Question
What IRS form would I need to file for each of the facts below? e.g 1040 Facts Here are the facts you will need to
What IRS form would I need to file for each of the facts below? e.g 1040
Facts
Here are the facts you will need to complete the portions of your Comprehensive Project. All facts are fictitious, and there is no relation to any real person dead or alive. The facts include:
1. May and Jim Johnson are the taxpayers
2. They file a joint federal Form 1040 every year
3. May was born 1/26/1962, while Jim was born on 06-17-1963
4. They live at 1234 Main Street, Anytown, PA 16172
5. May's Social Security number is 123-45-6789
6. Jim's Social Security number is 987-65-4321
7. The Johnson's have one adoptive son name Sylvester. He was born on 2-15-2005 and is now 14 years old. Sylvester's social security number is 456-78-9123. Sylvester does not earn any income of his own
8. May sold 125 shares of SubWhich Corporation for $32,569 on 11/23/2018. She had originally purchased the shares for $23,987 on 4/13/2008
9. Jim works as a W-2 employee for Massive University where he earns $82,000 in wages. He had $12,743 worth of federal tax withheld 10. May is a self-employed metallurgical consultant. She works out of her home address which is listed above. She is the only personal involved in the company and she does everything related to it. The business is not eligible for the qualified business income deduction. During the year she earned the following revenue and expenses: Revenue $15,000 Expenses: o Accountant $500 o Office Supplies $2,450 o Travel $7,000 o Meals $3,450
11. Other expenses incurred by the Johnson's
a. Home Mortgage Interest Paid: $12,000
b. Interest paid on car loan: $2,145
c. Real Estate Taxes paid: $6,550
d. Charitable Contribution to their Synagogue: $12,000
e. Estimated federal income taxes paid: $3,200
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