er 4 Adjustments for Adjusted Gross Income Tax Return Problems All applicable tax return problems are available with Connect preparing the se your tax software to complete the following problems. If you are manually need a Form 1040 and associated schedules for each problem. Tax Return Jason Ready attended the University of San Diego during 2014-2018 under the Army ROTO em 1 program. Excluding the school expenses covered by his ROTC scholarship, he incured additional school expenses of $10,000 in total for his education, and $1,500 of that amoun was incurred in 2018 for his last semester. To finance these expenses, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from SoCal Credit nion for educational purposes. After graduation, he received his officer's commission and was ordered to report to the Military Entrance Processing Station in Portland OR for duty He lives off base at 4560 Ranch Drive, Portland, OR 97035. His social security number is 412-34-5670 (date of birth 7/10/1996). Jason had qualifying health care coverage at all times tax returns, you will Probl during the tax year. His W-2 contained the following information: Wages (box 1) $67,533.05 Federal W/H (box 2) $ 8,104.95 Social security wages (box 3) $67,533.05 Social security W/H (box 4) S 4,187.05 Medicare wages (box 5)- $67,533.05 Medicare W/H (box 6) = $ 979.23 In moving to Portland, he incurred the following unremibursed moving expenses: $495 in gasoline $295 for renting a truck from IGOTYA rentals $125 in food. $465 for motel lodging on the way to Portland. He also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from SoCal $150.75 of student loan interest. Credit Union and showed Prepare a Form 1040, and a Form 3903. If manually preparing the return, the Student Loan 970, Tax Benefits for Education. Interest Deduction worksheet can be found in IRS Publication Tax R bl

er 4 Adjustments for Adjusted Gross Income Tax Return Problems All applicable tax return problems are available with Connect preparing the se your tax software to complete the following problems. If you are manually need a Form 1040 and associated schedules for each problem. Tax Return Jason Ready attended the University of San Diego during 2014-2018 under the Army ROTO em 1 program. Excluding the school expenses covered by his ROTC scholarship, he incured additional school expenses of $10,000 in total for his education, and $1,500 of that amoun was incurred in 2018 for his last semester. To finance these expenses, he borrowed $7,000 through a federal student loan program and borrowed another $3,000 from SoCal Credit nion for educational purposes. After graduation, he received his officer's commission and was ordered to report to the Military Entrance Processing Station in Portland OR for duty He lives off base at 4560 Ranch Drive, Portland, OR 97035. His social security number is 412-34-5670 (date of birth 7/10/1996). Jason had qualifying health care coverage at all times tax returns, you will Probl during the tax year. His W-2 contained the following information: Wages (box 1) $67,533.05 Federal W/H (box 2) $ 8,104.95 Social security wages (box 3) $67,533.05 Social security W/H (box 4) S 4,187.05 Medicare wages (box 5)- $67,533.05 Medicare W/H (box 6) = $ 979.23 In moving to Portland, he incurred the following unremibursed moving expenses: $495 in gasoline $295 for renting a truck from IGOTYA rentals $125 in food. $465 for motel lodging on the way to Portland. He also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from SoCal $150.75 of student loan interest. Credit Union and showed Prepare a Form 1040, and a Form 3903. If manually preparing the return, the Student Loan 970, Tax Benefits for Education. Interest Deduction worksheet can be found in IRS Publication Tax R bl

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 6FPE

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