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ACCT - Complete Paul and Judy's 2011 federal income tax return

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Question;Please use the following information to complete Paul and Judy's 2011 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Forms and schedules neded: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 2106-EZ, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, and Form 8863. Paul X. and Judy X. XXXXX are married and file a joint return. Paul is self-employed as a dentist, and Judy is a college professor. Paul and Judy have three children. The oldest is Vince who lives at home. Vince is a law student at the University of Cincinnati and worked part-time during the year, earning $1,500, which he spent for his own support. Paul and Judy provided $6,000 toward Vince's support (including $4,000 for Vince's fall tuition). They also provided over half the support of their daughter, Joan, who is a full-time student at Edgecliff College in Cincinnati. Joan worked part-time as an independent contractor during the year, earning $3,200. Joan lived at home until she was married in December 2011. She filed a joint return with her husband, Patrick, who earned $20,000 during the year. Jennifer is the youngest and lived in the XXXXXs' home for the entire year. The XXXXXs provide you with the following additional information: ? Paul and Judy would like to take advantage on their return of any educational expenses paid for their children. ? The XXXXXs do not want to contribute to the presidential election campaign. ? The XXXXXS live atXXXXX Cincinnati, OH 45211. ? Paul's birthday is XXXXX and his Social Security number isNNN-NN-NNNN ? Judy's birthday is XXXXX and her Social Security number isNNN-NN-NNNN ? Vince's birthday is XXXXX and his Social Security number isNNN-NN-NNNN ? Joan's birthday is XXXXX and her Social Security number isNNN-NN-NNNN ? Jennifer's birthday is XXXXX and her Social Security number isNNN-NN-NNNN;Judy is a lecturer at Xavier University in Cincinnati, where she earned $30,000. The university withheld federal income tax of $3,375, state income tax of $900, Cincinmlti city income tax of $375, $1,260 of Social Security tax and $435 of Medicare tax. She also worked part of the year for Delta Airlines. Delta paid her $10,000 in salary, and withheld federal income tax of $1,125, state income tax of $300, Cincinnati city income tax of $125, Social Security tax of $420, and Medicare tax of $145. The XXXXXs received $800 of interest from State Savings Bank on a joint account. They received interest of $1,000 on City of Cincinnati bonds they bought in January with the proceeds of a loan from Third National Bank of Cincinnati. They paid interest of $1, I 00 on the loan. Paul received a dividend of $540 on General Bicycle Corporation stock he owns. Judy received a dividend of $390 on Acme Clothing Corporation stock she owns. Paul and Judy received a dividend of $865 on jointly owned stock in Maple Company. All of the dividends received in 2011 are qualified dividends. Paul practices under the name "Paul X. XXXXX, DDS." His business is located atXXXXX Cincinnati, OH 45211, and his employer identification number is XXXXX Paul's gross receipts during the year were $111,000. Paul uses the cash method of accounting for his business.;Paul's business expenses are as follows: Please use the following information to complete Paul and Judy XXXXX's 2011 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 2106-EZ, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, and Form 8863. The XXXXXs received $800 of interest from State Savings Bank on a joint account. They received interest of $1,000 on City of Cincinnati bonds they bought in January with the proceeds of a loan from Third National Bank of Cincinnati. They paid interest of $1, I 00 on the loan. Paul received a dividend of $540 on General Bicycle Corporation stock he owns. Judy received a dividend of $390 on Acme Clothing Corporation stock she owns. Paul and Judy received a dividend of $865 on jointly owned stock in Maple Company. All of the dividends received in 2011 are qualified dividends. And The XXXXXs sold 200 shares of Capp Corporation stock on September 3, 2011, for $42 a share (minus a $50 commission). They received the stock from Paul's father on June 25, 1980, as a wedding present. Paul's father originally purchased the stock for $10 per share in 1967. The stock was valued at $14.50 per share on the date of the gift.

 

Paper#43350 | Written in 18-Jul-2015

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