Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete Johns federal tax return for 2016. Use Form 1040 , Schedule A, and Schedule B, to complete this tax return. Make realistic assumptions about

image text in transcribed

Complete Johns federal tax return for 2016. UseForm 1040, Schedule A, and Schedule B, to complete this tax return. Make realistic assumptions about any missing data.

image text in transcribed John Williams (birthdate August 2, 1974) is a single taxpayer, and he lives at 1324 Forest Dr., Reno, NV 89501. His Social Security number is 555-94-9358. John's earnings and withholdings as the manager of a local casino for 2016 are reported on his Form W-2: John's other income includes interest on a savings account at Nevada National Bank of $13,575. John pays his ex-wife, Sarah McLoughlin, $4,000 per month. When their 12yearold child (in the wife's custody) reaches 18, the payments are reduced to $2,750 per month. His ex-wife's Social Security number is 554-44-5555. In 2016, John purchased a new car and so he kept track of his sales tax receipts during the year. His actual sales tax paid is $3,560, which exceeds the estimated amount per the IRS tables. During the year, John paid the following amounts (all of which can be substantiated): Credit card interest Auto loan interest Auto insurance Property taxes on personal residence Blue Cross health insurance premiums Other medical expenses Income tax preparation fee Charitable contributions: Boy Scouts St. Matthews Church U. of Nevada (Reno) Medical School Nevada Democratic Party Fund-raising dinner for the Reno Auto Museum (value of dinner is $25) John also received the following Form 1098: $1,76 0 4,300 900 2,640 2,800 790 900 1,350 3,100 26,90 0 250 100 Required: Complete John's federal tax return for 2016. Use Form 1040, Schedule A, and Schedule B, to complete this tax return. Make realistic assumptions about any missing data

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Managerial Accounting Concepts

Authors: Thomas P Edmonds, Philip R Olds

9th Edition

1259969509, 9781259969508

More Books

Students also viewed these Accounting questions

Question

4. Make the first move. Surprise moves catch oppo- nents off-guard.

Answered: 1 week ago

Question

What was Aristotles approach to the soul body question?

Answered: 1 week ago