Question: FORM 1040 TAX YEAR 2018 THOMAS AND VANESSA KILEY ARE MARRIED. THEY ALWAYS FILE A JOINT TAX RETURN…
calculate the information provided and implement on a
1040.
Show transcribed image text FORM 1040 TAX YEAR 2018 THOMAS AND VANESSA KILEY ARE MARRIED. THEY ALWAYS FILE A JOINT TAX RETURN. THEY HAVE TWO DEPENDENT CHILDREN. ONE CHILD IS AGE 12 AND THE OTHER CHILD IS AGE 18. INCOME: THOMAS SALARY VANESSA SALARY INTEREST INCOME FROM SANTANDER BANK INTEREST INCOME FROM MUNICIPAL BONDS QUALIFIED DIVIDEND INCOME UNEMPLOYMENT COMPENSATION VANESSA RECEIVED A GIFT FROM HER UNCLE FOR HER 40TH BIRTHDAY THOMAS SOLD A PARCEL OF LAND HE PURCHASED 11 YEARS AGO THAT COST 21,000 THOMAS RECEIVED REIMBURSEMENT FOR BUSINESS EXPENSES UNDER AN ACCOUNTABLE PLAN 75,000 30,000 1,400 3,500 2,600 12,000 10,000 17,000 2,000 EXPENSES: VANESSA CONTRIBUTED TO A TRADITIONAL IRA. SHE IS NOT COVERED BY A PENSION PLAN AT WORK 5,000 FEDERAL INCOME TAXES WITHHELD FROM THEIR SALARIES 9,500 MEDICAL EXPENSES PAID STATE INCOME TAXES PAID MISCELLANEOUS ITEMIZED DEDUCTIONS PROPERTY TAXES PAID INTEREST PAID ON 350,000 MORTGAGE CASH CHARITABLE DONATIONS POLITICAL CONTRIBUTIONS 11,475 3,500 1,300 7,200 14,500 1,200 1,500
FORM 1040 TAX YEAR 2018 THOMAS AND VANESSA KILEY ARE MARRIED. THEY ALWAYS FILE A JOINT TAX RETURN. THEY HAVE TWO DEPENDENT CHILDREN. ONE CHILD IS AGE 12 AND THE OTHER CHILD IS AGE 18. INCOME: THOMAS SALARY VANESSA SALARY INTEREST INCOME FROM SANTANDER BANK INTEREST INCOME FROM MUNICIPAL BONDS QUALIFIED DIVIDEND INCOME UNEMPLOYMENT COMPENSATION VANESSA RECEIVED A GIFT FROM HER UNCLE FOR HER 40TH BIRTHDAY THOMAS SOLD A PARCEL OF LAND HE PURCHASED 11 YEARS AGO THAT COST 21,000 THOMAS RECEIVED REIMBURSEMENT FOR BUSINESS EXPENSES UNDER AN ACCOUNTABLE PLAN 75,000 30,000 1,400 3,500 2,600 12,000 10,000 17,000 2,000 EXPENSES: VANESSA CONTRIBUTED TO A TRADITIONAL IRA. SHE IS NOT COVERED BY A PENSION PLAN AT WORK 5,000 FEDERAL INCOME TAXES WITHHELD FROM THEIR SALARIES 9,500 MEDICAL EXPENSES PAID STATE INCOME TAXES PAID MISCELLANEOUS ITEMIZED DEDUCTIONS PROPERTY TAXES PAID INTEREST PAID ON 350,000 MORTGAGE CASH CHARITABLE DONATIONS POLITICAL CONTRIBUTIONS 11,475 3,500 1,300 7,200 14,500 1,200 1,500