2019 tax forms

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Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessie’s craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie’s college expenses (balance of $35,000).

Neither Joe nor Jessie is blind or over age 65, and they plan to file as married-joint. Assume that the employer portion of the self-employment tax on Jessie’s income is $831. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:

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Income:

Joe’s salary

$

124,100

Jessie’s craft sales

18,400

Interest from certificate of deposit

1,650

Interest from Treasury bond funds

716

Interest from municipal bond funds

920

Expenditures:

Federal income tax withheld from Joe’s wages

$

13,700

State income tax withheld from Joe’s wages

6,400

Social Security tax withheld from Joe’s wages

7,482

Real estate taxes on residence

6,200

Automobile licenses (based on weight)

310

State sales tax paid

1,150

Home mortgage interest

14,000

Interest on Masterdebt credit card

2,300

Medical expenses (unreimbursed)

1,690

Joe’s employee expenses (unreimbursed)

2,400

Cost of Jessie’s craft supplies

4,260

Postage for mailing crafts

145

Travel and lodging for craft shows

2,230

Self-employment tax on Jessie’s craft income

1,662

College tuition paid for Lizzie

5,780

Interest on loans to pay Lizzie’s tuition

3,200

Lizzie’s room and board at college

12,620

Cash contributions to the Red Cross

525

Complete the tax forms using the above information.

 

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