Required: Complete the questions below for a 1040 for the following taxpayers for 2019. Make assumptions regarding any information not given. Spouse: Taxpayer Name: Taxpayer DOB: Occupation: Jack P. Jensen May 17, 1975 Lawn Care Specialist Jill E. Jensen September 3, 1977 Administrative Assistant Address: 4117 Evergreen, Modesto, CA 95350 Jack and Jill are married and wish to file a joint return. They are not blind or disabled. No one may claim them as dependents. Neither is a student. They are U.S. citizens and they had health insurance the entire year provided by Jack's employer. Jack and Jill have two Form's W-2. Jill received $230 for serving on a jury. Jill also paid $195 in student loan interest to Sallie Mae. Jack enjoys playing the slots but almost never wins. In the current year, however, he hit a penny jackpot worth $150 at the local Indian casino. (Assume up to $150 of gambling losses) Jack and Jill have one child, a daughter: Nikki Jensen, DOB: 10/10/2009. Nikki lived with her parents all year long and does not have any income. She is not disabled and is not married. She is a U.S. citizen. The Jensen's would like to itemize their deductions using the following information: Paid on March 11, 2019 2018 State Balance Due Real Estate Taxes Doctor and Dentist Fees Prescription Medications Glasses Medical Mileage $ 261 3,325 3,485 1,200 425 960 miles x .17 = 163.20 Jill's W-2: Wages: Fed w/h Social security Medicare State w/h 24,291 2,516 1,020 352 729 Jack's W-2 Wages: 85,000 Fed w/h 8,500 Social security 5,483 Medicare 1,020 State w/h 4,200 Jack and Jill have the following stock transactions in 2019: Pepsi Purchased 6/1/08 25,000 Coke Purchased 3/1/19 10,000 Home Depot Purchased 2/9/19 7,000 Lowe's Purchased 5/5/15 20,000 Sold 7/5/19 32,000 Sold 10/1/19 7,000 Sold 9/2/19 15,000 Sold 3/7/19 7,000 LTG 7000 STL 3000 STG 8000 LTL 13000 Net LTL 6,000 Net STG 5,000 Overall LTL 1,000 The Jensen's have the following documents: 1. 1099-INT (Interest income) from Bank of America Box 1 $248.39 2. 1098- INT (Interest paid) from Wells Fargo Box 1 $4,783.23 for first mortgage 3. 1098-INT (Interest paid) from Bank of America Box 1 $2,839.52 for second mortgage Compute the following: Total includable gross income: Adjustments for AGI: AGI: Itemized Deductions: Which should they choose (itemized or standard): Taxable income: Tax: Credits: Tax Due/Refund: Required: Complete the questions below for a 1040 for the following taxpayers for 2019. Make assumptions regarding any information not given. Spouse: Taxpayer Name: Taxpayer DOB: Occupation: Jack P. Jensen May 17, 1975 Lawn Care Specialist Jill E. Jensen September 3, 1977 Administrative Assistant Address: 4117 Evergreen, Modesto, CA 95350 Jack and Jill are married and wish to file a joint return. They are not blind or disabled. No one may claim them as dependents. Neither is a student. They are U.S. citizens and they had health insurance the entire year provided by Jack's employer. Jack and Jill have two Form's W-2. Jill received $230 for serving on a jury. Jill also paid $195 in student loan interest to Sallie Mae. Jack enjoys playing the slots but almost never wins. In the current year, however, he hit a penny jackpot worth $150 at the local Indian casino. (Assume up to $150 of gambling losses) Jack and Jill have one child, a daughter: Nikki Jensen, DOB: 10/10/2009. Nikki lived with her parents all year long and does not have any income. She is not disabled and is not married. She is a U.S. citizen. The Jensen's would like to itemize their deductions using the following information: Paid on March 11, 2019 2018 State Balance Due Real Estate Taxes Doctor and Dentist Fees Prescription Medications Glasses Medical Mileage $ 261 3,325 3,485 1,200 425 960 miles x .17 = 163.20 Jill's W-2: Wages: Fed w/h Social security Medicare State w/h 24,291 2,516 1,020 352 729 Jack's W-2 Wages: 85,000 Fed w/h 8,500 Social security 5,483 Medicare 1,020 State w/h 4,200 Jack and Jill have the following stock transactions in 2019: Pepsi Purchased 6/1/08 25,000 Coke Purchased 3/1/19 10,000 Home Depot Purchased 2/9/19 7,000 Lowe's Purchased 5/5/15 20,000 Sold 7/5/19 32,000 Sold 10/1/19 7,000 Sold 9/2/19 15,000 Sold 3/7/19 7,000 LTG 7000 STL 3000 STG 8000 LTL 13000 Net LTL 6,000 Net STG 5,000 Overall LTL 1,000 The Jensen's have the following documents: 1. 1099-INT (Interest income) from Bank of America Box 1 $248.39 2. 1098- INT (Interest paid) from Wells Fargo Box 1 $4,783.23 for first mortgage 3. 1098-INT (Interest paid) from Bank of America Box 1 $2,839.52 for second mortgage Compute the following: Total includable gross income: Adjustments for AGI: AGI: Itemized Deductions: Which should they choose (itemized or standard): Taxable income: Tax: Credits: Tax Due/Refund
