Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tax Return Problem 1 Jason Ready attended the University of San Diego during 2013-2017. He incurred education expenses of $10,000 in total for his education,
Tax Return Problem 1 Jason Ready attended the University of San Diego during 2013-2017. He incurred education expenses of $10,000 in total for his education, and $1,500 of that amount was incurred in 2017 for his last semester. To finance his education, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from SoCal Credit Union for educational purposes. After graduation, he accepted a position with the Portland office of KPMG and moved there in May 2017. He lives at 4560 Ranch Drive, Portland, OR 97035 . His social security number is 412-345670 (date of birth 7/10/1995 ). Jason had qualifying health care coverage at all times during the tax year. His W2 contained the following information: Wages(box1)FederalW/H(box2)Socialsecuritywages(box3)SocialsecurityW/H(box4)Medicarewages(box5)MedicareW/H(box6)=$67,533.05=$8,994.95=$67,533.05=$4,187.05=$67,533.05=$979.23 In moving to Portland, he incurred the following moving expenses: $495 in gasoline. \$295 for renting a truck from IGOTYA rentals. $125 in food. $465 for motel lodging on the way to Portland. He also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from SoCal Credit Union and showed $150.75 of student loan interest. Prepare a Form 1040, a Form 3903, and a Form 8917. If manually preparing the return, the Student Loan Interest Deduction worksheet can be found in IRS Publication 970, Tax Benefits for Education. 303
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