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Bob and Melissa Grant 1040 tax return




Question;Tax Return-Individual Two (after Chapter 7);Instructions;Please complete the required federal individual;income tax return forms for the following taxpayer. Unless instructed otherwise, the information;provided is for the taxpayer?s 2012 tax year.;Please complete his 2012 tax return.;Ignore the requirement to attach the form(s) W-2 to the front page of;the Form 1040. If required information;is missing, use reasonable assumptions to fill in the gaps.;Bob and Melissa Grant are married and live in Lexington;Kentucky. The Grants have two children Jared;age 15 and Alese age 12. The Grants;would like to file a joint tax return for the year.;The following information relates to the Grant?s tax;year;?;Bob?s Social Security number is;987-45-1234;?;Melissa?s Social Security;number is 494-37-4893;?;Jared?s Social Security number;is 412-32-5690;?;Alese?s Social Security number;is 412-32-6940;?;The Grants? mailing address is 95;Hickory Road, Lexington, Kentucky 40502.;?;Jared and Alese are tax;dependents for federal tax purposes;Bob Grant received the following during the year;Employer;Gross Wages;Federal Income Tax Withholding;State Income Tax Withholding;National Storage;$66,200;$8,000;$3,750;Lexington Little League;$2,710;0;0;Melissa Grant received the following during the year;Employer;Gross Wages;Federal Income Tax Withholding;State Income Tax Withholding;Jensen Photography;$24,500;$2,450;$1,225;All applicable and appropriate payroll taxes were;withheld by Grants? respective employers.;The Grants also received the following during the year;Interest Income from First Kentucky;Bank $130;Interest Income from City of Lexington;KY Bond $450;Interest Income from U.S. Treasury;Bond $675;Interest Income from Nevada State;School Board Bond $150;Workers? Compensation payments to;Bob $4,350;Disability payments received by Bob;on account of injury $3,500;?;National Storage paid 100% of;premiums the premiums on the policy and included the premium payments in Bob?s;taxable wages;Receipt of payment by Melissa as a;result of a lawsuit for damages sustained in a car accident;?;Medical Expenses $2,500;?;Emotional Distress $12,000;?;Punitive Damages $10,000;Total $24,500;Eight years ago, Melissa purchased an annuity contract;for $88,000. This year, she received her first payment on the annuity. The payment amount was $15,000. The annuity started to pay on January 1 and;she received a full first year?s payment.;It will pay her $15,000 per year for ten years (beginning with this;year). The $15,000 payment was reported;to Melissa a form 1099-R for the current year (box 7 contained an entry of ?7?;on the form).;The Grants did not own, control or manage any foreign;bank accounts nor were they a grantor or beneficiary of a foreign trust during;the tax year.;The Grants paid or incurred the following expenses during;the year;Dentist/Orthodontist (unreimbursed by insurance) $8,500;Doctors (unreimbursed by insurance) $ 625;Prescriptions (unreimbursed by insurance) $ 380;KY state tax payment made on 4/15/13 for 2012;liability $1,350;Real property taxes on residence $1,800;Vehicle property tax based upon age of vehicle $250;Mortgage interest on principal residence $8,560;Interest paid on borrowed money to purchase the City;of;Lexington, KY municipal bonds $400;Interest paid on borrowed money to purchase;U.S. Treasury bonds $240;Contribution to the Red Cross $1,000;Contribution to Senator Rick Hartley?s Re-election Campaign $2,500;Contribution to First Baptist Church of Kentucky $6,000;Fee paid to Jones & Company, CPAs for tax;preparation $200;In addition, Bob drove 6,750 miles commuting to work;and Melissa drove 8,230 miles commuting to work. Both the Grants have represented to you that;they maintained careful logs to support their respective mileage.;The Grants drove 465 miles in total to receive medical;treatment at a hospital in April.;During the year, the Grants? personal residence was;burglarized on October 1 of the current year.;The theft occurred during the day while both the Grants were at work and;their children were at school. The;Grants had the following personal property stolen;Item;Purchase Date;Fair Value on Date of Theft;Tax Basis of Item;Insurance Reimbursement Received;Laptop computer and;Printer;09/01/2012;3,000;3,000;500;Rifle;03/01/2010;2,000;2,500;500;TV/Projector;03/01/2010;5,000;13,000;1,000;2005 Honda Pilot;07/01/2011;4,000;6,500;500;Total;14,000;25,000;2,500;The Grants want to contribute to the Presidential;Election Campaign. The Grants would like;to receive a refund (if any) of any tax they may have overpaid for the year. Their preferred method of receiving the;refund is by check.


Paper#43792 | Written in 18-Jul-2015

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