Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Only need to show the last 2022 form 1040 no other explanation needed Only display pictures, no text description required Instructions for Tax return for

Only need to show the last 2022 form 1040 no other explanation needed Only display pictures, no text description required

Instructions for Tax return for Noah and Joan Arc

Noah and Joan Arc live with their family in Dayton, Ohio. Noahs Social Security number is 434-11-3311 Noah was born on February 22, 1972, and Joan was born on July 1, 1984. Both enjoy good health and eyesight. Noah owns and operates a company that sells running shoes to other stores around the United States. Joan is a firefighter for the city of Dayton.

1.The Arcs have two children, a son named Billy Bob (Social Security number 598-01-2345), born on March 21, 2011, and a daughter named Mary Sue (Social Security number 554-33-2411), born on December 3, 2018.

2.Noah and Joans Tax documents are included.

3.Noahs company is located at 1415 S. Patterson Blvd, Dayton, OH 45409. The name of the company is The Runners Company and its taxpayer identification number is 95-9876556. Since you handle Noahs accounting, you have printed the income statement from your QuickBooks software included in the attached paperwork.

4.Noah and Joan paid the following amounts during the year (all by check): Political contributions $250 Church donations (for which a written Acknowledgement was received) 2,625 Real Estate taxes on their home 1,375 Medical co-pays for doctor visits 700 Mortgage interest for purchase of home see form 1098 included Tax return preparation fees 500 Credit card interest 220 Auto insurance premiums 600 Uniforms for Joan 125

5.Noah has a long-term capital loss carryover from last year of $2,375.

6.Noah and Joan own rental property located at 16 Oakwood Ave, Dayton, OH 45409.The revenue and expenses for the year are as follows: Rental Income $13,800 Insurance 575 Interest expense 6,870 Property Taxes 1,000 Miscellaneous Expenses 700 Depreciation (The house was acquired in Jan-2002) 3,000

7.All family members were covered the entire year under health care insurance under Joans employer.

8.The Arcs paid Ohio general sales tax of $976 during the year. Required: You are to prepare their federal income tax return in good form, signing the return as the preparer. Make realistic assumption about any missing data (addresses, etc.) that you may need.

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