Reference no: EM132214016
Problem
Submit your tax return and computations to the drop box identified for this submission.
Review the Portfolio Project Grading Rubric, which can be accessed in the Module 8 Materials folder, to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.
Taxpayer Information
Name: John Washington
Address: 3450 Green St.
Miami, FL 54321
DOB: 5/5/1960
Filing Status: Married
SSN: 434-20-2020
Occupation: Engineer
Name: Debra Washington
Address: 3450 Green St.
Miami, FL 54321
DOB: 7/7/1962
Filing Status: Married
SSN: 411-21-4568
Occupation: Teacher
INCOME INFORMATION:
Wages and Compensation
The following information is taken from John Washington's 2017 Form W-2 Wage and Tax Statement:
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Box 1 â€" Wages, tips, and other compensation
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80,000
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Box 2 â€" Federal Withholding
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12,500
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Box 17 â€" State Income Tax Withholding
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2,000
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The following information is taken from Debra Washington's 2017 Form W-2 Wage and Tax Statement:
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Box 1 â€" Wages, tips, and other compensation
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42,000
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Box 2 â€" Federal Withholding
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3,500
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Box 17 â€" State Income Tax Withholding
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750
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Interest and Dividends
John had interest income from a savings account from Everest Bank of $500.00
Debra had dividend income of $550 from Blue Co. stock.
Capital Gains
John had the following stock transactions in 2017:
He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000
Rental Real Estate
The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows:
Rental income $12,000
Property taxes $1,500
Depreciation $1,000
Repairs and Maintenance $750
Insurance $2,000
Other Transactions in 2017
1. Debra had educator expenses in 2017 of $450.00
2. John had gambling winnings of $1,000.
3. John was the beneficiary of his mother's life insurance policy. His mother died in 2017 and he received $50,000 under this policy.
4. Debra paid $700 in student loan interest. Make sure you apply the 2017 Tax laws and forms
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