Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Taxation Expert

Evan James Dawson divorced in 2004 and has a son, Noah, who lived with him all year.

a) Evan gives all of the cost of keeping up the home.

b) Noah provided less than 50 percent of his own support.

c) Evan did not itemize deductions preceding year.

In the year 2012, Noah was a third-year student at Brown College. Noah lived at home with Evan while attending classes, and is pursuing a degree in Computer Science. Evan spent $634 on course-related books and paid tuition as reported on Form 1098-T. Noah’s total tuition was $11,800, however he received a $9,000 scholarship and subsidized loans in the amount of $2,800. Noah doesn’t have a felony drug conviction.

Evan desires to know if he has sufficient deductions to itemize (he did not itemized in the preceding year). Suppose that Evan will deduct state income tax rather than general sales tax. He gives you receipts, statements and cancelled checks for the given items he would like to deduct:

1) Unreimbursed doctor bills for Evan for $300

2) Unreimbursed doctor bills for Noah for $500

3) Unreimbursed prescription drugs for $1,400

4) Unreimbursed nonprescription herbal supplements for $300

5) Cancelled check for a donation to the United Way for $100

6) Evan states you that he as well gave $20 to a homeless man

7) The statement from his church showing donations of $780

8) The receipt from a Goodwill drop-off center for the donation of a table, refrigerator and stove; they were in good, used condition and had a thrift shop value of $130

9) Form 1098 exhibiting qualified mortgage insurance premiums, interest and real estate taxes paid.

10) Evan bought a $2 lottery ticket every week, for a total of $104, however he had no winnings.

11) Evan never received any distributions from his 401(k) or any other retirement plan.

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M971

Have any Question? 


Related Questions in Taxation

Taxation law assignment -elwood blues is an australian

Taxation Law Assignment - Elwood Blues is an Australian resident for tax purposes and one of your best clients. Elwood has a varied portfolio and usually has a number of interesting questions to ask about the tax implica ...

Assessment type financial activity bas statement and

Assessment Type: Financial Activity, BAS Statement and Report Task A- Record Asset Valuation 1. Read through the scenario provided. 2. Review Packet Packaging's organisations chart of accounts. 3. Using the General Journ ...

Question - corporate taxation please respond to the

Question - "Corporate Taxation" Please respond to the following: Analyze the significant rules concerning the manner in which corporations treat the dividends that they are paying. Based on your analysis, recommend at le ...

Question 1for each of the following scenarios prepare dated

Question 1 For each of the following scenarios, prepare dated journal entries on the acquiring company's books for the investment from acquisition to disposal. Ignore income taxes. a) On March 1, 20X7, Rondeau Ltd., a pr ...

Taxation theory practice amp law assignment -question 1 -

Taxation Theory, Practice & Law Assignment - Question 1 - You are working as a tax consultant in Mayfield, NSW. Your client is an investor and antique collector. You have ascertained that she is not carrying on a busines ...

Taxation theory practice amp law assignment -question 1 -

Taxation Theory, Practice & Law Assignment - Question 1 - You are working as a tax consultant in Mayfield, NSW. Your client is an investor and antique collector. You have ascertained that she is not carrying on a busines ...

Introducation to australian tax laws questions -question 1

INTRODUCATION TO AUSTRALIAN TAX LAWS QUESTIONS - Question 1 - Holly Gordon has retired and derives her income from a series of investments and a part time job at the local cafe. Her income and expenses for the year inclu ...

Tax policy is defined as which taxes the government chooses

Tax policy is defined as which taxes the government chooses to levy, in what amounts and on whom. Elements of this decision are based on both the amount needed to pay for expenditures as well as the effect taxes can have ...

1-several years ago courtney borrowed 100000 of recourse

1-Several years ago, Courtney borrowed $100,000 of recourse debt from the Friendly Local Bank and used it to buy some equipment to start up a business. Courtney's business results have been disappointing and she has not ...

Question - in june 2016 tom had signed an agreement in

Question - In June 2016 Tom had signed an agreement in Sydney with XYZ Ltd to act as the company's plantation manager in Brunei until June 2018. At the time of signing the agreement, Tom was advised that it was possible ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As