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Book/movie review
22/08/2022
Bob and Melissa Grant are married and live in Lexington, Kentucky. The Grants have two children Jared age 15 and Alese age 12. The Grants would like to file a joint tax return for the year.
The following information relates to the Grant’s tax year:
Bob’s Social Security number is 987-45-1234
Melissa’s Social Security number is 494-37-4883
Jared’s Social Security number is 412-32-5690
Alese’s Social Security number is 412-32-6940
The Grants’ mailing address is 95 Hickory Road, Lexington, Kentucky 40502.
Jared and Alese are tax dependents for federal tax purposes.
Bob Grant received the following during the year:
|
Employer |
Gross Wages |
Federal Income Tax Withholding |
State Income Tax Withholding |
|
National Storage |
$68,200 |
$8,100 |
$3,500 |
|
Lexington Little League |
$3,700 |
0 |
0 |
Melissa Grant received the following during the year:
|
Employer |
Gross Wages |
Federal Income Tax Withholding |
State Income Tax Withholding |
|
Jensen Photography |
$23,600 |
$2,450 |
$1,225 |
All applicable and appropriate payroll taxes were withheld by Grants’ respective employers.
The Grants also received the following during the year:
Interest Income from First Kentucky Bank $150
Interest Income from City of Lexington, KY Bond $450
Interest Income from U.S. Treasury Bond $700
Interest Income from Nevada State School Board Bond $125
Workers’ Compensation payments to Bob $4,350
Disability payments received by Bob on account of injury $3,500
Receipt of payment by Melissa as a result of a lawsuit for damages sustained in a car accident:
Medical Expenses $2,500
Emotional Distress $12,000
Punitive Damages $10,000
Total $24,500
Eight years ago, Melissa purchased an annuity contract for $88,000. This year, she received her first payment on the annuity. The payment amount was $15,000. The annuity started to pay on January 1 and she received a full first year’s payment. It will pay her $15,000 per year for ten years (beginning with this year). The $15,000 payment was reported to Melissa a form 1099-R for the current year (box 7 contained an entry of “7” on the form).
The Grants did not own, control or manage any foreign bank accounts nor were they a grantor or beneficiary of a foreign trust during the tax year.
The Grants paid or incurred the following expenses during the year:
Dentist/Orthodontist (unreimbursed by insurance) $8,500
Doctors (unreimbursed by insurance) $ 625
Prescriptions (unreimbursed by insurance) $ 380
KY state tax payment made on 4/15/13 for 2012 liability $1,350
Real property taxes on residence $1,800
Vehicle property tax based upon age of vehicle $250
Mortgage interest on principal residence $8,560
Interest paid on borrowed money to purchase the City of
Lexington, KY municipal bonds $400
Interest paid on borrowed money to purchase
U.S. Treasury bonds $240
Contribution to the Red Cross $1,000
Contribution to Senator Rick Hartley’s Re-election Campaign $2,500
Contribution to First Baptist Church of Kentucky $6,000
Fee paid to Jones & Company, CPAs for tax preparation $200
In addition, Bob drove 6,750 miles commuting to work and Melissa drove 8,230 miles commuting to work. Both the Grants have represented to you that they maintained careful logs to support their respective mileage.
The Grants drove 465 miles in total to receive medical treatment at a hospital in April.
The Grants held a yard sale on May 15th. They collected $1,000 from the sale of their personal items. The Grants originally paid $6,000 for the items sold and the fair market value of the items at the date of sale was $1,500.
During the year, the Grants sold the following stocks:
|
Stock |
Sales Price |
Purchase Price |
Sales Date |
Purchase Date |
|
ABC Stock |
$5,000 |
$7,500 |
6/1/2013 |
5/1/2012 |
|
DEF Stock |
$7,000 |
$10,000 |
6/1/2013 |
1/15/2011 |
|
GHI Stock |
$6,000 |
$4,000 |
6/1/2013 |
11/15/2012 |
|
JKL Stock |
$5,000 |
$6,000 |
6/1/2013 |
10/31/2011 |
The Grants do not have any capital loss carryforwards from prior years.
During the year, the Grants’ personal residence was burglarized on October 1 of the current year. The theft occurred during the day while both the Grants were at work and their children were at school. The Grants had the following personal property stolen:
|
Item |
Purchase Date |
Fair Value on Date of Theft |
Tax Basis of Item |
Insurance Reimbursement Received |
|
Laptop computer and Printer |
09/01/2012 |
3,000 |
3,000 |
500 |
|
Rifle |
03/01/2010 |
2,000 |
2,500 |
500 |
|
TV/Projector |
03/01/2010 |
5,000 |
13,000 |
1,000 |
|
2005 Honda Pilot |
07/01/2011 |
4,000 |
6,500 |
500 |
|
Total |
|
14,000 |
25,000 |
2,500 |
The Grants want to contribute to the Presidential Election Campaign. The Grants would like to receive a refund (if any) of any tax they may have overpaid for the year. Their preferred method of receiving the refund is by check.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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