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This practical application requires you to compute various refundable and nonrefundable tax credits available to individual taxpayers and report the resulting credit amounts using the applicable tax forms.

Source document information represents official records that are needed to complete your individual income tax return (e.g. Form W-2). Source documents are mailed to you and the Internal Revenue Service.

Due Date

  • By Sunday at 11:59 P.M., CT.

Case Information

John and Mary Remington are married and have four sons named Dean, Sam, Cass and Crowley who all are properly included as dependents on John and Mary’s jointly filed tax return.

John and Mary have completed their 2018 Form 1040 through Line 11; they calculated a tax liability of $14,099 before considering any available refundable and nonrefundable tax credits. John earned $30,000 of the couple’s $125,000 adjusted gross income, with Mary earning the remaining $95,000. The federal income tax withheld from their paychecks in 2018 totalled $6,200.

Dean and Sam both attended college as full-time students in 2018 – Dean is in graduate school and Sam just finished his first semester as a college freshman. John and Mary cover the cost of their tuition, and both boys received a 2018 Form 1098-T.

Cass and Crowley are 8-year-old twins. John and Mary paid $7,200 in child care expenses in 2018 ($3,600 per twin).

John and Mary would like you to help them compute their allowable tax credits and complete their Form 1040 with any supporting forms/schedules.

Directions

Please let me know if you cannot download the files. Work is due Saturday before 10:59pm


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Assignment Solutions


Assignment Solutions

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