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What amount is reported on the Form 1040 line: federal income tax withheld from Forms W-2 and 1099? What amount is reported on the Form
What amount is reported on the Form 1040 line: federal income tax withheld from Forms W-2 and 1099?
What amount is reported on the Form 1040, Schedule 5 line: estimated tax payments and amount applied from prior year return?
What amount is reported on the Form 1040 line: total payments (Line 18)?
What amount is reported on the Form 1040 line: amount you overpaid
What amount is reported on the Form 1040 line: Amount you want refunded to you? What amount is reported on the Form 1040 line: Amount you want applied to your 2019 estimated tax?
Federal Taxation I Module 8: Comprehensive Tax Return Project Jared and Ashley have come to you for help filing their 2018 tax return. They are married on December 31, 2018 and are both age 40. They live with their three qualifying children, Nick, Betty, and Roger, who are 12, 14, and 17 years old, respectively. They have made the following requests: - They wish to file a joint tax return. - If they overpaid their taxes this year, they would like to receive half as a refund and have half applied to next year's federal tax return. Jared and Ashley have the following income items during 2018: - Jared's wages of $50,000 - Jared's unemployment compensation of $5,000 - Ashley's wages of $60,000 - Interest from a city of Chicago bond of $2,000 - Interest from a corporate bond of $3,000 - Ordinary dividends of $2,000 - Gift from Jared's father of a new computer that cost $3,000 - A $3,000 refund from the State of Illinois for income taxes paid in 2017 Jared and Ashley incurred the following expenses/losses during 2018: - Contributions of $5,500 to each of Jared and Ashley's traditional IRAs, i.e., $11,000 total (they are not covered by any other qualified retirement plans) - Qualified medical expenses of $9,000 - Personal credit card interest expense of $8,000 - Charitable contributions of $4,000 - Ten $25 parking tickets totaling $250 - Mortgage interest on primary residence of $8,000 (mortgage is $200,000 ) - Property taxes on the primary residence of $6,500 - Illinois state and local income taxes paid of $5,500 - Federal tax withholding on Jared and Ashley's W-2s of $10,000 They also provide you with the following information about their prior year return: - On their prior year federal tax return, they claimed itemized deductions. - Jared and Ashley elected to have \$139 of their 2017 tax refund applied to 2018Step by Step Solution
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