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Here is another question:

Here is another question:

 

 

– Bart and Elizabeth Forrest are married and have no dependents.  They have asked you  to advise them whether they should file jointly or separately in 2018.  They present you with the following information:

 

 

Bart

Elizabeth

Joint

Salary

$38,000

 

 

Business net income

 

$110,000

 

Interest income

$400

$1,200

$2,200

Deductions for AGI

$2,400

$14,000

 

Medical Expenses

$10,427

$3,358

 

State income tax

$900

$1,800

 

Real Estate tax

 

 

$3,800

Mortgage Interest

 

 

$4,200

Unreimbursed employee expenses

$1,200

 

 

 

 

 

 

 

If they file separately, Bart and Elizabeth will split the real estate tax and mortgage interest deductions equally.  Write Bart and Elizabeth a letter in which you make and explain a recommendation on filing status for 2018.  Bart and Elizabeth reside at 2003 highland Drive, Durham, NC 27707.

 

 

 
manish jayant 09-Sep-2020

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