Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are to prepare a tax return using the following information. You will need to use Form 1040, Schedule B if applicable, you determine. John,

You are to prepare a tax return using the following information. You will need to use Form 1040, Schedule B if applicable, you determine. John, age 53, (social security number 554-78-4556) is single and is supporting his 18 year old son, David (social security number 444-55-7777). David is a student at MirMonte High School. They live in a rented home at 1245 West 5Th Street, Coalinga, CA. John is employed as a engineer and received the following on his W-2, Wages, $124,566, Federal Income Tax withheld, $32400. John also received dividends from Pepsico, $1500 of which 1344 were qualified dividends. Be sure to calculate the tax using the Qualified Dividends and Capital Gains tax worksheet. He also received interest from Bank of America totaling $245. Other items of income were a gift from John's father of cash, $50,000, lottery winnings of $1500 on a Lottery Scratcher ticket. You are to prepare the tax return manually using the forms provided in the Resources section titled Forms and Publications. You will only need to submit Form 1040.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Treasury Financial Manual Volume II III And IV

Authors: US Treasury

1st Edition

1790321824, 978-1790321827

More Books

Students also viewed these Accounting questions