Compute the tax return, Compute the tax return and submit,

Compute the tax return

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Reference no: EM1394636

Income Tax Project Phase 1

1. The Tulips live in MN, address is 1313 Mockingbird Ln, Eagan, MN 55122. James is 48 his social security number is 128-54-1098, and Jamie is 45 and her social security number is 467-12-0990.
They have three children. Everyone was born on July 1.
Jessica 468-64-2077 age 19 full time student
Jason 468-64-2078 age 16
Jerico 468-64-2079 age 8

They are cash basis taxpayers and file as a calendar taxpayers.

2. Their income is as follows.
Wages Jamie Wages $28,400 $2,134 federal withholding and $1,238 state withholding. James wages $58,000 federal withholding $7,425 and $3,487 state withholding.
Dividends Madoff Mutual Funds Ordinary dividends $2,550, qualified dividends $1,725, capital gain distributions $870

State refund $455, last year the Tulips had a total of $18,950 in
Total itemized deductions

Gambling winnings-Jamie won $8,400 in a lottery

Compute the tax return and submit, when you are doing real tax returns the first part is always gathering the income. This return will attempt to simulate a real tax return as much as possible. You will need a 1040, schedule B but not a D yet since they only have capital gain distributions.

Both James and Jamie work for Damons shoes, federal Id 36-3456789 and state ID 345678. The social security wages and taxable wages are the same.

Reference no: EM1394636

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