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Alice and Byrd Tax Problem Solution
Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1111, respectively. Alice’s birthday is September 21, 1967, and Bruce’s is June 27, 1966. They live at 473 Revere Avenue, Lowell, MA 01850. Alice is the office manager for Lowell Dental Clinic, 433 Broad Street, Lowell, MA 01850 (employer identification number 98-7654321). Bruce is the manager of a Super Burgers fast-food outlet owned and operated by Plymouth Corporation, 1247 Central Avenue, Hauppauge, NY 11788 (employer identification number 11-1111111).
The following information is shown on their Wage and Tax Statements (Form W–was reported on a2) for 2014.
Line
Description
Alice
Bruce
1
Wages, tips, other compensation
$58,000
$62,100
2
Federal income tax withheld
4,500
6,300
3
Social Security wages
58,000
62,100
4
Social Security tax withheld
3,596
3,850
5
Medicare wages and tips
58,000
62,100
6
Medicare tax withheld
841
900
15
State
Massachusetts
Massachusetts
16
State wages, tips, etc.
58,000
62,100
17
State income tax withheld
2,950
3,100
The Byrds provide over half of the support of their two children, Cynthia (born January 25, 1990, Social Security number 123-45-6788) and John (born February 7, 1994, Social Security number 123-45-6786). Both children are full-time students and live with the Byrds except when they are away at college. Cynthia earned $4,200 from a summer internship in 2014, and John earned $3,800 from a part-time job.
During 2014, the Byrds provided 60% of the total support of Bruce’s widower father, Sam Byrd (born March 6, 1938, Social Security number 123-45-6787). Sam lived alone and covered the rest of his support with his Social Security benefits. Sam died in November, and Bruce, the beneficiary of a policy on Sam’s life, received life insurance proceeds of $800,000 on December 28.
The Byrds had the following expenses relating to their personal residence during 2014:
Property taxes$5,000
Qualified interest on home mortgage8,700
Repairs to roof5,750
Utilities4,100
Fire and theft insurance1,900
The Byrds had the following medical expenses for 2014
Medical insurance premiums$4,500
Doctor bill for Sam incurred in 2013 and not paid until 20147,600
Operation for Sam8,500
Prescription medicines for Sam900
Hospital expenses for Sam3,500
Reimbursement from insurance company, received in 20143,600
The medical expenses for Sam represent most of the 60% that Bruce contributed toward his father’s support.
Other relevant information follows:
When they filed their 2013 state return in 2014, the Byrds paid additional state income tax of $900
During 2014, Alice and Bruce attended a dinner dance sponsored by the Lowell Police Disability Association (a qualified charitable organization). The Byrds paid $300 for the tickets. The cost of comparable entertainment would normally be $50.
The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of $1,200 and fair market value of $350) to the Salvation Army. All donations are supported by receipts, and the clothing is in very good condition.
In 2014, the Byrds received interest income of $2,750, which was reported on a Form 1099–INT from Second National Bank.
Alice’s employer requires that all employees wear uniforms to work. During 2014, Alice spent $850 on new uniforms and $566 on laundry charges
Bruce paid $400 for an annual subscription to the Journal of Franchise Management and $741 for annual membership dues to his professional association
Neither Alice’s nor Bruce’s employer reimburses for employee expenses
The Byrds do not keep the receipts for the sales taxes they paid and had no major purchases subject to sales tax
All members of the Byrd family had health insurance coverage for all of 2014.
Alice and Bruce paid no estimated Federal income tax. Neither Alice nor Bruce wants to designate $3 to the Presidential Election Campaign Fund.
Compute net tax payable or refund due for Alice and Bruce Byrd for 2014. If they have overpaid, they want the amount to be refunded to them. If you use tax forms for your computations, you will need Forms 1040 and 2106 and Schedules A and B. You are required to prepare all necessary 2015 forms and schedules for this tax return.
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