Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with the following information regarding their 2019 upcoming tax return: Using the above information answer the following questions using the excel spreadsheet attached, be sure to show your work: A. (10 points) Compute the net taxable income from Nelson Engineering. B. (10 points) Compute the net taxable income related to Jeannie's Abstracts. C. (20 points) Compute the gains/(losses) related to the Nelson family's sale of assets and the appropriate classifications D. (10 points) Compute the itemized deductions of the Nelson family. E. (10 points) Review and compute the amount deductible as QBI. F. (10 points) Compute the Adjusted Gross Income of the Nelsons. G. (10 points) Compute the taxable income for the Nelsons. H. (10 points) Based on the information provided determine if the Nelsons qualify for any tax credits and if so, compute the credit(s). 1. (10 points) Compute the total tax liability for 2019 taking into account the character of the taxable income computed in part G above. Tony and Jeannie Nelson are married and file a joint return. They have four children whose ages are: 12,15,19 & 23. The three youngest live at home with their parents and qualify as their dependents. The oldest Roger got married on 5/5 2019 and lives with his wife, Jane. The 19-year old Tabitha is studying Fine Arts at Savannah College of Art & Design. During the summer she helps her mother put together the art exhibits. They provide you with the following information regarding their 2019 upcoming tax return: Using the above information answer the following questions using the excel spreadsheet attached, be sure to show your work: A. (10 points) Compute the net taxable income from Nelson Engineering. B. (10 points) Compute the net taxable income related to Jeannie's Abstracts. C. (20 points) Compute the gains/(losses) related to the Nelson family's sale of assets and the appropriate classifications D. (10 points) Compute the itemized deductions of the Nelson family. E. (10 points) Review and compute the amount deductible as QBI. F. (10 points) Compute the Adjusted Gross Income of the Nelsons. G. (10 points) Compute the taxable income for the Nelsons. H. (10 points) Based on the information provided determine if the Nelsons qualify for any tax credits and if so, compute the credit(s). 1. (10 points) Compute the total tax liability for 2019 taking into account the character of the taxable income computed in part G above
