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(solution) Hi class - This week the H&R Block Practice Set is Problem 55


Hi class - This week the H&R Block Practice Set is Problem 55 from Chapter 11. This problem requires you to compare two taxpayers, Bonnie and Jake's filing status to see if it is better for them to file single or jointly.  You can do this in the H&R Block PRogram and provide me three separate files (pdf please!).  Or you can plug in the figures on a word document and show me in a table format (or other format that clearly represents) the informaiton from the three returns.  You will need to show me the the tax for each situation:  Bonnie filing separately, Jake filing separately and Bonnie and Jake filing jointly. Some tips:

  • Medical deductions come into play here.
  • Pay close attention on whether the rental loss deduction can be taken if they file separately.
  • The tax for each situation should be somewhere between $1500 and $4100.

Hi class - This week the H&R Block Practice Set is Problem

 

55 from Chapter 11. This problem requires you to compare

 

two taxpayers, Bonnie and Jake's filing status to see if it is

 

better for them to file single or jointly. You can do this in the

 

H&R Block PRogram and provide me three separate files

 

(pdf please!). Or you can plug in the figures on a word

 

document and show me in a table format (or other format

 

that clearly represents) the informaiton from the three

 

returns. You will need to show me the the tax for each

 

situation: Bonnie filing separately, Jake filing separately and

 

Bonnie and Jake filing jointly.

 

Some tips: Medical deductions come into play

 

here.

 

Pay close attention on whether the

 

rental loss deduction can be taken if

 

they file separately.

 

The tax for each situation should be

 

somewhere between $1500 and

 

$4100. Bonnie and Jake ages 35 and 36, respectively are married

 

with no dependents and live in Montana( not a community

 

property state). Because Jake has large medical expenses,

 

they seek your advice about filing separately to save

 

taxes.Their income and expenses are as follows

 

Bonnies salary

 

$ 42,500

 

Jake

 

salary

 

26,000

 

Interest Income (joint)

 

1,500

 

Rental loss from actively managed property (23,000)

 

Jakes unreimbursed medical expenses

 

8,500

 

All other itemized deductions

 

Bonnie

 

Jake 9,000

 

3,400 None subject to limitations

 

Determine whether Bonnie and Jake should file jointly or

 

separately for 2014

 


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