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Hi, I have attached a document to be answered for accounting 285. COMPREHENSIVE PROBLEM 2 With Emphasis on Schedule A Jamie and Cecilia Reyes are
Hi, I have attached a document to be answered for accounting 285.
COMPREHENSIVE PROBLEM 2 With Emphasis on Schedule A Jamie and Cecilia Reyes are husband and wife and file a joint return. They live at 5677 Apple Cove Road, Boise, ID 83722. Jamie's social security number is 412345670 (date of birth 6/15/1966) and Cecilia's is 412345671 (date of birth 4/12/1968). They provide more than half of the support of their daughter, Carmen (age 23), social security number 412345672 (date of birth 9/1/1992), who is a fulltime veterinarian school student. Carmen received a $3,200 scholarship covering her room and board at college. She was not required to perform any services to receive the scholarship. Jamie and Cecilia furnish all of the support of Maria (Jamie's grandmother), social security number 412345673 (date of birth 11/6/1945), who is age 70 and lives in a nursing home. They also have a son, Gustavo (age 4), social security number 412345674 (date of birth 3/14/2011). The Reyes and all of their dependents had qualifying health care coverage at all times during the tax year. Jamie's W2 contained the following information: Page B-3 Other receipts for the couple were as follows: Dividends (all qualified dividends) $2,500 Interest income: Union Bank State of Idahointerest on tax refund City of Boise school bonds Interest from U.S. savings bonds $ 220 22 1,250 410 (not used for educational purposes) 2014 federal income tax refund received in 2015 2014 state income tax refund received in 2015 2,007 218 Idaho lottery winnings 1,100 Casino slot machine winnings 2,250 Gambling losses at casino 6,500 Other information that the Reyeses provided for the 2015 tax year: Mortgage interest on personal residence $11,081 Loan interest on fully equipped motor home 3,010 Doctor's fee for a face-lift for Mrs. Reyes 8,800 Dentist's fee for a new dental bridge for Mr. Reyes 3,500 Vitamins for the entire family Real estate taxes paid 110 $ 5,025 DMV fees on motor home (tax portion) 1,044 DMV fees on family autos (tax portion) 436 Doctors' bills for grandmother 2,960 Nursing home for grandmother 9,200 Wheelchair for grandmother 1,030 Property taxes on boat 134 Interest on personal credit card 550 Interest on loan to buy public school district bonds 270 Cash contributions to church (all the contributions were in cash and none more than $250 at any one time) Cash contribution to man at bottom of freeway off-ramp Contribution of furniture to Goodwillcost basis 4,100 25 4,000 Contribution of furniture to Goodwillfair market value 410 Tax return preparation fee for 2014 taxes 625 Required: Prepare a Form 1040, Schedule A, and Schedule B for the completion of the Reyeses tax return. They do not want to contribute to the presidential election campaign and do not want anyone to be a thirdparty designee. For any missing information, make reasonable assumptionsStep by Step Solution
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