Question
Please complete the 2019 tax return for the Deans(will give thumbs up) Lance H. and Wanda B. Dean are married and live at 431 Lafourche
Please complete the 2019 tax return for the Deans(will give thumbs up)
Lance H. and Wanda B. Dean are married and live at 431 Lafourche Drive, Thibodaux, LA 70301. 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 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income City of New Orleans general purpose bonds $1,000 Ford Motor company bonds 1,100 Chase Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 Annual gifts from parents 26,000 Loan from Chase Bank 10,000 Lottery winnings 600 Lance received a watch for reaching 10 years of continuous service 350 Federal income tax refund (for tax year 2018) 400 Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child support the alimony payments were to terminate if Wanda remarried. Lances employer pays the familys annual health insurance premiums of $8,500 for a qualified plan. The Deans had $20,000 total itemized deduction for 2019 (hint: To simplify the question, you can simply enter $10,000 for property tax and $10,000 for mortgage interest in ProConnect tax software). The Deans' household includes the following, for whom they provide more than half of the support: Social Security Number Birth Date Lance Dean (age 42) 123-45-6786 12/16/1977 Wanda Dean (age 40) 123-45-6787 08/08/1979 Penny Allen (age 19) 123-45-6788 10/09/2000 Kyle Allen (age 17) 123-45-6780 05/03/2003 Wayne Boyle (age 75) 123-45-6785 06/15/1944 Penny graduated from high school on May 9, 2019, and is undecided about college. During 2019, 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, 2019. For the past few years, Wayne qualified as a dependent of the Deans. Wanda inherited cash of $50,000 from her father and his baseball card collection, valued at $2,000. As the beneficiary of her fathers life insurance policy, Wanda also received $150,000. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was withheld. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them
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