Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Facts Taxpayers' Data: Names Address Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 111-01-1111 111-02-1111 SS Numbers: Carl Carla Dates of

image text in transcribedimage text in transcribedimage text in transcribed

Facts Taxpayers' Data: Names Address Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 111-01-1111 111-02-1111 SS Numbers: Carl Carla Dates of Birth: Carl Carla Marital Status Dependent -- Carl's mother SS Number Date of Birth Occupation Carl Carla February 6, 1976 December 30, 1978 Married joint Mary L. Cox 111-03-1111 March 18, 1942 Accountant Manager Taxpayers' Income -- wages Carl's employer Richmond Office Supply, Inc. 2231 Richmond Street Richmond, Virginla 23224 $88,600.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax Carla's employer 5,493.29 1,284.70 13,100.00 5,300.00 Old Virginia Sales Company. Inc. 65 Old Virginia Parkway Richmond, Virginia 23224 $74,900.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax 4.643.80 1,086.05 5,144.00 1,190.00 1190 $1,466.05 200.00 Other income: Interest income First Dominion Bank (joint) Richmond Community Bank & Trust (Carla) Dividend income (all qualifying in nature) -- Martinsville Machinery Company (joint) Jamestown Mutual Fund (joint) Jamestown Mutual Fund (joint, but a capital gain distribution, not an ordinary dividend) Selected expenditures 3,800.00 492.00 110.00 $8,950.00 900.00 7,320.00 2,480.00 200.00 8,100.00 462.00 340.00 Medical costs (unreimbursed) incurred: Physicians Veterinarlan (family pet "Snake") Hospitals / clinics Prescription medication Nonprescription aspirin Hospitalization insurance Qualifying medical travel Taxes: Balance due on prior year (2018) state income tax return (paid in 2019) -- taxpayers filed an itemized return for prior year (2018) Real estate tax Principal residence Vacation home No. 1 Vacation home No. 2 Personal property tax DMV license fee Interest expense: Principal residence Vacation home No. 1 Vacation home No. 2 Auto loan (personal vehicle) Credit card (personal purchases) Charitable contributions: Richmond Community Church Virginia Commonwealth University Other charities Salvation Army (clothes -- market value $370.00, cost $1,768.00) Other expenditures: Union dues (Carla) Investment fees $4,100.00 1,400.00 900.00 584.98 40.00 $7,912.59 1,354.69 1,921.15 554.08 762.78 $3,800.00 cash 1,000.00 cash 400.00 cash 370.00 $900.00 2,120.00 Assume that Carl and Carla had health care coverage for the full year. Assignment Prepare Carl and Carla's 2019 federal income tax return, submitting Form 1040 and any other required IRS forms and/or schedules. Do not prepare and attach any W-2s. Facts Taxpayers' Data: Names Address Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 111-01-1111 111-02-1111 SS Numbers: Carl Carla Dates of Birth: Carl Carla Marital Status Dependent -- Carl's mother SS Number Date of Birth Occupation Carl Carla February 6, 1976 December 30, 1978 Married joint Mary L. Cox 111-03-1111 March 18, 1942 Accountant Manager Taxpayers' Income -- wages Carl's employer Richmond Office Supply, Inc. 2231 Richmond Street Richmond, Virginla 23224 $88,600.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax Carla's employer 5,493.29 1,284.70 13,100.00 5,300.00 Old Virginia Sales Company. Inc. 65 Old Virginia Parkway Richmond, Virginia 23224 $74,900.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax 4.643.80 1,086.05 5,144.00 1,190.00 1190 $1,466.05 200.00 Other income: Interest income First Dominion Bank (joint) Richmond Community Bank & Trust (Carla) Dividend income (all qualifying in nature) -- Martinsville Machinery Company (joint) Jamestown Mutual Fund (joint) Jamestown Mutual Fund (joint, but a capital gain distribution, not an ordinary dividend) Selected expenditures 3,800.00 492.00 110.00 $8,950.00 900.00 7,320.00 2,480.00 200.00 8,100.00 462.00 340.00 Medical costs (unreimbursed) incurred: Physicians Veterinarlan (family pet "Snake") Hospitals / clinics Prescription medication Nonprescription aspirin Hospitalization insurance Qualifying medical travel Taxes: Balance due on prior year (2018) state income tax return (paid in 2019) -- taxpayers filed an itemized return for prior year (2018) Real estate tax Principal residence Vacation home No. 1 Vacation home No. 2 Personal property tax DMV license fee Interest expense: Principal residence Vacation home No. 1 Vacation home No. 2 Auto loan (personal vehicle) Credit card (personal purchases) Charitable contributions: Richmond Community Church Virginia Commonwealth University Other charities Salvation Army (clothes -- market value $370.00, cost $1,768.00) Other expenditures: Union dues (Carla) Investment fees $4,100.00 1,400.00 900.00 584.98 40.00 $7,912.59 1,354.69 1,921.15 554.08 762.78 $3,800.00 cash 1,000.00 cash 400.00 cash 370.00 $900.00 2,120.00 Assume that Carl and Carla had health care coverage for the full year. Assignment Prepare Carl and Carla's 2019 federal income tax return, submitting Form 1040 and any other required IRS forms and/or schedules. Do not prepare and attach any W-2s

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_2

Step: 3

blur-text-image_3

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

Taxation Of Individuals And Business Entities 2015

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

6th Edition

978-1259206955, 1259206955, 77862368, 978-0077862367

More Books

Students explore these related Finance questions