Here is another question: – Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2018. They present you with the following information: Bart Elizabeth Joint Salary $38,000 Business net income $110,000 Interest income $400 $1,200 $2,200 Deductions for AGI $2,400 $14,000 Medical Expenses $10,427 $3,358 State income tax $900 $1,800 Real Estate tax $3,800 Mortgage Interest $4,200 Unreimbursed employee expenses $1,200 If they file separately, Bart and Elizabeth will split the real estate tax and mortgage interest deductions equally. Write Bart and Elizabeth a letter in which you make and explain a recommendation on filing status for 2018. Bart and Elizabeth reside at 2003 highland Drive, Durham, NC 27707.
Here is another question:
– Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2018. They present you with the following information:
|
|
Bart |
Elizabeth |
Joint |
|
Salary |
$38,000 |
|
|
|
Business net income |
|
$110,000 |
|
|
Interest income |
$400 |
$1,200 |
$2,200 |
|
Deductions for AGI |
$2,400 |
$14,000 |
|
|
Medical Expenses |
$10,427 |
$3,358 |
|
|
State income tax |
$900 |
$1,800 |
|
|
Real Estate tax |
|
|
$3,800 |
|
Mortgage Interest |
|
|
$4,200 |
|
Unreimbursed employee expenses |
$1,200 |
|
|
|
|
|
|
|
If they file separately, Bart and Elizabeth will split the real estate tax and mortgage interest deductions equally. Write Bart and Elizabeth a letter in which you make and explain a recommendation on filing status for 2018. Bart and Elizabeth reside at 2003 highland Drive, Durham, NC 27707.
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