The correct # for Line 22 is $84,653 but I haven't been able to get that number:
Phil and Leela Fry are married and have three children, Amy (12 years old), Kif (14 years old), and Hermes (23 years old). Hermes is enrolled full time in college and is currenly a 4h year senior. He does not provide more than half his support and lives with Phil and Leela when not at college. Leela works for NV ENERGY as an accounting manager. Phil runs an internet business, Happy Abs, from their home that provides workout advice. The following basic information is provided for preparing Phil and Leela's 2017 tax return: 1. Phil and Leela are married filing jointly and use the cash method of accounting and file their return on a calendar-year basis. Unless otherwise stated, assume that the Fry's want to minimize the current year's tax liability 2. Phil is 55 years old. Leela is 54 years old. 3. Phil's Social Security number is 964-00-8741 and he was born 12/12/1962. 4. Leela's Social Security number is 490-34-8090 and she was born 4/6/1963 5. Hermes's Social Security number is 650-84-8643 and he was born 5/18/1994 6. Amy' Social Security number is 872-24-2929 and she was born 8/24/2005 7. Kif's Social Security number is 798-18-3456 and he was born 7/1/2003 8. They do not have any foreign bank accounts. 9. Only Phil wishes to contribute to the presidential election campaign. 10. Their home address is 2500 E 2d St., Reno, Nevada (89595). Details on their income are below During 2017, Leela received the following interest and dividends (no federal tax was paid on this interest or dividends): Halliburton Company Dividends (non-qualifying) Bank of America checking account interest. Weatherford International LTD. dividends (qualifying) Washoe County Bond Interest International Game Technology (qualifying) 3,741 21 S1,384 S1,694 S3,541 Phil and Leela Fry are married and have three children, Amy (12 years old), Kif (14 years old), and Hermes (23 years old). Hermes is enrolled full time in college and is currenly a 4h year senior. He does not provide more than half his support and lives with Phil and Leela when not at college. Leela works for NV ENERGY as an accounting manager. Phil runs an internet business, Happy Abs, from their home that provides workout advice. The following basic information is provided for preparing Phil and Leela's 2017 tax return: 1. Phil and Leela are married filing jointly and use the cash method of accounting and file their return on a calendar-year basis. Unless otherwise stated, assume that the Fry's want to minimize the current year's tax liability 2. Phil is 55 years old. Leela is 54 years old. 3. Phil's Social Security number is 964-00-8741 and he was born 12/12/1962. 4. Leela's Social Security number is 490-34-8090 and she was born 4/6/1963 5. Hermes's Social Security number is 650-84-8643 and he was born 5/18/1994 6. Amy' Social Security number is 872-24-2929 and she was born 8/24/2005 7. Kif's Social Security number is 798-18-3456 and he was born 7/1/2003 8. They do not have any foreign bank accounts. 9. Only Phil wishes to contribute to the presidential election campaign. 10. Their home address is 2500 E 2d St., Reno, Nevada (89595). Details on their income are below During 2017, Leela received the following interest and dividends (no federal tax was paid on this interest or dividends): Halliburton Company Dividends (non-qualifying) Bank of America checking account interest. Weatherford International LTD. dividends (qualifying) Washoe County Bond Interest International Game Technology (qualifying) 3,741 21 S1,384 S1,694 S3,541Step 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