Question
John Williams (age 42) is a single taxpayer, and live at 1324 Forest Dr., Reno NV 89501. His social security is 555-94-9358. John's earnings and
John Williams (age 42) is a single taxpayer, and live at 1324 Forest Dr., Reno NV 89501. His social security is 555-94-9358. John's earnings and withholdings as the manager of a local casino for 2014 are:
Earnings from the Lucky Ace Casino $195,000
Federal Income tax withheld 32,000
State income tax withheld 0
Johns other income includes interest on a savings account at Nevada National Bank of $13,075
John pay his ex-wife $4,000 per month. When their 12 year old child (in the wifes custody) reaches 18, the payments are reduced to $2,800 per month. His ex-wife social security number is 554-44-5555.
During the year, john paid the following amounts (all of which can be substantiated):
Credit card interest $1760
Auto loan interest 4,300
Auto insurance 900
Property taxes on personal residence 6,200
Blue cross health insurance premium 1,800
Other medical expenses 790
Income tax preparation fees 900
Charitable contribution:
Boy Scouts 800
St Matthews Church 300
U. of Nevada (Reno) Medical school 30,000
Nevada Democratic Party 250
Fund raising dinner for the Reno Auto Museum 100
(Value of dinner is $50)
John also received the following form 1098,
Reno Bank & Trust 2014 Form 1098 Mortgage Interest Statement
49 Commerce Street
Reno, NV 89501 Mortgage Interest Received from payer
$ 19,700
Payer John Williams
1324 Forest Dr.
Reno, NV 89501
Required: Complete Johns federal tax return for 2014. Use form 1040 schedule A, and schedule B, from pages 5-51 through 5-54 to complete this tax return. Make realistic assumptions about any missing data.
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