Question
Required: Use the following information to complete Johnelle and Latoya Henry's 2019 Federal Income tax return. Using the following Forms: 1040, 1040 Schedule 1, 1040
Required: Use the following information to complete Johnelle and Latoya Henry's 2019 Federal Income tax return. Using the following Forms: 1040, 1040 Schedule 1, 1040 schedule A ( Even if the taxpayer uses the standard deduction) and Form 8283 of 2019. I need answers before tomorrow ends.
Facts:
1. Johnelle Henry is employed as a human resources manager for Toys Unlimited, Inc., and Latoya is a financial planner for her mothers compa full-service wealth-planning firm. They provide the following information: They both want to contribute to the presidential election campaign. They live at 9876 Old Waverly, Charleston, South Carolina 29401. Johnelles birthday is 7/17/1965 and his Social Security number is 555-12-6789. Latoyas birthday is 9/11/1967 and her Social Security number is 987-65-4321. Johnelle and Latoya do not have any foreign bank accounts or trusts. 2. Johnelle received a Form W-2 from Toys Unlimited, Inc. that contained the following information: Line 1 Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 17 State income tax $45,000 7,500 45,000 2,790 45,000 653 2,200 3. Latoya received a Form W-2 from Long-term Investments, Inc., that contained the following information, Line 1 Wages, tips, other compensation Line 2 Federal income tax withheld Line 3 Social Security wages Line 4 Social Security tax withheld Line 5 Medicare wages and tips Line 6 Medicare tax withheld Line 17 State income tax $85,000 12,500 85,000 5,270 85,000 1,233 4,200 4. Johnelle and Latoya incurred the following medical expenses for the year: Transportation to Chicago for Johnelles cancer treatment Unreimbursed hospital charges for Johnelle Unreimbursed prescription drug charges for Johnelle and Latoya Unreimbursed physician charges for Johnelle and Latoya Unreimbursed prescription glasses for Latoya Laser hair treatment for Latoya (so that she will no longer need to shave her legs) 2,000 miles $6,500 1,750 2,200 150 2,000 5. Johnelle and Latoya paid $12,000 of interest payments on their primary residence (acquisition debt of $225,000). They also paid $1,750 of in and $500 of interest on their Visa card. 6. Johnelle and Latoya paid $4,000 of real estate taxes on their home and $1,000 of real estate tax on a vacant lot they purchased with the hope o future. They also paid $3,000 in sales tax on Latoyas car and other purchases and $1,000 of ad valorem tax on their cars. 7. Johnelle and Latoya made the following contributions this year: American Red Cross United Way St. Josephs Catholic Church Food for the family of Hannah Barbara (a neighbor who suffered a tragic car accident this past year) Stock transfer to the University of South Carolina (originally purchased for $1,000 in 2005) $ 200 150 8,000 225 750 8. Johnelle won $5,000 in the state lottery. He has been playing the lottery for years [$10 in lottery tickets every week ($520 in total) that he sav numbers he plays]. 9. Johnelle and Latoya have qualifying insurance for purposes of the Affordable Care Act (ACA).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started