Document1 - Word Mailings Review View Help O Search Prepare the Federal Form 1040 and all supporting schedule and all applicable schedules using the 2019 forms and tax rate schedules. Apply the TCJA 2017. It is impotent that you read the forms and instructions. Jerry, 42, and Elaine, 50, are married and file a joint return. They have 1 child, George, who is 15 years. They live in New York City. They had the following financial information: Jerry earned wages of $60,000. Jerry's Federal withholding tax was $12,500 Jerry's state and city withholding tax was $5,000 and $1,000, respectively. Elaine has her own law firm. It had the following income and expenses for the year. Legal Fees Earned 450,000 Wages paid to employees 175,000 Rent 60,000 Insurance 7,500 Utilities 5,000 Political Contributions 3,500 Supplies and Stationary 2,000 You will need to complete the Self Employment tax on Form SE. Also, remember that the taxpayer may be entitled to deduction for Qualified Business Income. Include the 1099 INT and 1099 DIV 1) They earned $2,000 of municipal bond interest. 2) Their son, George required surgery to repair his knee, which cost $3,000. In addition, they paid $1,450 in other medical expenses. 3) Jerry sold 100 shares of Disney for $104, on May 1st. He purchased the share for $78 a share on October 12, 2015. 4) Jerry sold 100 shares of Coke for $83, on Dec 31st. He purchased share earlier in the year on Sept. 19 for $125. 5) Jerry inherited a ranch in Montana from his uncle. The house was valued at $250,000 at the date of death. His uncle orginally paid $35,000 for the house in 1937. 6) Jerry and Elaine own a home that is their personal residence. They paid real estate taxes of $7,900 for the year. 7) They made monthly principal and interest payments on their mortgage. The total interest paid during the year was $6,320. 8) Elaine made payments of $2,000 and $3,500 to make The Make A Wish Foundation and American Cancer Society, respectively. Document1 - Word ces Mailings Review View Help Search 9) Elain provide free legal service to her church. She would have normally billed $8,500 for these services. 10) Jerry made a contribution of $2,000 to an Indiviudal Retirement Account. 11) Elaine made estimated Federal tax payments that totaled $57,000 during the year. 12) Elaine made estimated State and City taxes payments that totaled $21,000. Other Notes: The Make a Wish Foundation, Elaine's churh and the American Cancer Society are qualified charitable organizations. Acquisition indebtedness on the primary residence is $575,000. They did not have any foreign bank accounts and did not have any signing authority over any foreign accounts. o B * * w COPCD checked 3 2019 Interest Income ABC BANK 75 tas 100NT Coy For Rent Jerry + Elaine Key WA XX NON CNRS este PRA NEMO 1 1009 UNT you De : 1300 2019 15302 Dwinds and Distrito XX2 CP Copy Town Document1 - Word Mailings Review View Help O Search Prepare the Federal Form 1040 and all supporting schedule and all applicable schedules using the 2019 forms and tax rate schedules. Apply the TCJA 2017. It is impotent that you read the forms and instructions. Jerry, 42, and Elaine, 50, are married and file a joint return. They have 1 child, George, who is 15 years. They live in New York City. They had the following financial information: Jerry earned wages of $60,000. Jerry's Federal withholding tax was $12,500 Jerry's state and city withholding tax was $5,000 and $1,000, respectively. Elaine has her own law firm. It had the following income and expenses for the year. Legal Fees Earned 450,000 Wages paid to employees 175,000 Rent 60,000 Insurance 7,500 Utilities 5,000 Political Contributions 3,500 Supplies and Stationary 2,000 You will need to complete the Self Employment tax on Form SE. Also, remember that the taxpayer may be entitled to deduction for Qualified Business Income. Include the 1099 INT and 1099 DIV 1) They earned $2,000 of municipal bond interest. 2) Their son, George required surgery to repair his knee, which cost $3,000. In addition, they paid $1,450 in other medical expenses. 3) Jerry sold 100 shares of Disney for $104, on May 1st. He purchased the share for $78 a share on October 12, 2015. 4) Jerry sold 100 shares of Coke for $83, on Dec 31st. He purchased share earlier in the year on Sept. 19 for $125. 5) Jerry inherited a ranch in Montana from his uncle. The house was valued at $250,000 at the date of death. His uncle orginally paid $35,000 for the house in 1937. 6) Jerry and Elaine own a home that is their personal residence. They paid real estate taxes of $7,900 for the year. 7) They made monthly principal and interest payments on their mortgage. The total interest paid during the year was $6,320. 8) Elaine made payments of $2,000 and $3,500 to make The Make A Wish Foundation and American Cancer Society, respectively. Document1 - Word ces Mailings Review View Help Search 9) Elain provide free legal service to her church. She would have normally billed $8,500 for these services. 10) Jerry made a contribution of $2,000 to an Indiviudal Retirement Account. 11) Elaine made estimated Federal tax payments that totaled $57,000 during the year. 12) Elaine made estimated State and City taxes payments that totaled $21,000. Other Notes: The Make a Wish Foundation, Elaine's churh and the American Cancer Society are qualified charitable organizations. Acquisition indebtedness on the primary residence is $575,000. They did not have any foreign bank accounts and did not have any signing authority over any foreign accounts. o B * * w COPCD checked 3 2019 Interest Income ABC BANK 75 tas 100NT Coy For Rent Jerry + Elaine Key WA XX NON CNRS este PRA NEMO 1 1009 UNT you De : 1300 2019 15302 Dwinds and Distrito XX2 CP Copy Town