Prepare the Federal Form 1040 and all supporting schedules and all applicable schedules using the 2019 forms and tax rate schedules. Apply the TCJA 2017. It is impotent that you read the forms and instructions.
Jerry Grey, 67, and Elaine Gray, 55, are married and file a joint return. They live in New York City. They had the following financial information:
Elaine earned wages of $65,000.
Elaine’s Federal withholding tax was $12,500
Elaine’s state and city withholding tax was $5,000 and $1,000, respectively.
Jerry has his own law firm. It had the following income and expenses for the year.
Legal Fees Earned 450,000
Wages paid to employees 175,000
Rent 60,000
Insurance 7,500
Utilities 5,000
Political Contributions 3,500
Supplies and Stationary 2,000
You will need to complete the Self Employment tax on Form SE. Also, remember that the taxpayer may be entitled to deduction for Qualified Business Income.
1) They earned $2,000 of New York State municipal bond interest.
2) They have a $4,795 S/L loss carryforward from last year.
3) Jerry sold 100 shares of Disney for $104, on May 1st. He purchased the share for $78 a share on October 12, 2015.
4) Jerry sold 100 shares of Coke for $133, on Dec 31st. He purchased shares earlier in the year on Sept. 19 for $125.
5) Jerry inherited a ranch in Montana from his uncle. The house was valued at $250,000 at the date of death. His uncle originally paid $35,000 for the house in 1937. At the end of the year, the house was valued at $315,000.
6) Jerry and Elaine own a home that is their personal residence. They paid real estate taxes of $6,900 for the year.
7) They made monthly principal and interest payments on their mortgage. The total interest paid during the year was $6,320.
8) Elaine made payments of $2,000 and $3,500 to make The Make A Wish Foundation and American Cancer Society, respectively.
9) Elain provides free legal service to her church. She would have normally billed $8,500 for these services.
10) Elaine made a contribution of $2,000 to an Individual Retirement Account.
11) Jerry made estimated Federal tax payments that totaled $55,000 during the year.
12) Jerry made estimated State and City taxes payments that totaled $21,000.
13) Include income from 1099. 1099 INT 875 from ABC bank and $1,300 in qualified dividends from XYZ Corp
14) Jerry needed hip surgery. The surgery cost $6,000. At the request of his doctor, they put an elevator in the home.
The elevator cost $15,000 and increased the value of the home by $9,500.
Other Notes:
The Make a Wish Foundation, Elaine’s church, and the American Cancer Society are qualified charitable organizations.
Acquisition indebtedness on the primary residence is $575,000.
They did not have any foreign bank accounts and did not have any signing authority over any foreign accounts.
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