Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
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Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2023, the Deans had the following receipts: Salaries ($60,000 for Lance, $42,000 for Wanda) $102,000 Interest income- City of Albuquerque general purpose bonds Ford Motor company bonds $1,000 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 26,000 600 Gifts from parents Lottery winnings Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. Under the divorce decree, John was obligated to pay alimony and child support- the alimony payments terminated in 2016 when Wanda remarried but the child support payments continue. The Deans had the following expenditures for 2023: Itemized deductions Contribution to traditional IRA (on Wanda's behalf) Student loan interest paid (on Lance's behalf) Federal income tax withheld (Lance) Federal income tax withheld (Wanda) $17,200 6,000 1,200 3,900 1,800 Lance Dean (age 42) Wanda Dean (age 40) Penny Allen (age 18) Kyle Allen (age 16) Wayne Boyle (age 75) Social Security Number 123-45-6786 123-45-6787 123-45-6788 123-45-6780 123-45-6785 Birth Date 12/16/1981 08/08/1983 10/09/2005 05/03/2007 06/15/1948 Penny graduated from high school on May 9, 2023, and is undecided about college. During 2023, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on December 20, 2023. For the past few years, Wayne qualified as a dependent of the Deans. Required: Compute Lance and Wanda's 2023 Federal income tax payable (or refund due). Use Form 1040 and Schedule 1 to complete this tax return. If there is a tax overpayment, the Deans would like a refund. If additional tax is due, assume no underpayment penalty applies. It may be necessary to complete schedule 1 before completing Form 1040. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2023, the Deans had the following receipts: Salaries ($60,000 for Lance, $42,000 for Wanda) $102,000 Interest income- City of Albuquerque general purpose bonds Ford Motor company bonds $1,000 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 26,000 600 Gifts from parents Lottery winnings Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. Under the divorce decree, John was obligated to pay alimony and child support- the alimony payments terminated in 2016 when Wanda remarried but the child support payments continue. The Deans had the following expenditures for 2023: Itemized deductions Contribution to traditional IRA (on Wanda's behalf) Student loan interest paid (on Lance's behalf) Federal income tax withheld (Lance) Federal income tax withheld (Wanda) $17,200 6,000 1,200 3,900 1,800 Lance Dean (age 42) Wanda Dean (age 40) Penny Allen (age 18) Kyle Allen (age 16) Wayne Boyle (age 75) Social Security Number 123-45-6786 123-45-6787 123-45-6788 123-45-6780 123-45-6785 Birth Date 12/16/1981 08/08/1983 10/09/2005 05/03/2007 06/15/1948 Penny graduated from high school on May 9, 2023, and is undecided about college. During 2023, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on December 20, 2023. For the past few years, Wayne qualified as a dependent of the Deans. Required: Compute Lance and Wanda's 2023 Federal income tax payable (or refund due). Use Form 1040 and Schedule 1 to complete this tax return. If there is a tax overpayment, the Deans would like a refund. If additional tax is due, assume no underpayment penalty applies. It may be necessary to complete schedule 1 before completing Form 1040.
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Related Book For
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Posted Date:
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