Question

tax question help !!!!

52. Comprehensive Problem (Tax Return Problem). Mr. and Mrs. Sam Morris retired on February 10, 2019, and call you in for tax advice. Both Sam and his wife Sarah have worked for many years. Sam is 65 years of age and his wife is 63. 59.900 7,000 5,500 Facts: Dependent child: Age 21 Social Security Benefits Salaries: Sam (January 1-February 10) Sarah (January 1-February 10) Interest Income: Port Authority of N.Y. Bonds Interest from Bank Deposits Corporate Bonds Highway Bonds of Ohio Dividend Income: Microsoft Common Stock General Electric Common Stock AGA Ltd. of England Net Rental Income 300 11.100 900 100 4,000 2,000 1,000 4.000 One of their tenants moved out on July 14, 2019, and Sam determines that they had damaged the stove, and therefore returned only $50 of their $150 security deposit. The Morrises' daughter borrowed $10,000 two years ago to purchase a new automobile. She has made payments to her parents and on September 1, 2019, only $2,500 was still outstanding on the loan. On their daughter's birthday, they told her she no longer had to make payments. Sam was Vice President of a very large corporation. As part of his fringe benefit package, the corporation purchased for him $50,000 of group-term life insurance. The corporation continues to pay for his life insurance even after retirement.

Answer 1

PAGE NO. DATE Not total income Tay Liability shall be Nil the dou of Adet H of adco shall be carried forzard to the nest subsequent year social security. tay shall be paid on. Combined income as if the combined. income is between 932000 to 844000, tax. will be paid on 5000 of social security Benefit Tex Returns (filling Jointly). Salary Income salove of sam. tooo some sly 12.500 Interest income Port Authority of dry Bonds Interest from Books 1,100 Highway Bonds Cremale. Bonds 12400 Sidend income ordinary micrexit Common stock Gerval Electric Commen Stoul 2000 AGA atd 1000 7000 M000 Repayment of Loon does not affect Income of the year. the * but The Deduction of & 50,000 is chimed the total income is only 8 40950 so Deduction is claimed upto income year a of the DX 4000 Not Rental income Saring in security Deport Retorn (150-50) 100 Correu total income A+B+C+D) 36.000 Add: security Benefit soolo of 9900 4950 Adrusted brows income 40,9150 du. Deduction life inswance 40950