Taxation Analysis Assignment | Cheap Essay Services

Please review attachments. The numbers are computed. I need someone to help me fill out form 1040, schedule a and SCHEDULE B (Form 1040 or 1040-SR)
Department of the Treasury Internal Revenue Service (99)
Interest and Ordinary Dividends
▶ Go to for instructions and the latest information. ▶ Attach to Form 1040 or 1040-SR.
OMB No. 1545-0074
Attachment Sequence No. 08
Name(s) shown on return
Your social security number
Part I
(See instructions and the instructions for Forms 1040 and 1040-SR, line 2b.)
Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm’s name as the payer and enter the total interest shown on that form.
List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that buyer’s social security number and address ▶
Add the amounts on line 1……………….
Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815………………….
Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR, line 2b……………………▶
Note: If line 4 is over $1,500, you must complete Part III.
Part II
Ordinary Dividends
(See instructions and the instructions for Forms 1040 and 1040-SR, line 3b.)
Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm’s name as the payer and enter the ordinary dividends shown on that form.
List name of payer ▶
Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b ……………………▶
Note: If line 6 is over $1,500, you must complete Part III.
Part III
Foreign Accounts and Trusts
Caution: If required, failure to file FinCEN Form 114 may result in substantial penalties. See instructions.
You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust.
At any time during 2019, did you have a financial interest in or signature authority over a financialaccount (such as a bank account, securities account, or brokerage account) located in a foreigncountry? See instructions ……………………
If “Yes,” are you required to file FinCEN Form 114, Report of Foreign Bank and FinancialAccounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114and its instructions for filing requirements and exceptions to those requirements ……
If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located ▶
During 2019, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If “Yes,” you may have to file Form 3520. See instructions ………
For Paperwork Reduction Act Notice, see your tax return instructions.
Cat. No. 17146N
Schedule B (Form 1040 or 1040-SR) 2019


Part 1- Tax Computation

Computation of the net tax payable or refund due for the person A and person B

Particulars Amount $
Bruce salary 62100
Alice salary 58000
Interest income 2750
Adjusted gross income 122850
Less: itemized deductions (38536)
Taxable income 84314
Tax from 2018 Married filling joint tax table 10882
Less: prepayments and credits  
      Income tax withheld (5300+4500) (9800)
       Dependent tax credit (2) (2*500) (1000)
Net tax payable (or refund due) for 2018 $82


Itemized deductions are summarized below:

Particulars Amount $ Amount $
Medical expenses:    
Medical insurance premiums 4500  
Doctors bill of Sam paid in 2018 for services in 2017 7600  
Operation for Sam 8500  
Prescription medicine for Sam 900  
Hospital expense for Sam 3500  
Total medical expense 25000  
Less: reimbursement received in 2018 (3600)  
Less: 7.5 of 122850 AGI 9214  
Medical expense deductible in 2018   12186


State income taxes (3100+2950+900) 6950  
Property tax on residence 5000 11950
Interest on home mortgage    
Charitable contributions:    
Church contribution 5000  
Ticket on charity dinner dance (only the excess of the ticket price of 300 over the cost of the comparable entertainment of 50 is deductible) 250  
Used clothing donated (limited to fair market value) 350 5600
Miscellaneous itemized deductions    
Uniforms (450+225 laundry) 675  
Professional journals 400  
Total deductible items 1075  
Less 2% of 122850 AGI (2457)  
Miscellaneous itemized deductions deductible in 2018   0
Total itemized deductions   38536


In addition to the Byrd’s son John, Bruce ‘s father, Sam qualifies as a dependent. Therefore, the deductible is $13600 (3400*4). Cynthia may not be claimed as a dependent because she is not under the age of 24.

Part 2- Tax Planning

Particulars Amount $
Bruce salary 88000
Interest income (32000+2750) 34750
Adjusted gross income 122750
Less: itemized deductions (32994)
Less: (Bruce and Alice) (2*3500) (7000)
Taxable income 82756
Tax from tax rate schedule for 2018 13377



Summary of itemized deductions

Particulars Amount $ Amount $
Medical expenses:    
Medical insurance premiums 5000  
Estimated cost for Alice (15400-4700 reimbursement) 10700  
Less: 7.5 of 122750 AGI (9206)  
Medical expense deductible in 2018   6494


State income taxes (3100+4000) 7100  
Property tax on residence 5000 12100
Interest on home mortgage   8800
Charitable contributions   5600
Miscellaneous itemized deductions    
Professional journals 400  
Less 2% of 122750 AGI (2455)  
Miscellaneous itemized deductions deductible in 2018   0
Total itemized deductions   32994



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