Economics help needed

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timer Asked: Feb 29th, 2016

Question Description

Attached in Word is your tax return problem. I made it simpler than the one I used the last time I taught this course in that I removed a rental property that would have required the preparation of Schedule E and a depreciation schedule. I strongly urge you to use a software program to do this assignment. However, you may do it by hand as long as you use official IRS forms. Many basic tax software programs are available free or at little cost. You may be able to use the software of a friend. However, you must do your own work. This is not a group or team project. Submit your work here as a pdf file (I strongly prefer one file). 

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Tax Return Problem (50 Points) Prepare a U. S. Individual Income Tax Return for 2015 based on the information below. You may use a tax preparation program such as TurboTax to prepare the sample return. You may also do the return by hand as long as you use official IRS forms. I strongly urge you to use a tax software program. Basic versions of these programs are often available free of charge online. Submit your solution on Blackboard. I prefer that your solution be in pdf. Keep a copy for your records. Sign the return as paid preparer and include all information a paid preparer must include. You may use your student number as though it were your PTIN. The taxpayers are a married couple. They want to file a joint return for 2015. Names and Social Security Numbers: James D. Roberts (432-65-5634) and Sara J. Roberts (431-29-1271) James is employed as a civil engineer. Sara is a nurse. Neither is covered by a qualified pension plan where they work. Address: 602 Smart Road, Troy, Alabama 36079 Dependents: Son: Calvin K. Roberts (432-12-5463) and Daughter: Gail A. Roberts (431-49-4941) Age in years at end of 2015: James 38 Sara 36 Calvin 10 Gail 7 They do NOT want any of their tax to go to the presidential election fund. They had the following federal income tax withheld in 2015: James $11,928 Sara $7,479 In addition, they applied a refund they otherwise could have received in cash for their 2014 return to their 2015 return in the amount of $1,125. Income: Salary for Janes $48,000 2 Salary for Sara $60,000 Unemployment compensation received by Sara $1,200 Qualified dividends received from AT&T $1,500 Interest on bank accounts received from Wells Fargo Bank $1,400 Interest on City of Troy, Alabama, bonds $2,400 State of Alabama income tax refund received in 2015 for overpayment of 2014 taxes $1,200 (They itemized their deductions on Schedule A for 2014. Their total itemized deductions exceeded the standard deduction to which they would have otherwise been entitled by $975) James won $2,300 playing video poker at Hard Rock Casino in Tampa, Florida (Florida has no state income tax) James and Sara own one rent house. An agent manages it for them. They had the following income and expenses relative to the rent house: Possible Other Deductions: James lost $400 playing video poker at Hard Rock Casino in Biloxi, Mississippi Real estate taxes on their primary home $750 Mortgage interest on their primary home $9,954 Cash donations to United Way $250 Cash donations to First Community Church $1,800 Alabama state income tax withheld during 2015: James $1,768 Sara $2,147 Tax preparation fee paid in 2015 for the preparation of their 2014 return: $500. They did not have a business or rental property. James paid $3,600 in alimony to his former wife now known as Sherry N. Cash (431-01-9547) They paid a penalty to Wells Fargo Bank on an early cancellation of a certificate of deposit $220 Contribution to a traditional IRA: James $1,800 Contribution to a Roth IRA: Sara $4,200 They want a cash refund if they are due one. They want to pay as little tax as possible. So, if you find any other tax benefits to which they are entitled, please claim them.
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