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please help me out these blanks, i tried to read the questions seriously but still stucks in this part. big thanks Note: This problem is
please help me out these blanks, i tried to read the questions seriously but still stucks in this part. big thanks
Note: This problem is for the 2018 tax year. Alice ). and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6784 and 111-11-1113, respectively. Alice's birthday is September 21, 1971, and Bruce's is June 27, 1970. They live at 473 Revere Avenue, Lowell, MA 01850. Alice is the office manager for Lowell Dental Clinic, 433 Broad Street, Lowell, MA 01850 (employer identification number 98-7654321). Bruce is the manager of a Super Burgers fast-food outlet owned and operated by Plymouth Corporation, 1247 Central Avenue, Hauppauge, NY 11788 (employer identification number 11-1111111). The following information is shown on their Wage and Tax Statements (Form W-2) for 2018 4 Line Description Alice Bruce 1 Wages, tips, other compensation $58,000 $62,100 2 Federal income tax withheld 4,500 5,300 3 Social Security wages 58,000 62,100 Social Security tax withheld 3,596 3,850 5 Medicare wages and tips 58,000 62,100 6 Medicare tax withheld 841 900 15 State Massachusetts Massachusetts 16 State wages, tips, etc. 58,000 62,100 17 State income tax withheld 2,950 3,100 The Byrds provide over half of the support of their two children, Cynthia (born January 25, 1994, Social Security number 123-45-6788) and John (born February 7, 1998, Social Security number 123-45-6786). Both children are full-time students and live with the Byrds except when they are away at college. Cynthia earned $6,200 from a summer internship in 2018, and John eamed $3,800 from a part-time job. 2 3 S State Federal income tax withheld 4,500 5,300 Social Security wages 58,000 62,100 4 Social Security tax withheld 3,596 3,850 Medicare wages and tips 58,000 62,100 6 Medicare tax withheld 841 900 15 Massachusetts Massachusetts 16 State wages, tips, etc. 58,000 62,100 17 State income tax withheld 2,950 3,100 The Byrds provide over half of the support of their two children, Cynthia (born January 25, 1994, Social Security number 123-45-6788) and John (born February 7, 1998, Social Security number 123-45-6786). Both children are full-time students and live with the Byrds except when they are away at college. Cynthia earned $6,200 from a summer internship in 2018, and John earned $3,800 from a part-time job. During 2018, the Byrds provided 60% of the total support of Bruce's widower father, Sam Byrd (born March 6, 1942, Social Security number 123-45-6787). Sam lived alone and covered the rest of his support with his Social Security benefits. Sam died in November, and Bruce, the beneficiary of a policy on Sam's life, received life insurance proceeds of $1,600,000 on December 28. The Byrds had the following expenses relating to their personal residence during 2018: Real estate property taxes $5,000 Qualified interest on home mortgage 8,700 Repairs to roof 5,750 Utilities 4,100 Fire and theft insurance 1,900 The Byrds had the following medical expenses for 2018: Medical insurance premiums $4,500 Doctor bul for Sam incurred in 2017 and not paid until 2018 7,600 Operation for San 8,500 The Byrds had the following expenses relating to their personal residence during 2018: Real estate property taxes $5,000 Qualified interest on home mortgage 8,700 Repairs to roof 5,750 Utilities 4,100 Fire and theft insurance 1,900 The Byrds had the following medical expenses for 2018: Medical insurance premiums $4,500 Doctor bill for Sam incurred in 2017 and not paid until 2018 7,600 Operation for Sam 8,500 Prescription medicines for Sam 900 Hospital expenses for Sam 3,500 Reimbursement from insurance company, received in 2018 3,600 The medical expenses for Sam represent most of the 60% that Bruce contributed toward his father's support. Other relevant information follows: When they filed their 2017 state return in 2018, the Byrds paid additional state income tax of $900. . During 2018, Alice and Bruce attended a dinner dance sponsored by the Lowell Police Disability Association (a qualified charitable organization). The Byrds paid $300 for the tickets. The cost of comparable entertainment would normally be $50. The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of $1,200 and fair market value of $350) to the Salvation Army. All donations are supported by receipts, and the clothing is in very good condition. Via a crowdfunding site (gofundme.com), Alice and Bruce made a gift to a needy family who lost their home in a fire ($400). In addition, they made several cash gifts to homeless individuals downtown (estimated to be $65). In 2018, the Byrds received interest income of $2,750, which was reported on a Form 1099-INT from Second National Bank, 125 Oak Street, Low MA 01850 (Employer Identification Number 98-7654322). The hmortgage interest was reported on Form 1098 by Lowell Commercial Bank, P.O. Box 1000, Lowell, MA 01850 (Employer Identific on Number 98-7654323). The mortgage (outstanding balance of $425,000 as of January 1, 2018) was taken out by the Byrds on May 1, "014. Alice's employer requires that all employees wear uniforms to work. During 2018, Alice spent $850 on new uniforms and $566 on . The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of $1,200 and fair market value of $350) to MUSCON WIDGET ne Salvation Army. All donations are supported by