Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

svanced Scenario 5: Fran Emerson Directions Using the tax software. complete the tax return, including Form 1040 and all appropr ate forms, schedules, or worksheets.

image text in transcribed
image text in transcribed
svanced Scenario 5: Fran Emerson Directions Using the tax software. complete the tax return, including Form 1040 and all appropr ate forms, schedules, or worksheets. Answer the questions following the scenanio. Note: When entering Social Security numbers (SSNs) or Employer identification Numbers (EINs), replaco the Xs as directed, or with any four digits of your choice. Interview Notes Fran's husband died in March 2017. Fran filed a joint return with her husband for 2017. She has not remaried. Fran provided the entire cost of maintaining the household and all the support for her children, Meredith and Oliver, in 2018. Fran's older brother, Howard, lives with her and is permanently and totally disabled. He received disability income which he used to provide more than half of his own support. Oliver attended day care while Fran worked In September 2018, Fran's daughter, Meredith, enrolled in college to pursue a bach- elor's degree. She had no previous post-secondary education. Yuma College is a qualified educational institution. Meredith does not have a felony drug conviction. Fran brought a Form 1098-T and an account statement from the college. Meredith's purchases at the college bookstore were for course-related books. The terms of Meredith's scholarship require that it be used to pay for tuition. . Fran took a distribution from her IRA and used all of the distribution to pay for some of Meredith's education expenses. All her IRA contributions were deductible in the year she made them. Fran received a Form 1099-C for cancelled credit card debt. Using the insolvency determination worksheet in Publication 4012, you helped Fran determine the value of her assets exceeded her liabilities and that she was solvent at the time the credit card debt was cancelled. Fran did not have minimum essential healthcare coverage (MEC) all year and does not qualify for any exemption.Meredith, Oliver, and Howard each had MEC all year. 02-00-30XXX 601-00-xxxX Meredith Emerson Fran Emerson EIT SOCIAL SETE 604-00-XXXX Howard Bolivar 603-00-XXXX Oliver Emerson 10. Which allowable filing status is most advantageous to Fran? a. Qualifying Widow b. Single c. Married Filing Separately d. Head of Household 11. Howard qualifies Fran for which of the following: a. Credit for other dependents b. Child tax credit c. Earned income credit d. All of the above 12. What is the amount of Fran's child and dependent care credit shown on Form 2441 Child and Dependent Care Expenses? a. $1,591 b. $720 c. $660 d. $690 13. What is the total amount of qualified educational expenses used in the calculation of Fran's American opportunity credit? $ 14. What is the amount of Fran's individual shared responsibility payment? a. $0 b. $695 c. $1,295 d. $1,390 15. How much is Fran's federal withholding? a. $O b. $320 c. $2,200 d. $2,520

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Managerial Accounting

Authors: Ray H. Garrison, Eric Noreen, Peter C. Brewer

17th Edition

1260575683, 9781260575682

More Books

Students also viewed these Accounting questions

Question

Differentiate 3sin(9x+2x)

Answered: 1 week ago

Question

Compute the derivative f(x)=(x-a)(x-b)

Answered: 1 week ago