John and Sandy ferguson got married 8 years a go and have a 7 year old duaghter, Samantha. In 2019, john workes as a computer technician at a local university, earning a salary of $152,000 and Sandy worked part-time as a receptiolist for a law firm, earnig $29,000.John also does some web design work on the side and reported a revenue of $4,000 and associated expenses of $750.Ferguson received $800 in qualified dividends and a $200 refund of their state income taxes. They always itemized their deductions, and thier itemized deductions were well over standard deductions amount last year. They had a qulified insurance for purposes of affordable care Act. The Ferguson reported making the following payments during the year. .State income taxes $4,000 .federal tax witholding of $21,000 .Alimony payment to Johns former wife of $10,000 (divorced 2014) .$4,000 for child support payment .$12,200 of real property taxes. $3,600 to kid care day care centre. $14,000 interest on their home mortgage ($400,000 acquisition debt). .$3,000 interest on $40,000 home equity loan. .$15,000 cash charitable contribution to qualified charities. .Donation of used furniture to Goodwill, the furniture had a fair market price of $400 and cost $2,000. REQUIRED. Using TaxAct, complete pages 1 and 2, schedule 1 and schedule 3 of form 1040 of 2019 for John and Sand. Please complete the pages 1 and 2and schedules 1 and 3 for my better understanding.
John and Sandy ferguson got married 8 years a go and have a 7 year old duaghter, Samantha. In 2019, john workes as a computer technician at a local university, earning a salary of $152,000 and Sandy worked part-time as a receptiolist for a law firm, earnig $29,000.John also does some web design work on the side and reported a revenue of $4,000 and associated expenses of $750.Ferguson received $800 in qualified dividends and a $200 refund of their state income taxes. They always itemized their deductions, and thier itemized deductions were well over standard deductions amount last year. They had a qulified insurance for purposes of affordable care Act. The Ferguson reported making the following payments during the year. .State income taxes $4,000 .federal tax witholding of $21,000 .Alimony payment to Johns former wife of $10,000 (divorced 2014) .$4,000 for child support payment .$12,200 of real property taxes. $3,600 to kid care day care centre. $14,000 interest on their home mortgage ($400,000 acquisition debt). .$3,000 interest on $40,000 home equity loan. .$15,000 cash charitable contribution to qualified charities. .Donation of used furniture to Goodwill, the furniture had a fair market price of $400 and cost $2,000. REQUIRED. Using TaxAct, complete pages 1 and 2, schedule 1 and schedule 3 of form 1040 of 2019 for John and Sand. Please complete the pages 1 and 2and schedules 1 and 3 for my better understanding.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 34P
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John and Sandy ferguson got married 8 years a go and have a 7 year old duaghter, Samantha. In 2019, john workes as a computer technician at a local university, earning a salary of $152,000 and Sandy worked part-time as a receptiolist for a law firm, earnig $29,000.John also does some web design work on the side and reported a revenue of $4,000 and associated expenses of $750.Ferguson received $800 in qualified dividends and a $200 refund of their state income taxes. They always itemized their deductions, and thier itemized deductions were well over standard deductions amount last year. They had a qulified insurance for purposes of affordable care Act. The Ferguson reported making the following payments during the year.
.State income taxes $4,000
.federal tax witholding of $21,000
.Alimony payment to Johns former wife of $10,000 (divorced 2014)
.$4,000 for child support payment
.$12,200 of real property taxes.
$3,600 to kid care day care centre.
$14,000 interest on their home mortgage ($400,000 acquisition debt).
.$3,000 interest on $40,000 home equity loan.
.$15,000 cash charitable contribution to qualified charities.
.Donation of used furniture to Goodwill , the furniture had a fair market price of $400 and cost $2,000.
REQUIRED. Using TaxAct, complete pages 1 and 2, schedule 1 and schedule 3 of form 1040 of 2019 for John and Sand. Please complete the pages 1 and 2and schedules 1 and 3 for my better understanding.Thanks.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT