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I need help with this problem ,please! The attach file is the problem. ACC4013 Tax Return Project Due Dec. 1, 2015 Instructions This assignment is
I need help with this problem ,please! The attach file is the problem.
ACC4013 Tax Return Project Due Dec. 1, 2015 Instructions This assignment is optional. It is worth up to 10 points on your final grade in the class. You may work individually or in pairs. You must turn in a printed copy of your return by the end of class on December 1 st. Required: Based on the information provided on the following page, complete the Bennet's Form 1040 for 2014, including any required forms and attachments. ACC4013 Tax Return Project Due Dec. 1, 2015 Noah and Sandra Bennet are married and file a joint return. Their Social Security numbers are 000-00-1111 and 000-00-2222, respectively. Noah and Sandra have one daughter, Claire, age 13. Her Social Security number is 000-00-3333. They live at 1127 Costa Verde Blvd, San Diego, CA 92122. They report their income on the cash method. During 2014, they report the following items: Salary Interest income from money market accounts Dividend income from Pinehearst Corp. stock Cash contributions to church Rental of a condominium in Odessa: Rental income (30 days) Interest Expense Property taxes Maintenance Depreciation (entire year) Insurance Days of personal use $103,000 600 700 6,000 12,000 7,000 3,200 1,700 7,500 2,000 16 The address of the Condo is 9 Jupiter Lane, Odessa, TX 79760. During the year the following events also occur: a. In 2012 Noah loaned a friend $3,000 to help pay medical bills. During 2014, he discovers that his \"friend\" has skipped town. b. On June 20, 2014, Noah sells 400 shares of Yamagato Corporation stock for $16,000. He purchased the stock on December 12, 2009 for $22,000. c. On September 19, 2014, Sandra discovers that the penny stock of Primatech, Inc. she purchased on January 2 of the prior year is completely worthless. She paid $5,000 for the stock. d. Instead of accepting the $60 the utility store offers for their old dishwasher, they donate it to Goodwill on November 21, 2014. They purchased the dishwasher for $750 on March 30, 2006. The new dishwasher costs $900. e. On July 15, 2014, Noah and Sandra purchased a new residence for $380,000. As part of the closing costs, they pay two points on the mortgage, which is interest rather than loan processing fees. This payment enables them to obtain a more favorable interest rate for the term of the loan. They also paid $8,400 in interest on the mortgage on their personal residence. f. They pay $4,100 in property taxes on their residence and $7,500 in state income taxes. g. On July 20, 2014, Noah and Sandra donate 1,000 shares of Renautus, Inc. stock to the local community college. The value of the stock on that date is $10,200. Renautus, Inc. is a listed stock. They had purchased the stock on November 10, 2008 for $1,000. h. $7,000 in federal income tax was withheld during the year. i. They incur $6,000 of hospital expenses when Claire is injured at cheerleading camp. They also spend $250 on prescriptions and $800 on follow-up doctor visits. Noah pays $300 for optometrist visits and $200 eyeglasses. For purposes of this assignment, disregard the alternative minimum tax and any creditsStep by Step Solution
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