receipts, and the clothing is in very good condition Via a crowdfunding site (gofundme.com), Alice and Bruce made a gift to a needy family who lost their home in a fire (5400). In ddition, they made several cash gifts to homeless individuals downtown (estimated to be $65). In 2018, the Byrds received interest income of $2,750, which was reported on a Form 1099-INT from Second National Bank, 125 Oak treet, Lowell, MA 01850 (Employer Identification Number 98-7654322). The home mortgage interest was reported on Form 1098 by Lowell Commercial Bank, P.O. Box 1000, Lowell, MA 01850 (Employer Hentification Number 98-7654323). The mortgage (outstanding balance of $425,000 as of January 1, 2018) was taken out by the Byrds May 1, 2014 Alice's employer requires that all employees wear uniforms to work. During 2018, Alice spent $850 on new uniforms and $566 on undry charges. Bruce paid $400 for an annual subscription to the Journal of Franchise Management and $741 for annual membership dues to his ofessional association Neither Alice's nor Bruce's employer reimburses for employee expenses. The Byrds do not keep the receipts for the sales taxes they paid and had no major purchases subject to sales tax. All members of the Byrd family hed health insurance coverage for all of 2018 This year the Byrds gave each of their children $2,000, which was then deposited into their Roth IRAs. Alice and Bruce paid no estimated Federal income tax. Neither Alice nor Bruce wants to designate $3 to the Presidential Election mpaign Fund. quired: npute net tax payable or refund due for Alice and Bruce Byrd for 2018. If they have overpaid, they want the amount to be refunded to m. Make realistic assumptions about any missing data. If an amount box does not require an entry or the answer is zero, enter "o", Enter all amounts as positive numbers. It may be necessary to complete the tax schedules before completing Form 1040. When computing the tax liability, do not round your immediate calculations. If required, round your final answers to the arest dollar 2018 OMB No. 1545-0074 Form Department of the Treasury--Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return Filing status: Married filing jointly Your first name and initial Last name Bruce M. Byrd IRS Use Only Your social security number 111-11-1113 Your standard deduction: None If joint return, spouse's first name and initial Last name Spouse's social security number Alice J. Byrd 123-45-6784 Spouse standard deduction: Someone can claim your spouse as a dependent Spouse was born Full-year health care before January 2, 1954 DSpouse is blind Spouse itemizes on a separate return or you were dual Yes coverage or exempt status alien (see inst.) Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign 473 Revere Avenue (see inst.) None City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. If more than four dependents, see Lowell, MA 01850 inst. and here O Dependents (see instructions): (2) Social security number (3) Relationship to you (4) Vif qualifies for (see inst.); (1) First name Last name Child tax credit Credit for other dependents John Byrd 123-45-6780 Child Yes No Cynthia Bryd 123-45-6788 Child Yes No Sam Byrd 123-45-6787 Parent No BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 1040 (2018) Form 1040 (2018) Bruce M. and Alice ). Byrd 111-11-1113 1 Wages, salaries, tips, etc. Attach Form(s) W-2 Page 2 1 2a 120,100 Tax-exempt interest 2a b Taxable interest 2b 2,750 3a b Ordinary dividends 3b 4a Attach Form(s) W- 2. Also attach Form(s) W-2G and 1099-R if tax was withheld. Qualified dividends IRAS, pensions, and annuities 4a b Taxable amount 4b 5a Social security benefits 5a b Taxable amount Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 Sb 6 6 122,850 7 7 122,850 8 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 Standard deduction or itemized deductions (from Schedule A) I. Qualified business income deduction (see instructions) Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter - - 8 38,536 9 9 10 10 84,314 Standard Deduction for Single or married filing separately, $12,000 Married filing jointly or Qualifying widow(er), $24,000 Head of household $18.000 11 1 Form(s) 8814 011 a Tax (see inst) (check if any from: 2. Form 4972 30 b Add any amount from Schedule 2 and check here a Child tax credit/credit for other dependents b Add any amount from Schedule 3 and check here 12 12 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 Standard deduction or itemized deductions (from Schedule A). 8 ed 9 7 122,850 Qualified business income deduction (see instructions) Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter-O-..... 10 8 38,536 9 11 10 g 0 a Tax (see inst) (check if any from: 1 Form(s) 8814 2 Form 4972 30 b Add any amount from Schedule 2 and check here. 84,314 12 D 11 a Child tax credit/credit for other dependents b Add any amount from Schedule 3 and check here 13 Subtract line 12 from line 11. If zero or less, enter-O- 12 13 14 Other taxes. Attach Schedule 4. 14 15 Total tax. Add lines 13 and 14 15 16 I 16 Federal income tax withheld from Forms W-2 and 1099 17 Refundable credits: a EIC (see inst.) b Sch 8812 c Form 8863 Add any amount from Schedule 5 18 Add lines 16 and 17. These are your total payments 17 18 19 9 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid Da Amount of line 19 you want refunded to you. If Form 8888 is attached, check here D 20a Step by Step Solution
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