Determine their amount of federal tax

Assignment Help Taxation

Reference no: EM1377494

Your clients Bubba and Cindy RIos need tax preparation help. They sold a house for $401,000, basis of $55,000 bought another for $220,000. CIndy received dividends from her inheritance which was an annuity, but her mother's financial advisor told her to take the proceeds of annuity and buy mutual funds because she is so young and requires exposure to the market. The basis in the annuity is $200,000 Date of Death (DOD) value is $231,340. The mutual fund, Franklin Templeton Distressed Property Fund paid $7500 in qualified dividends. YOur clients also have 2 dependents, Shelly Rios (SSN:423-54-0923) and ROger Rios (SSN: 423-54-8065). Bubba has pension income from military for $9400 and Cindy has a small business netting $550. Bubba had $700 withheld for federal income tax. The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000.

Assignment: Please create a 1040 for the RIos' and determine their amount of federal tax owed/refund for 2012. do you using the f1040

Reference no: EM1377494

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