I need help with my homework assignment for my federal income taxation accounting class. It is on chapter 8: Individual income tax computation and tax credits from the text book Taxation of Individuals 2017 (8th edition), by Spilker, etc.
Use your textbook and the instructions for the forms, which can be found at IRS.gov, to complete the required forms.
- William (52) and Carla (50) Jones have 3 children: Mark, age 14 (SSN 124-58-1111) and Tom, age 10 (SSN 124-58-1112) and Kim, age 8 (SSN 124-58-9898). The Jones paid $12,000 to Kids R Us (EIN 22-1134565) for daycare ($5,000 for Tom and Kim and $2,000 for Mark). William works full-time and earned $55,000 this year, while Carla worked part-time and made $5,000. Assume AGI of $60,000 and tax liability before credits of $8,073.
Required: Prepare Form 2441 for the Jones
- Alice (25) Smith is a single parent who files Head of Household, with AGI of $60,000. Alice took one class at the local community college at night to improve her job skills. She spent $1,000 in tuition to Orange Community College (EIN 34-4213415). Her daughter, Melanie, is 19 and a full-time student at Penn State (EIN 43-1233454). Melanie is in her second year, and has never been convicted of a drug crime. Her tuition after scholarships was $10,000. Both Alice and Melanie received forms 1098-T showing their tuition amounts.
Required: Prepare Form 8863 for Alice (Hint: A separate page 2 must be completed for each person in college).
For lines 18 & 19 – you do not need to complete the credit limitation worksheet; line 19 is equal to line 18 + line 9.
I have attached the required forms that must be completed to this post.