Question
Taxpayer Information Name: John Washington Address: 3450 Green St. Miami, FL 54321 DOB: 5/5/1960 Filing Status: Married SSN: 434-20-2020 Occupation: Engineer Name: Debra Washington Address:
Taxpayer Information
Name: John Washington
Address: 3450 Green St.
Miami, FL 54321
DOB: 5/5/1960
Filing Status: Married
SSN: 434-20-2020
Occupation: Engineer
Name: Debra Washington
Address: 3450 Green St.
Miami, FL 54321
DOB: 7/7/1962
Filing Status: Married
SSN: 411-21-4568
Occupation: Teacher
INCOME INFORMATION:
Wages and Compensation
The following information is taken from John Washingtons 2017 Form W-2 Wage and Tax Statement:
Box 1 Wages, tips, and other compensation | 80,000 |
Box 2 Federal Withholding | 12,500 |
Box 17 State Income Tax Withholding | 2,000 |
The following information is taken from Debra Washingtons 2017 Form W-2 Wage and Tax Statement:
Box 1 Wages, tips, and other compensation | 42,000 |
Box 2 Federal Withholding | 3,500 |
Box 17 State Income Tax Withholding | 750 |
Interest and Dividends
John had interest income from a savings account from Everest Bank of $500.00
Debra had dividend income of $550 from Blue Co. stock.
Capital Gains
John had the following stock transactions in 2017:
He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000
Rental Real Estate
The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows:
Rental income $12,000
Property taxes $1,500
Depreciation $1,000
Repairs and Maintenance $750
Insurance $2,000
Other Transactions in 2017
1. Debra had educator expenses in 2017 of $450.00
2. John had gambling winnings of $1,000.
3. John was the beneficiary of his mothers life insurance policy.
His mother died in 2017 and he received $50,000 under this policy.
4. Debra paid $700 in student loan interest.
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