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CT individual income tax problem. FEDERAL INCOME TAXES NAME and NAME_ CT IDIVIDUAL INCOME TAX PROBLEM Compute the 2019 CT individual income tax liability using
CT individual income tax problem.
FEDERAL INCOME TAXES NAME and NAME_ CT IDIVIDUAL INCOME TAX PROBLEM Compute the 2019 CT individual income tax liability using the info below. Assume MFJ Filing status and both taxpayers are 67 years old. Do not prepare using tax forms (although you can use them as a guide). Prepare using spread sheet software. Attach this sheet to your response. Groups of two are allowed; groups may confer. Due Date: Tuesday March 24 at the start of class. No late submissions will accepted. FEDERAL RETURN W-2 Income 90,000 INTEREST; Bank Interest 2,000 1,000 US Savings bonds Tax exempt interest: State of CT tax exempt interest 3,000 State of MA tax exempt interest 5,000 Puerto Rico tax exempt interest 7,000 -3000 Loss on the sale of CT tax exempt bond CT teachers retirement board pension 30,000 Pension from prior employment 20,000 US Coast Guard retirement income 10,000 FEDERAL ADJUSTED GROSS INCOME 150,000 OTHER MAYBE RELEVENT INFORMATION: Chet contribution for college savings plan 12,000 Real estate taxes paid on home 6,000 CT withholding taxes deducted from W-2 and retirement income 7,000 Television purchased on the internet from Utah. Cost 2,000 (no sales tax paid on the purchase) FORMAT FOR SOLUTION USING EXCELL: 150,000 149,000 Federal adjusted gross income Add: Additions to federal AGI (list) Less: Subtractions from federal AGI (list) CT FEDERAL ADJUSTED GROSS INCOME (line 5 of CT return) CT income tax [taxable income! (line 14 of CTreturn) Credits (if any) Use tax (if any)-- tax on the TV set, $2,000 CT income tax withheld (line 18 of CT return) Tax due or overpaid (line 25 or 26 of CT return)Step by Step Solution
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