What is the 2019 Adjusted Gross Income for Lance and Wanda Dean?

What is the 2019 taxable income for Lance and Wanda Dean?

What is the 2019 tax due or (tax refund) for Lance and Wanda Dean?

em 51. Lance H. and Wanda B. Dean are married and live at 131 Yucca Drive, Santa Fe, NM 87501 Lance works for the convention bureau of the kwal Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm, During 2019, the Deans had the following receipts: ct. $ 101,000 Salaries ($60,000 for Lance $11,000 for Wanda) Interest income- City of Albuquerque general purpose bonds Ford Motor company bonds Ally Bank certificate of deposit Child support payments from John Allen Annual gifts from parents Settlement from Roadrunner Touring Company Lottery winnings Federal income tax refund (for tax year 2018 $1,000 1.100 400 2,500 7,200 26,000 90,000 600 400 Wanda was previously maid to fohn Allen. When they divorced several years ago Wanda was awarded custody of their two children, Penny and Kyle Note: Wanda has never issued a Form 552 waiver. Under the divorce decree, John was obligated to pay alimony and child support the almeny payments were to termi- nate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Tour- ing Company. paid her medical expenses (including a one week stay in a hospital. To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained The Deans had the following expenditures for 2019 Medical expenses (not covered by insurance) $7,200 Taxes Property taxes on personal residence $3,600 State of New Mexico income tax (includes amount withheld from wages during 2019) OD 7.800 Interest on home mortgage (First National Bank 6.000 Charitable contributions 3.600 Life insurance premiums (policy on Lance's life) 1200 Contribution to traditional IRA Con Wanda's behalf 5.000 Traffic fines 300 Contribution to the reelection campaign fund of the mayor of Santa Fe 500 Funeral expenses for Wayne Boyle 6.300 The life insurance policy was taken out by Lance several years ago and desig. nates Wanda as the beneficiary. As a part-time employce, Wanda excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lince felt compelled to make the political contribution The Deans' household includes the following for whom they provide more than haall of the support Social Security Number Birth Date Lance Dean (age 42) Wanda Dean (age 40) Penny Allen (age 191 Kyle Allen (age 16) Wayne Boyle (age 75) 123-45-6786 123 45 6787 123-45-6788 123-45-6780 123-45-6785 12/16/1977 08/08/1979 10/09/2000 05/03/2003 06/15/1944 Penny graduated from high school on May 9. 2019. and is undecided about college, During 2019. she earned $8.500 (placed in a savings account) playing a harp in the kallay of a local hotel. Wayne is Wanclal's widower father who died on Decemlxer 20. 2019. For the past few years. Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3.900 (Lance) and $1.800 (Wanda). The proper amount of Social Secunty and Medicare tax was withheld. Determine the Federal income tax for 2019 for the Deans on a joint return by completing the appropriate forms. They clo net own and did not use any virtual currency during the year, and they do not want to contnbute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online- em 51. Lance H. and Wanda B. Dean are married and live at 131 Yucca Drive, Santa Fe, NM 87501 Lance works for the convention bureau of the kwal Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm, During 2019, the Deans had the following receipts: ct. $ 101,000 Salaries ($60,000 for Lance $11,000 for Wanda) Interest income- City of Albuquerque general purpose bonds Ford Motor company bonds Ally Bank certificate of deposit Child support payments from John Allen Annual gifts from parents Settlement from Roadrunner Touring Company Lottery winnings Federal income tax refund (for tax year 2018 $1,000 1.100 400 2,500 7,200 26,000 90,000 600 400 Wanda was previously maid to fohn Allen. When they divorced several years ago Wanda was awarded custody of their two children, Penny and Kyle Note: Wanda has never issued a Form 552 waiver. Under the divorce decree, John was obligated to pay alimony and child support the almeny payments were to termi- nate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Tour- ing Company. paid her medical expenses (including a one week stay in a hospital. To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained The Deans had the following expenditures for 2019 Medical expenses (not covered by insurance) $7,200 Taxes Property taxes on personal residence $3,600 State of New Mexico income tax (includes amount withheld from wages during 2019) OD 7.800 Interest on home mortgage (First National Bank 6.000 Charitable contributions 3.600 Life insurance premiums (policy on Lance's life) 1200 Contribution to traditional IRA Con Wanda's behalf 5.000 Traffic fines 300 Contribution to the reelection campaign fund of the mayor of Santa Fe 500 Funeral expenses for Wayne Boyle 6.300 The life insurance policy was taken out by Lance several years ago and desig. nates Wanda as the beneficiary. As a part-time employce, Wanda excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lince felt compelled to make the political contribution The Deans' household includes the following for whom they provide more than haall of the support Social Security Number Birth Date Lance Dean (age 42) Wanda Dean (age 40) Penny Allen (age 191 Kyle Allen (age 16) Wayne Boyle (age 75) 123-45-6786 123 45 6787 123-45-6788 123-45-6780 123-45-6785 12/16/1977 08/08/1979 10/09/2000 05/03/2003 06/15/1944 Penny graduated from high school on May 9. 2019. and is undecided about college, During 2019. she earned $8.500 (placed in a savings account) playing a harp in the kallay of a local hotel. Wayne is Wanclal's widower father who died on Decemlxer 20. 2019. For the past few years. Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3.900 (Lance) and $1.800 (Wanda). The proper amount of Social Secunty and Medicare tax was withheld. Determine the Federal income tax for 2019 for the Deans on a joint return by completing the appropriate forms. They clo net own and did not use any virtual currency during the year, and they do not want to contnbute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online