tax return preparation accounting homework help

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tax return preparation accounting homework help

Brenda Carlyle attended Kansas State University during 2010–2014. She incurred education expenses of $10,000 in total for her education, and $1,500 of that amount was incurred in 2014 for her last semester. To finance her education, she borrowed $7,000 through a federal student loan program and borrowed another $3,000 from Kansas State Credit Union for educational purposes. After graduation, she accepted a position with the Dallas office of BDO Seidman and moved there in May 2014. She lives at 4560 Ranchero Lane, Dallas, TX 75201. Her social security number is 412-34-5670 (date of birth 7/10/1992).

Her W-2 contained the following information:

  • Wages (box 1) = $67,533.05
  • Federal W/H (box 2) = $ 8,994.95
  • Social security wages (box 3) = $67,533.05
  • Social security W/H (box 4) = $ 4,187.05
  • Medicare wages (box 5) = $67,533.05
  • Medicare W/H (box 6) = $ 979.23

In moving to Dallas, she incurred the following moving expenses:

  • $475 in gasoline.
  • $295 for renting a truck from IGOTYA rentals.
  • $75 in food.
  • $410 for motel lodging on the way to Dallas.

She also received two Forms 1098-E. One was from the federal student loan program, which showed $450 of student loan interest; the other was from Kansas State Credit Union and showed $150.75 of student loan interest.

Prepare a Form 1040, a Form 3903, and a Form 8917. If manually preparing the return, the Student Loan Interest Deduction worksheet can be found in IRS Publication 970, Tax Benefits for Education. 

Prepare Brenda’s form 1040

 
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