Question
Kent Pham, CPA, is a 45-year-old single taxpayer living at 169 Trendie Street, La Jolla, CA 92037. His Social Security number is 865-68-9635. In 2013,
Kent Pham, CPA, is a 45-year-old single taxpayer living at 169 Trendie Street, La Jolla, CA 92037. His Social Security number is 865-68-9635. In 2013, Kents W-2 as the controller of a local corporation showed the following: Earnings from the Gentry Corporation $150,000 Federal income tax withheld 25,000 State income tax withheld 14,000 Kents other income includes interest from GMAC bonds of $3,250 and interest on CDs at The Cove Bank of $4,145. Also, Kent received tax-exempt interest of $37,960 on private activity bonds that is subject to alternative minimum tax. During the year, Kent paid the following amounts (all of which can be substantiated): Home mortgage interest $42,210 Home equity debt interest on loan used to purchase a Lexus 6,800 Credit card interest 2,280 California annual auto registration tax (deductible portion) 770 Auto insurance 1,170 State income taxes paid in 2013 (for 2012) 16,302 Property taxes on personal residence 8,060 Blue Cross premiums 2,340 Other medical expenses 1,025 CPA fees paid to handle 2009 IRS audit 9,100 Charitable contributions: Tree-huggers Historical Society (a qualified charity) 1,040 Campanile Educational (a qualified charity) 12,000 Tecat Orphanage (a Mexican organization) 500 Required: Complete Kents federal tax return for 2013 using H & R Block.
What information needs to be included in the tax return and the amounts?
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