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(Solved by Expert Tutors) This is the final part of a six part problem that allows you to prepare


the 2014 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepare a portion of their tax return. You should then complete the Norrises' tax return for 2014. The following information is provided for preparing their 2014 tax return:
1. Recall from Chapter 3 that Lynn and Laurie are married and have two children, Josh (15 years old) and Julie (19 years old). Julie is a sophomore at Baynard University and they pay the following education expenses on behalf of Julie:
??????????????????? Tuition and fees??????????????? $4,300
??????????????????? Textbooks???????????????????????????????475
??????????????????? Room and board?????????????????2,800
2. They make timely federal quarterly estimated tax payments of $2,000.
3. They contribute stock with a fair market value of $5,000 to Alamoso Tech. The stock was acquired in 2004 at a cost of $1,400.
4. Their gambling winnings for the year were $1,000 while their losses were $1,750.
5. In 2013, they refinanced their home and incurred $2,250 in points to secure a 15 year mortgage.
6. They receive $2,000 in reimbursements from their medical plan.
7. In addition they provide you with the following expenses:
?????????????????????Automobile insurance????????????????????????????????? $2,950
???????????????????? Homeowners insurance?????????????????????????????????1,140
???????????????????? Life insurance????????????????????????????????????????????????????? 870
????????????????????Disability insurance?????????????????????????????????????????????465
??????????????????? Health insurance premiums???????????????????????????1,650
??????????????????? Country club dues????????????????????????????????????????????2,100
??????????????????? Health club dues?????????????????????????????????????????????????500
????????????????????Hospital?????????????????????????????????????????????????????????????1,400
??????????????????? Doctor??????????????????????????????????????????????????????????????????675
????????????????????Chiropractor???????????????????????????????????????????????????????650
???????????????????? Dentists???????????????????????????????????????????????????????????1,930
?????????????????????Prescription drugs????????????????????????????????????????????340
???????????????????? Over-the-counter drugs????????????????????????????????? 140
?????????????????????State taxes withheld?????????????????????????????????????2,775
?????????????????????Property taxes (ad valorem)??????????????????????????190
???????????????????? Mortgage interest???????????????????????????????????????? 7,000
???????????????????? Real estate taxes???????????????????????????????????????????2,200
???????????????????? Charitable contributions (cash)??????????????????3,120
???????????????????? Charitable contribution (clothes at FMV)???? 100
???????????????????? Investment advice??????????????????????????????????????????? 320
???????????????????? Subscriptions to investment journals???????????240
???????????????????? Dues to professional organizations??????????????415
???????????? Attorney fee for tax advice on dispute with IRS? 585
????????????????????? Safe-deposit box????????????????????????????????????????????????45
?????????????????????Tax return preparation????????????????????????????????????460
Required: Based on the information provided above, complete Form 1040 Schedule A, Form 8283, and Form 8863 and finish the 2014 tax return for Laurie and Lynn Norris.

 


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Apr 19, 2020

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