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DanielleCPA
DanielleCPA, CPA
Category: Business and Finance Homework
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Experience:  CPA with Accounting degree and focus on Business
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TAX FORM/RETURN PREPARATION PROBLEMS I:7-63 Following is a

Customer Question

TAX FORM/RETURN PREPARATION PROBLEMS
I:7-63 Following is a list of information for Peter and XXXXX XXXXX for the current tax year. Peter
and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at XXXXX Lakeville, MN 55022. Peter is a lawyer working for a Native American
law firm. Amy works part-time in a genetic research lab. The Jones’ Social Security numbers
and ages are as follows:
Peter XXX-XX-XXXX 32
Amy XXX-XX-XXXX 28
Aubrynne XXX-XX-XXXX 5
Bryson XXX-XX-XXXX 3
Caden XXX-XX-XXXX 1
Peter’s salary $70,000
Amy’s salary 32,000
Interest income on municipal bonds 2,400
Interest income on certificate of deposit (Universal Savings) 3,100
Dividends on GM stock 1,600
Eyeglasses and exam for Aubrynne $ 600
Orthodontic work for Bryson to correct a congenital defect 2,500
Medical insurance premiums 1,800
Withholding for state income taxes 7,200
Withholding for federal income taxes 16,000
State income taxes paid with last year’s tax return
(paid when the return was filed in the current year) 500
Property taxes on home 1,100
Property taxes on automobile 300
Interest on home 9,700
Interest on credit cards 200
Cash contribution to church 3,900
In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc.
stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of
the stock on the date of the contribution is $700. Peter and Amy had purchased the stock
on November 7, 2003 for $300.
Compute Peter and Amy’s income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary. I need this by Saturady 2/18/2012. Will pay bonus
Submitted: 3 years ago.
Category: Business and Finance Homework
Expert:  DanielleCPA replied 3 years ago.
Welcome and thanks for your question!

When do you need this by? Also, by current year do you mean 2012 or 2013? 2013's tax forms are out by still in draft form.
Customer: replied 3 years ago.

 


This project is due by mid night today 10/22/2013 eastern standard time.


Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones’ Social Security numbers and ages are as follows:







































Name



S.S. No.



Age



Peter



XXX-XX-XXXX



32



Amy



XXX-XX-XXXX



28



Aubrynne



XXX-XX-XXXX



5



Bryson



XXX-XX-XXXX



3



Caden



XXX-XX-XXXX



1

























































Receipts



Peter’s salary



$70,000



Amy’s salary



32,000



Interest income on municipal bonds



2,400



Interest income on certificate of deposit (Universal Savings)



3,100



Dividends on GM stock



1,600



Disbursements



Eyeglasses and exam for Aubrynne



$ 600



Orthodontic work for Bryson to correct a congenital defect



2,500



Medical insurance premiums, after-tax basis



1,800



Withholding for state income taxes



7,200



Withholding for federal income taxes



16,000































State income taxes paid with last year’s tax return (paid when the return was filed in the current year)



500



Property taxes on home



1,100



Property taxes on automobile



300



Interest on home



9,700



Interest on credit cards



200



Cash contribution to church



3,900



In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2003 for $300.


Compute Peter and Amy’s income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary.




Expert:  DanielleCPA replied 3 years ago.
what tax year do you need the forms completed for?
Customer: replied 3 years ago.


this is just a project it can be for 2013 ok

Expert:  DanielleCPA replied 3 years ago.
You can download the forms here:

1040
Schedule A
Schedule B
Form 8283

Please let me know if you have any questions or need clarification and I will gladly assist you. Have a wonderful evening!

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