I need help filing out the actually forms!!! Complete the federal tax return below for...
50.1K
Verified Solution
Link Copied!
Question
Accounting
I need help filing out the actually forms!!!
Complete the federal tax return below for the current tax year listed above.. Use Form 1040, Schedule A, and Schedule B to complete this return
Jim Wallace (age 40) is a single taxpayer, and he lives at 1234 Hallmark Way, Warner Robins, GA 31088. His Social Security number is 555-94-9358. Jims earnings and withholdings as a manager of Best Buy for 2016 are:
Earnings from Best Buy $150,000
Federal Income Tax $24,000
State income tax withheld $0
Jims other income includes interest on a savings account at Robins Federal Credit Union for $10,075.
Jim also received a Form 1098 Mortgage Interest Statement from Wells Fargo showing mortgage interest paid on his house in the amount of $20,000 for 2016.
Jim pays his ex-wife $3,000 per month. When their 12-year old child (in the wifes custody) reaches 18, the payments reduce to $1,500 per month. His ex-wifes Social Security number is 554-44-5555.
During the year, Jim paid the following amounts:
Credit card interest $1,800
Auto loan interest $4,500
Auto insurance $900
Property taxes on a personal residence $6,500
States and local sales tax paid in 2016 $4,000
Blue Cross Health insurance premiums $2,000
Other medical expenses $800
Income tax preparation fee $500
Charitable Contributions:
Boy Scouts $600
St. Matthews Church $400
UGA Pharmacy School $30,000
Georgia Republican Party $300
American Red Cross $50
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!