Prepare a 2015 individual tax return using the following fact pattern. Compute net tax payable or refund due for Alice and Bruce Byrd for 2015.  If they have overpaid, they want the amount to be refunded to them.

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, 1968 and Bruce’s is June 27, 1962.  They live at 473 Revere Avenue, Newtown, NY 10187.  Alice is the office manager for Ames Dental Clinic, 433 Broad Street. Newtown, NY 10187(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-2) for 2015.

Line     Description                                                                  Alice                            Bruce

1. Wages, tips and other compensation $52,600                                   $61,500
2. Federal income tax withheld      4,180                           5,990
3. Social Security wages 52,600                         61,500
4. Social Security tax withheld      3,261                           3,813
5. Medicare wages and tips   52,600                          61,500
6. Medicare tax withheld        763                                              892
7. State                                                                                  NY                                NY
8. State wages, tips, etc.                                                    52,600                             61,500
9. State income tax withheld                                                      2,280                                2,990

The Byrds provide over half of the support of their two children, Cynthia (born January 15, 1991, Social Security number 123-45-6788) and John (born February 7, 1995, 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 $3,700 from a summer internship in 2015, and John earned $3,400 from a part-time job.

During 2015, the Byrds furnished 60% of the total support of Bruce’s widower father, Sam Byrd (born March 6, 1934, 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 $600,000 on December 28^th.

The Byrds had the following expenses relating to their personal residence during 2015:

Property taxes                                                                          $4,720

Qualified interest on home mortgage                                         9,130

Repairs to roof                                                                           4,780

Utilities                                                                                                3,810

Fire and theft insurance                                                                         2,290

The following facts relate to medical expenses for 2015:

Medical insurance premiums                                                   $4,380

Doctor bill for Sam incurred in 2014 and not paid until 2015          7,760

Operation for Sam                                                                     7,310

Prescription medicines for Sam                                                                 860

Hospital expenses for Sam                                                         2,850

Reimbursement from insurance company, received in 2015            3,000

Other relevant information follows:

• When they filed their 2014 state return in 2015, the Byrds paid additional state income taxes of $950.
• During 2015, Alice and Bruce attended a dinner dance sponsored by the Ames Police Disability Association (a qualified charitable organization) TheByrds paid $400 for the tickets.  The cost of comparable entertainment would normally be $160.
• The Byrds contributed $4,800 to Ames Presbyterian Church and gave used clothing(cost of $1,100 and fair market value of $450) to the Salvation Army. All donations are supported by receipts and are in very good condition.
• In 2015, the Byrds received interest income of $2,695, which was reported on a Form 1099-INT from Second National Bank.
• Alice’s employer requires that all employees wear uniforms to work. During 2015, Alice spent $482 on new uniforms and $211 on laundry charges.
• Bruce paid $320 for an annual subscription to the Journal of Franchise Management.
• 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.
• Alice and Bruce paid no estimated Federal income tax. Neither Alice nor Bruce wishes to designate $3 to the Presidential Election Campaign Fund.

Instructions:

Prepare a 2015Form 1040. All corresponding schedules are required.  The return may be prepared with any tax software as long as it is current. It must be typed.  Returns are to be submitted through blackboard  by 11:59 pm on May 11th.

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