To explain the treatment of each of the scenarios (1 6) listed below The taxpayers live at 4400 Massachusetts Avenue in Washington, D C 20016 William is 53 and Joyce is 51 as of the end of the taxable year William is a manager for ABC Corporation, a firm that manufactures and distributes widgets Joyce is a self employed author of children's books The Jones have two children, Will, 21, and Tom, 16 and both are full time students The children have no income The Jones are on the cash method of accounting and their return is due April 15 They wish to minimize their tax by deferring income, accelerating deductions, and taking advantage of any suggestion you offer Using 2019 IRS forms and the information below, prepare the federal income tax return for William and Joyce Jones You are welcome to use any tax return preparation software But you must include with the statements of the completed form explaining your reasoning for the treatment of your entries (1 23 below) on the return Joyce's social security number is 471 42 5207 William's social security number is 150 52 0546 Will Jr 's social security number is 372 46 2611 Tom's social security number is 375 49 6511 The taxpayers do not wish to contribute to the presidential election campaign fund The family has health insurance coverage from William's employer They claimed the standard deduction in the preceding year 1 William's W 2 consists of the following Box 1 Wages $200,000 2 Withholding 30,000 12d Pension contribution (401k) 20,000 2 (Account balance $50,000) $ 100 New York State Bonds 100 New York City Bonds 200 Puerto Rico Bonds 50 Ford Motor Co Bonds 75 The taxpayers received the following interest payments Bank of Switzerland, Geneva Joyce and her brother are co owners of a furniture restoration business Joyce owns 30 percent, her brother (who does all the work) owns 70 percent of the business The business was formed as an S corporation The basis of Joyce's stock is $31,000 Joyce's share of the corporation's loss for the year is $5,000 The Jones's received a federal income tax refund of $1,200 on May 12, 2019 On May 15 they received a refund from the District of Columbia for $900 Joyce is the lucky caller to a local radio station and wins a tablet She has not received a 1099 MISC, but in announcing the prize, the radio station host said that the manufacturer's suggested retail price for the tablet is $500 However, Joyce has a catalog from Best Buy that advertises the tablet for $400 The Jones' s receives a Form W 2G for their winnings at a local casino showing gross winnings of $5,000 and $1,500 of federal withholding tax Joyce lost $6,000 at the casino during the year

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To explain the treatment of each of the scenarios (1-6) listed below. The taxpayers live at 4400 Massachusetts Avenue in Washington, D.C. 20016. William is

To explain the treatment of each of the scenarios (1-6) listed below.

The taxpayers live at 4400 Massachusetts Avenue in Washington, D.C. 20016. William is 53 and Joyce is 51 as of the end of the taxable year. William is a manager for ABC Corporation, a firm that manufactures and distributes widgets. Joyce is a self-employed author of children's books. The Jones have two children, Will, 21, and Tom, 16 and both are full-time students. The children have no income. The Jones are on the cash method of accounting and their return is due April 15. They wish to minimize their tax by deferring income, accelerating deductions, and taking advantage of any suggestion you offer. Using 2019 IRS forms and the information below, prepare the federal income tax return for William and Joyce Jones. You are welcome to use any tax return preparation software. But you must include with the statements of the completed form explaining your reasoning for the treatment of your entries (1-23 below) on the return.

Joyce's social security number is 471-42-5207.
William's social security number is 150-52-0546.
Will Jr.'s social security number is 372-46-2611.
Tom's social security number is 375-49-6511.
The taxpayers do not wish to contribute to the presidential election campaign fund.
The family has health insurance coverage from William's employer.

They claimed the standard deduction in the preceding year. 1. William's W-2 consists of the following:
Box 1 - Wages	$200,000
2 - Withholding	30,000
12d - Pension contribution (401k)	20,000

(Account balance $50,000)	$ 100
New York State Bonds	100
New York City Bonds	200
Puerto Rico Bonds	50
Ford Motor Co. Bonds	75

The taxpayers received the following interest payments: Bank of Switzerland, Geneva

Joyce and her brother are co-owners of a furniture-restoration business. Joyce owns 30 percent, her brother (who does all the work) owns 70 percent of the business. The business was formed as an S corporation. The basis of Joyce's stock is $31,000. Joyce's share of the corporation's loss for the year is $5,000.

The Jones's received a federal income tax refund of $1,200 on May 12, 2019. On May 15 they received a refund from the District of Columbia for $900.

Joyce is the lucky caller to a local radio station and wins a tablet. She has not received a 1099-MISC, but in announcing the prize, the radio station host said that the manufacturer's suggested retail price for the tablet is $500. However, Joyce has a catalog from Best Buy that advertises the tablet for $400.
The Jones' s receives a Form W-2G for their winnings at a local casino showing gross winnings of $5,000 and $1,500 of federal withholding tax. Joyce lost $6,000 at the casino during the year.