Question
Complete a Form 1040 and Schedule A for Sherry and Don. You will need to complete the entire 1040. Please include any necessary information and
Complete a Form 1040 and Schedule A for Sherry and Don. You will need to complete the entire 1040. Please include any necessary information and fill in as necessary.
Sherry and Don Jones bring you their 2022 tax return. Susie makes $185,000 and Don is a stay at home dad. They have 2 kids, Caroline and George, who are 6 and 4.
They bring you the following information for their itemized and other deductions:
Sherry has student loan interest of $163. They have home mortgage interest of $12,231. They live in Austin, Texas, so they is no state income tax, but they have $5,325 in property taxes on their house. They own 1 car and pay $231 in taxes on it and they lease another car and pay $10, 323 in lease payments yearly.
They moved to Austin this year. They had moving expenses (movers) of $3,200 and travel and lodging of $1,263 and $325 for meals.
They give the following amounts:
First Baptist Church $1200
Boy Scouts of America $50
Committee to Re-Elect Don Johnson $2500
Goodwill (clothes and shoes) $235
They pay private school tuition for George and Caroline to First Baptist Church in the amount of $10,000.
They had a hailstorm and had to get their roof repaired for $3000.
Susie pays medical insurance premiums (pre-tax) in the amount of $4500 annually.
Complete their Schedule A and then their 1040 and determine their taxable income.
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