Question
I'm having trouble with the John and Sandy Fergusons' question for 2018 where John makes $152000, Sandy makes $29000, web design work is $4000 with
I'm having trouble with the John and Sandy Fergusons' question for 2018 where John makes $152000, Sandy makes $29000, web design work is $4000 with associated expenses of $750. They received $800 in qualified dividends and $200 refund of their state income taxes. They itemize their deductions. State income tax $4400, withholding of $21000. Alimony payments to John's former wife $10000 (divorced in 2014). Child support payments for John's child $4100. $12200 of real property taxes. Sandy was remimbursed $600 for employee business expenses she incurred. $3600 to Kid Care day care center for Samantha's care while John & Sandy worked. $14000 interest on their home mortgage ($400000 acquisition debt). $3000 interest on a $40000 home equity loan used to pay for a family vacation and new car. $15000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a FMV $400 and cost $2000. What is the Fergusons' 2018 federal income taxes payable or refund, including any self-employement tax and AMT, if applicable. Complete pages 1 & 2 of Form 1040 and Form 6251 for John and Sandy. The form for the AMT is stumping me.
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