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Jonathan Michaels is single, DOB 3-15-70, has no dependents

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Question;Tax Return Problem #1Jonathan Michaels is single, DOB 3-15-70, has no dependents, and has $55,000 in wages and lives at 55855 Ridge Dr. in Santa Fe, New Mexico 87501. His social security number is 412-34-5670 and he has federal withholding is $11,000. He has gambling winnings of $500 and the following expenses:?State income taxes $2,200Personal property taxes 1,000Medical expenses 500Charitable cash contributions 450Mortgage interest expense 5,500Gambling losses 650Job hunting expenses 275 (he did not get the new position, which was in the same profession)Prepare a Form 1040 and Schedule A for Jonathan using the appropriate worksheets and forms. Do not compute the underpayment penalty.Tax Return Problem #2In 2011, John and Shannon O?Banion, who live at 3222 Pinon Drive, Mesa, Colorado 81643 and file married filing jointly, had wages of $85,000. John?s social security number is 412-34-5670, DOB 5-12-72, and Shannon?s is 412-34-5671, DOB 11-3-71.The federal withholding on John?s wages was $12,750. Shannon did not work during the year due to her medical condition. In the same year, they had the following medical costs:Shannon?s prescribed diabetes medication $3,150John?s hospital charges $2,500Shannon?s regular physician visits $700Shannon?s eye doctor $75Shannon?s diabetes blood testing supplies $65Insurance reimbursements $1,000In addition, they had the following other expenses:State income taxes $2,200Personal property taxes 1,000Car loan interest 500Charitable cash contributions 450Mortgage interest expense 4,500Union dues for John 685 Prepare a Form 1040 and Schedule A for the O?Banions using the appropriate worksheets and forms.Do not compute the underpayment penalty.?

 

Paper#42983 | Written in 18-Jul-2015

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