Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

John and Shannon OBanion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. Johns social security number is 412-34-5670 (date of birth 5/12/1982), and Shannons is 412-34-5671 (date of birth 11/3/1984).

Johns W-2 contained the following information:

Wages (box 1) = $66,346.74
Federal W/H (box 2) = $5,224.75
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 $2,711 for the year with federal withholding of $340.25. 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

page 5-46

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

Prepare a Form 1040 with a Schedule 1 and Schedule A for the OBanions using any appropriate worksheets.

Need Schedule 1 Additional Income and Adjustments to Income form

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

Recommended Textbook for

Financial Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0471730513, 978-0471730514

More Books

Students also viewed these Accounting questions

Question

Is int a; a definition or just a declaration?

Answered: 1 week ago