Homework Answers
17). Ans : option D is correct. If Jennifer chooses to have advance credit payments made on her behalf, She will be required to file form 8962 with income tax return to reconcile the amount of advance payments with the premium tax credit.
18). True : To encourage people with lower income to contribute to their retirement savings account, IRS offers a tax credit for contributions to them. To claim the retirement savings credit Jennifer must use IRS form 8880. The credit percentage decreases as the as AGI increases.
19). False : Form 1099 -C reports cancellation of debt income to the IRS. According to the IRS, if a debt is cancelled, forgiven or discharged, we must include the canceled amount in gross income and pay taxes on that income, unless we qualify for exclusion or exception. So, cancellation of debt need to be reported on Jennifer's tax return.
20). True : IRS form 8862 is better known as the information to claim certain credits after disallowance form. If Jennifer want to claim the Earned income credit, she need to file out form 8862.
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17. How does the Form 1095-A, Health Insurance Marketplace Statement, affect Jennifer's tax return? A. Jennifer...
14. How do Jennifer's educator expenses affect her tax return? a. Jennifer can claim these expenses...
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Ramon did not have health insurance in 2019 how does that affect his return? A. he...
Ramon did not have health insurance in 2019 how does that affect his return? A. he must pay a $695 Shared responsibility payment B. it has no effect on his form 1040 the full year health care coverage or exempt box is eliminated from form 1040 because the shared responsibility payment is reduced to zero for tax year 2019. c. Ramon can claim a short coverage gap exemption to avoid the shared responsibility payment. d. Ramon can claim the affordability...
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Interview Notes • Roberta Wilson is 63 years old and single . • Her grandson, Jacob,...
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Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form...
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Basic Scenario 1: Jeff and Linda Arnold Interview Notes .Jeff and Linda got married in December...
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Tax return
Complete Anytime Plumbing, LLC’s 2019 partnership tax return (Form 1065 and one Schedule K-1, as they are the same) based upon the facts presented. Ignore all AMT calculations and AMT related reporting items.If any information is missing, use reasonable assumptions to fill in the gaps.Schedule k1.pdf2019 Form 1065.pdfCompany InformationFrankie Jones and Wayne Brown decided to form a plumbing company, available 24 hours a day, seven days a week, called Anytime Plumbing, LLC (AP). AP finds itself often as one of the only available...
Roberta Wilson is 63 years old and single. Her grandson, Jacob, is 9 years old and...
Roberta Wilson is 63 years old and single. Her grandson, Jacob, is 9 years old and lived with her all year. Roberta paid all household expenses and Jacob qualifies as her dependent. Roberta and Jacob are both U.S. citizens and have valid Social Security numbers. Roberta claimed EIC for Jacob on her 2015 tax return, but he only lived with her for 2 months and the credit was disallowed. Roberta had wage income of $35,000 in 2018. She is not...
Question #1 Milo is required to file a federal tax return? a) True or b) Fales...
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• Roberta Wilson is 63 years old and single . • Her grandson, Jacob, is 9...
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14. How do Jennifer's educator expenses affect her tax return? a. Jennifer can claim these expenses as a miscellaneous itemized deduction on her Schedule A. b. These expenses do not affect her tax return. C. $250 is deducted as an adjustment to income on Form 1040, Schedule 1. d. Jennifer is entitled to deduct the full $350 as an adjustment to income on Form 1040, Schedule 1.
Basic Scenario 1: Jeff and Linda Arnold Interview Notes .Jeff and Linda got married in December of 2018. They are both U.S. citizens with valid Social Security numbers. They do not elect to file a joint return for 2018. Jeff worked all year and received wages of $32,000. He received full health insur- ance coverage from his employer all year. Linda worked part-time at a book store January through September. She earned $9,000 for the year. In November, she started...
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