Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

https://www.irs.gov/pub/irs-pdf/f1040sa.pdf I need a help to fill out the Form 1040 Schedule A (Line 1~17) This is information relating to Kevin and Jim Jones for

https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

I need a help to fill out the Form 1040 Schedule A (Line 1~17)

This is information relating to Kevin and Jim Jones for 2018.Kevin and Jim are married and have 2 adopted children, Aubrynne (a girl) and Bryson (a boy).They live at 236 9th Ave., New York, NY 10011

Kevin is a lawyer who works for a law firm.Jim works part time in a genetic research lab.

The Jones' Social Security numbers and ages are as follows:

Kevin111-11-111132

Jim222-22-222228

Aubrynne333-33-33335

Bryson444-44-44443

Receipts

Kevin's salary$94,000

Jim's salary 33,000

Municipal bond interest2,400

Interest on C.D.s at Universal Savings3,100

*Qualified dividend on GM stock1,600

*Qualified dividends should be reported as both qualified and ordinary on the tax forms.

Expenditures

Eye exam and eyeglasses for Aubrynne600

Orthodontic work to correct Bryson's congenital defect2,500

Medical insurance premiums (paid on an after tax basis)1,800

State withholding for income tax8,800

Federal withholding for income tax16,000

State income taxes paid with last year's return500

Property tax on condo1,100

Ad valorem Property tax on automobile300

Home mortgage interest10,200

Interest on credit cards200

Cash contribution to Oregon Meditation center3,900

Cash contribution to a senator's campaign1,500

Charitable donation of stock

On September 17, Kevin and Jim donated Beta Trade Inc. stock to P University Accounting Scholarship Fund.Beta Trader, Inc. is publicly traded.Kevin and Jim had purchased the sock on November 7, 2003 for $300.On the date of donation, the fair market value of the contribution is $700.

Miscellaneous

The taxpayers did not have signature authority over a foreign bank account.

The taxpayers did not receive a distribution from a foreign trust.

No state tax returns.

Do not worry about Alternative Minimum Tax (AMT)

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

Advanced Accounting

Authors: Susan S. Hamlen

3rd Edition

1618531514, 978-1618531513

More Books

Students also viewed these Accounting questions

Question

What is the coefficient of determination and how is it computed?

Answered: 1 week ago

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago