Question
Scenario Jacob and Taylor Weaver, ages 45 and 42 respectively, are married and are filing jointly in 2018. They have three children, Ashley, age 9;
Scenario
Jacob and Taylor Weaver, ages 45 and 42 respectively, are married and are filing jointly in 2018.
They have three children, Ashley, age 9; Patrick, age 6; and John, age 18.
Social Security numbers are: Jacob, 222-33-4444; Taylor, 555-66-7777; Ashley, 888-99-1234; Patrick, 789-56-4321; John, 123-45-6789.
Taylor works part-time as a paralegal.
She earned $26,000 in 2018.
Taxes withheld: $4,200 withheld.
Estimated tax payments: $25,000.
$350 paid with their 2017 state tax return.
Jacob and Taylor bought their first house in 2018.
Home mortgage interest: $7,246.
Property tax: $2,230.
Federal income withholding: $2,350.
Charities: $4,500.
$435 to rent a moving truck.
$8,000 to put new siding on the house.
$11,600 for child care expenses ($5,800 for each child).
It was paid to Lil Tigers Daycare, 1115 S. Garrison St., Muncie, IN 47305 (EIN 98-7654321).
Taylor is a part-time student at Ball State University in Muncie.
She received a 1098-T indicating tuition and fees for 2018 in the amount of $6,011.
Health insurance for the family, through Taylor's job, cost $6000 for all 12 months of 2018.
They paid deductibles and co-payments of $550.
QUESTIONS
Please can you show all the exclusions to Taxable income and AGI only on a Form 1040. I have already completed the other parts of the form, I can do the rest additions and subtractions. Thank you
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