Connor and Jordan Billings are married taxpayers. Connor works part-time in retail and Jordan works part-time at an elementary school. Their details are shown below: Name Date of Birth SSN Occupation Connor R. Billings 06/01/1957 123-45-6789 Retail Sales Jordan M. Billings 05/24/1965 987-65-4321 Teacher’s Aide The couple’s W-2s include the following information: Taxpayer Wages Federal Withholdings State Withholdings Connor 23,100 2,100 1,050 Jordan 21,200 2,050 950 complete 1040 form

Connor and Jordan Billings are married taxpayers. Connor works part-time in retail and Jordan works part-time at an elementary school. Their details are shown below: Name Date of Birth SSN Occupation Connor R. Billings 06/01/1957 123-45-6789 Retail Sales Jordan M. Billings 05/24/1965 987-65-4321 Teacher’s Aide The couple’s W-2s include the following information: Taxpayer Wages Federal Withholdings State Withholdings Connor 23,100 2,100 1,050 Jordan 21,200 2,050 950 complete 1040 form

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 41CP

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Which of the following would preclude a taxpayer from deducting student loan interest expense? a. The total amount paid is 1,000. b. The taxpayer is single with AGI of 55,000. c. The taxpayer is married filing jointly with AGI of 120,000. d. The taxpayer is taken as a dependent of another taxpayer.
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Prepare Brenda Peterson is single and lives at 567 East Street, Marshfield, MA 02043. Her SSN is Tax Return Problem 2 412-34-5670. She worked the entire year for Applebee Consulting in Marshfield. Her Form W-2 contained information in the following boxes: Wages (box 1) = S67,155.75 %3D Federal W/H (box 2) = $ 8,366.12 Social security wages (box 3) = $67,155.75 Social security W/H (box 4) = $ 4,163.66 Medicare wages (box 5) = $67,155.75 Medicare W/H (box 6) = $ 973.76 bemco %3D She also received two Forms 1099-INT. One was from First National Bank of Marshfield and showed interest income of $537.39 in box 1. The other Form 1099-INT was from Baystate Savings and Loan and showed interest income of $281.70 in box 1. Brenda had qualifying health care coverage at all times during the tax year. Prepare a Form 1040 for Brenda.
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D