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This is a tax return problemFrank B. and Lucy B. Rose have no dependents and are both under age 65. Frank is a statutory employee of Green Valley, a wholesaler of recyclable materials(business code is 421930); his Social Security number is 111-11-1111. Lucy is a manager with Freight-Rite, a trucking company, and her Social Security number is 123-45-6789. The Roses live at 482 Devon Drive, Clearwater, fL 33758. They do not not contribute to the Presidential Election Campaign fund. In 2009 , Frank earned $66,000 in commissions. His employer does not withhold income taxes. Frank paid $5,000 in estimated taxes. Lucy earned $70,000 from which her employer withheld Federal income taxes of $6,000. Assume both employers withheld the correct amounts of Social Security and Medicare taxes. Neither Frank nor Lucy received any expense reimbursements. Frank uses his automobile in his employment, and during 2009, his business mileage is 29,000 miles (divided evenly throughout the year). Parking and tolls in connection with business use $520 and $190, respectively. Fines paid for traffic violations (during business use) total $520. In deducting business use of his automobile, Frank always uses the automatic mieage method. His other employment-related expenses for the year are as follows:Airfare——$4,100Meals——-3,800Lodging——3,200Entertainment—–2,000Business gifts—-870The business gifts consist of 30 fruit baskets Frank sent to key customers during the Christmas season. Each basket cost $25 (not including $4 for wrapping and shipping). During the year, Lucy enrolled in a weekend MBA program at a local university. In this regard, she spent the following amounts: $3,800 (tuition), $820 (books and computer supplies), $250 (meals while on campus), and $220 Bus fare to and from campus). Lucy took her secretary to lunch on two occasions ($91 and $86) and her boss on one occasion ($110). She spent $140 on professional dues and $ 120 on trade journals. Neither Fank nor Lucy is covered under an employer-sponsored retirement plan. However, each contributes $5,000 (for a total of $10,000) to a traditional IRA.In addition to their salaries,the Roses received the amounts listed below during the year:Interest on certificate of deposit issued by TampaState Bank——$2,200Inheritance from Albert—–50,000Distribution from Cardinal Life—–100,600The distribution from Cardinal Life represents the maturity value ($100,000) plus interest ($600) of an insurance policy on Albert’s life. Albert was Frank’s uncle and had designated Frank as the beneficiary of the policy. Because Albert died overseas, the insurance company had delayed in making the distribution to Frank. The Roses had other expenditures as follows:Charitable contributions(cash)—–$2,600Medical and dental expenses—9,000Real property taxes on residence—–4,900Sales taxes-actual amount (receipts available)—-2,400Home mortgage interest—5,900Tax return preparation fee—-500Part 1 Tax ComputationCompute the Roses’ Federal income tax payable or refund due, assuming they file a joint income tax return, for 2009. If they have overpaid, they want the amount refunded. You will need Forms 1040 and 2106 and use H&R BLOCK at home it you can.
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