Question

Bev and Ken Hair have been married for 3 years. They live at 3567 River Street, Springfield, MO 63126.Ken is a full time student at Southwest Missouri State University and Bev works as an accountant at Cypress Corp. Bevs' W-2 shows Wages and tips other compensations=$50350.18 Federal income tax withheld= $4950.00 Social security wages =$50350.18 social sec. tax withheld = $3121.70 Medicare wages and tips= $50350.18 and Medicare tax withheld= $730.08

Also the Hairs have intrest income of $1000 on City of St. Louis bonds as well as other intrest and dividends shown on the 1099s...1st 1099-DIV 2018 is payers name and address = Green Corp Springfield, MO. Recipient name =Ken Hair (1a Total ordinary dividends = $301.00) (1b Qualified dividends = $301.00)

2nd 1099-INT 2018 is Payers name and address= Boatman's Bank Springfield, MO Recipient name= Ken Hair (1 Interest income= $643.05)

Ken is an excellent student at SMSU. He was given a $1750 scholarship by the university to help pay educational expenses.The scholarship funds were used by Ken for tuition and books. Ken also had a part time job at the college. He was paid $2525 on a W-2 for helping out in the Dean's office. There was no income tax withheld on the amount paid to Ken from this job.

Last year, Bev was laid off from her former job and was unemployed during Jan. 1099G = (1 Unemployment compensation = $1825.00 from State of Missouri Unemployment)

Ken has a 4 year old son , Robert, from a prior marriage.He paid his ex-wife $300 per month in child support. Robert is claimed as a dependent by Ken's ex-wife. During the year, Ken's aunt died. The aunt, in her will, left Ken $15000 in cash. Ken deposited this money in the Boatman's Bank savings account.

tax return problems Fill out a 1040A and other forms that needs to be filled out for taxes

THIS IS ALL THEY GAVE US AND SAID FOR US TO DO THE TAXES WITH THE ABOVE INFORMATION. IM GUESSING A 1040A AND QUALIFIED TAX WORKSHEET??

Answer 1

1. You need to attach Form W-2 for Federal Taxes Withheld, Form SSA-1099 & Form 1099 for Social Security Wages along with Form 1040A.

2. Scholarship received for Ken is treated to be taxable and not shown on Form W-2, hence added to Wages in Line 7. Form 8917 for claiming Tution Fees and Books has to be attached.

3. Attach Form 1099G for showing Unemployment Compensation.

4. Fill Form 2441 for claiming the Child Care Expenses paid for Robert.

5. Inheritance income is not taxable in the hands of receiver.

6. Submit Alternative Minimum Tax Worksheet, since the return is in nature of Marriefd filing jointly and the limit is $84,500.

7. While calculation taxes payable, Federal Tax, State Tax for Missouri, Social Secuirty and Medicare Tax all are calculated.