Question
Can someone post the 2017 tax return for this situation? Which tax forms are needed? Gerald and Moira Johnson, are married taxpayers with two children,
Can someone post the 2017 tax return for this situation? Which tax forms are needed?
- Gerald and Moira Johnson, are married taxpayers with two children, Michael and Oliver. Oliver lives with the Johnsons and Michael is Geralds son from a former marriage. Oliver is 7 years old and Michael is 18.
Moiras Mother, Jane Sullivan also lives with Gerald and Moira. She has a small income but for the most part depends on Moira for her food, clothing and shelter.
- Gerald is employed as a teacher for the local school district. He earned $46,000 last year, 2017, and had $6840 withheld from his wages for Federal taxes.
- Moira runs her own business, Moiras Horticultural Creations. Information about the revenue and expenses of her business is as follows:
Sales $510,460
Inventory at Beginning of year $5500
Purchases during the year $202,300
Ending Inventory at End of year $13,400
Expenses:
Advertising 6,700
Wages to other employees 73,000
Rent of business equipment 20,000
Car and Truck expenses 9,650
Insurance 6,500
Mortgage on Building 7,600
Supplies 22,500
Taxes and Licenses 7,488
Meals and Entertainment 2,300
Utilities 12,000
Repairs and maintenance 1,000
Guard Dog 1,100
Professional Magazines 40
Uncollectible Accounts 2,890
Legal Services 1,800
Rent of Building 116,552
- The Johnsons sold the stock they owned in Miller Corporation on December 12, 2017. They had originally paid $29,000 for the stock, they received $41,000. They had owned the stock since March of 2017.
They also sold some stock on the same day that they had owned for more than one year as follows:
GMC Corporation stock sold 200 shares for a total of $10,300. They had originally paid $10,000 for the stock in 2003.
Novara Corporation stock sold 100 shares for a total of 45,200. They had inherited this stock in 2000. The FMV on the date inherited was $38,150.
- The Johnsons own two houses. One they live in and one that they rent to another family. The rental income for 2017 is $7,200. The expenses they incurred include Mortgage interest $3600, Taxes $1890, Utilities $810.
- Gerald attended college this year. He took a few classes toward an MBA. He paid $4,000 in tuition
- Gerald received a 1099 INT for the interest he received on some of his investments. He received $3200 from First National Bank, $4700 from Central Kansas Savings and Loan and $200 for Priceway Investments.
- Gerald also received a 1099 DIV for dividends he received on some of his investments - $4000 from Edward D. Jones Investments, and $1300 from XYZ Investments.
- The Johnsons have brought you their tax information for you to prepare their return. In addition they have brought you a list with supporting documentation for the following expenses they have incurred. They are not sure if all of these expenditures will be deductible.
- Home mortgage interest $9100
- State income taxes $1821
- Medical Expenses $3200
- Personal Property Taxes $200
- Installation of in-ground pool $10,500
- Tax Prep fees $400
- Union Dues $600
- Cash donations to church $9000
- Safe Deposit Box $50
- Moira had gambling winnings of $5400.
- Moira paid $9,600 for health insurance for herself.
this is the information that would be needed for a tax return. I just need to know what tax forms so I can fill it out...
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