Tax Return Problem #1

Jonathan 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 $2,200
Personal property taxes 1,000
Medical expenses 500
Charitable cash contributions 450
Mortgage interest expense 5,500
Gambling losses 650
Job 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.

Check before you submit. Get Turnitin Score Report in 15 Minutes.

Don't risk the 'Red' score. Get the exact same Turnitin report your professor uses. Join 50,000+ students who submitted their essays with confidence this semester.

Get Turnitin Score Report Request Human Rewrite

Tax Return Problem #2

In 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 $3,150
John’s hospital charges $2,500
Shannon’s regular physician visits $700
Shannon’s eye doctor $75
Shannon’s diabetes blood testing supplies $65
Insurance reimbursements $1,000

In addition, they had the following other expenses:

State income taxes $2,200
Personal property taxes 1,000
Car loan interest 500
Charitable cash contributions 450
Mortgage interest expense 4,500
Union 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