tax return preparation, accounting homework help

timer Asked: Nov 29th, 2016
account_balance_wallet $15

Question Description

Brenda Carlyle attended Kansas State University during 2010–2014. She incurred education expenses of $10,000 in total for her education, and $1,500 of that amount was incurred in 2014 for her last semester. To finance her education, she borrowed $7,000 through a federal student loan program and borrowed another $3,000 from Kansas State Credit Union for educational purposes. After graduation, she accepted a position with the Dallas office of BDO Seidman and moved there in May 2014. She lives at 4560 Ranchero Lane, Dallas, TX 75201. Her social security number is 412-34-5670 (date of birth 7/10/1992).

Her W-2 contained the following information:

  • Wages (box 1) = $67,533.05
  • Federal W/H (box 2) = $ 8,994.95
  • Social security wages (box 3) = $67,533.05
  • Social security W/H (box 4) = $ 4,187.05
  • Medicare wages (box 5) = $67,533.05
  • Medicare W/H (box 6) = $ 979.23

In moving to Dallas, she incurred the following moving expenses:

  • $475 in gasoline.
  • $295 for renting a truck from IGOTYA rentals.
  • $75 in food.
  • $410 for motel lodging on the way to Dallas.

She 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 Kansas State Credit Union and showed $150.75 of student loan interest.

Prepare a Form 1040, a Form 3903, and a Form 8917. If manually preparing the return, the Student Loan Interest Deduction worksheet can be found in IRS Publication 970, Tax Benefits for Education. 

Prepare Brenda's form 1040

Tutor Answer

School: New York University


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