Question
I need help!!! This is the final part of a six part problem that allows you to prepare the 2014 tax return for Laurie and
I need help!!!
This is the final part of a six part problem that allows you to prepare the 2014 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepare a portion of their tax return. You should then complete the Norrises' tax return for 2014. The following information is provided for preparing their 2014 tax return:
1. Recall from Chapter 3 that Lynn and Laurie are married and have two children, Josh (15 years old) and Julie (19 years old). Julie is a sophomore at Baynard University and they pay the following education expenses on behalf of Julie:
Tuition and fees $4,300
Textbooks475
Room and board2,800
2. They make timely federal quarterly estimated tax payments of $2,000.
3. They contribute stock with a fair market value of $5,000 to Alamoso Tech. The stock was acquired in 2004 at a cost of $1,400.
4. Their gambling winnings for the year were $1,000 while their losses were $1,750.
5. In 2013, they refinanced their home and incurred $2,250 in points to secure a 15 year mortgage.
6. They receive $2,000 in reimbursements from their medical plan.
7. In addition they provide you with the following expenses:
Automobile insurance $2,950
Homeowners insurance1,140
Life insurance 870
Disability insurance465
Health insurance premiums1,650
Country club dues2,100
Health club dues500
Hospital1,400
Doctor675
Chiropractor650
Dentists1,930
Prescription drugs340
Over-the-counter drugs 140
State taxes withheld2,775
Property taxes (ad valorem)190
Mortgage interest 7,000
Real estate taxes2,200
Charitable contributions (cash)3,120
Charitable contribution (clothes at FMV) 100
Investment advice 320
Subscriptions to investment journals240
Dues to professional organizations415
Attorney fee for tax advice on dispute with IRS 585
Safe-deposit box 45
Tax return preparation460
Required: Based on the information provided above, complete Form 1040 Schedule A, Form 8283, and Form 8863 and finish the 2014 tax return for Laurie and Lynn Norris.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started