Gaytor tax return

4/10/19, 8)43 PMPrint Preview

Page 1 of 5file:///Users/ahmedalmadan/Desktop/ch1.webarchive

1.

Chapter 1: The Individual Income Tax Return Group 5: Cumulative Software Problem Book Title: Income Tax Fundamentals, 2019 Edition Printed By: Ahmed Almadan (almadana2@csp.edu) © 2019 Cengage Learning, Cengage Learning

Questions and Problems

Group 5: Cumulative Software Problem

Albert Gaytor and his wife Allison are married and file a joint return for 2018. The Gaytors live at 12340 Cocoshell Road, Coral Gables, FL 33134. Captain Gaytor is a charter fishing boat captain but took 6 months off from his job in 2018 to train and study for his Masters Captain’s License.

In 2018, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc.:

Name Social Security Number Date of Birth

4/10/19, 8)43 PMPrint Preview

Page 2 of 5file:///Users/ahmedalmadan/Desktop/ch1.webarchive

Albert T. Gaytor 266-51-1966 09/22/1969

Allison A. Gaytor 266-34-1967 07/01/1970

Crocker Gaytor 261-55-1212 12/21/2001

Cayman Slacker 261-11-4444 03/13/2000

Sean Slacker 344-23-5656 05/01/1999

The Gaytors have a 17-year-old son, Crocker, who is a full-time freshman at Brickell State University. The Gaytors also have an 18-year-old daughter, Cayman, who is a part-time student at Dade County Community College (DCCC). Cayman is married to Sean Slacker, who is 19 years old and a part- time student at DCCC. Sean and Cayman have a 1-year-old child, Wanda Slacker (Social Security number 648-99-4306). Sean, Cayman, and Wanda all live in an apartment up the street from Albert and Allison during the entire current calendar year. Sean and Cayman both work for Sean’s wealthy grandfather as apprentices in his business. Their wages for the year were a combined $50,000, which allowed them to pay all the personal expenses for themselves and their daughter.

Albert and Allison have a savings account and received the following Form 1099-INT for 2018:

4/10/19, 8)43 PMPrint Preview

Page 3 of 5file:///Users/ahmedalmadan/Desktop/ch1.webarchive

Required: Use a computer software package such as Intuit Proconnect to complete Form 1040 for Albert and Allison Gaytor for 2018. Be sure to save your data input files since this case will be expanded with more tax information in later chapters. Make assumptions regarding any information not given.

4/10/19, 8)43 PMPrint Preview

Page 4 of 5file:///Users/ahmedalmadan/Desktop/ch1.webarchive

Chapter 1: The Individual Income Tax Return Group 5: Cumulative Software Problem Book Title: Income Tax Fundamentals, 2019 Edition

4/10/19, 8)43 PMPrint Preview

Page 5 of 5file:///Users/ahmedalmadan/Desktop/ch1.webarchive

Printed By: Ahmed Almadan (almadana2@csp.edu) © 2019 Cengage Learning, Cengage Learning

© 2019 Cengage Learning Inc. All rights reserved. No part of this work may by reproduced or used in any form or by any means - graphic, electronic, or mechanical, or in any other manner - without the written permission of the copyright holder.