Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

INCOME TAX RETURN PROBLEM Below is the taxpayer information for Sharon and Robert Dolan. They have two children who lived with them, David (SS# 154-13-5826),

INCOME TAX RETURN PROBLEM Below is the taxpayer information for Sharon and Robert Dolan. They have two children who lived with them, David (SS# 154-13-5826), age 12 (date of birth: October 11, 2010), and Sarah (SS# 155-52-3716), age 7 (date of birth: March 22, 2015). Sharon & Robert own their own home, a condominium. The family resides at 4705 Henry Hudson Parkway, Bronx, NY, 10471. Sharon (SS# 138-09-1983, date of birth: May 31, 1980) is a manager at Chase Bank where her W2 wages was $95,000 and her federal withholdings was $12,500. Robert, (SS# 144-39-6967, date of birth: November 11, 1981), is employed at the Stratege4U Warehouse as a Consultant. Robert's 2022 W2 wages was $56,780 and his federal withholding was $5,850. The couples other income included ordinary dividends from Microsoft amounting to $650, ordinary dividends from Pepsi-Co amounting to $330, interest from TD Bank amounting to $178 and interest on their checking account at Bank of America of $260. The Dolans also paid the following amounts (all of which can be proven): 1) $16,550 in mortgage interest 2) $12,995 in property taxes 3) $8,450 in tithes to CCC church 4) $1,800 charitable donation to Baruch College 5) $2,550 charitable donation to Brooklyn College 6) $851 sales tax paid 7) $4,560 NYS income tax withheld for Sharon Sharon & Robert file jointly. REQUIRED: Please prepare the couples 2022 federal income tax return (form 1040), to reflect the couples W2 wages on line 1, total income line 9, AGI on line 11, standard or total itemized deduction on line 12, taxable income on line 15, tax amount (from the IRS table) line 16, child tax credit (CTC) line 19, total tax on line 24, tax refund or liability (owe) line 35a.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions