Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number is 412-34-5670 (date

John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number is 412-34-5670 (date of birth 5/12/1984), and Shannons is 412-34-5671 (date of birth 11/3/1986). Johns W-2 contained the following information: Wages (box 1) = $ 66,346.74 Federal W/H (box 2) = $ 4,787.23 Social security wages (box 3) = $ 66,346.74 Social security W/H (box 4) = $ 4,113.50 Medicare wages (box 5) = $ 66,346.74 Medicare W/H (box 6) = $ 962.03 Shannon did not work for the year due to a medical condition but did receive unemployment compensation of $5,328 for the year with federal withholding of $654.68. In the same year, they had the following medical costs: Shannons prescribed diabetes medication $ 4,250 Shannons hospital charges 9,350 Shannons regular physician visits 835 Shannons eye doctor 75 Shannons diabetes blood testing supplies 685 Insurance reimbursements 1,925 In addition, they had the following other expenses: State income taxes $ 4,950 Real estate property taxes 4,170 Car loan interest 500 Personal property taxes 765 Cash charitable contributions (made ratably throughout the year to their church) 2,135 Mortgage interest expense 9,970 Union dues for John 575 Tax preparation fees 175 Required: Prepare a Form 1040 with a Schedule 1 and Schedule A for the O'Banions using any appropriate worksheets.

Prepare a Form 1040 with a Schedule 1 and Schedule A for the O'Banions using any appropriate worksheets. Use the appropriate Tax Tables.

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

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