Question

In June 2019 Phillip and Barbara Jones are married, filing a joint return, and their two dependent children, who are both over 17, moved from Chicago to Albuquerque, New Mexico, a distance of 1,327 miles, which they drove in their own car. The children’s names are Roger and Gwen and both will be attending the University of New Mexico in the fall, Roger as a freshman and Gwen as a junior. The move was a result of a civilian job transfer for Phillip. The distance from their old home to Phillip’s old office was 30 miles. Barbara quit her job in Chicago and decided to perform volunteer work for a year before seeking further employment. Their new home is located at 7432 Desert Springs Way, Albuquerque, NM 87101. Phillip, but not Barbara, was employed in the new location throughout the year. Phillip’s social security number is 412-34-5670 (date of birth 6/12/1977), Barbara’s is 412-34-5671 (date of birth 8/12/1979), Roger’s is 412-34-5672 (date of birth 2/17/2002), and Gwen’s is 412-34-5673 (date of birth 9/14/2000).

Phillip is a civil engineer for a national firm; his W-2 contained the following information:

Wages (box 1)	=	$	110,220.45
Federal W/H (box 2)	=	$	10,015.42
Social security wages (box 3)	=	$	110,220.45
Social security W/H (box 4)	=	$	6,833.67
Medicare wages (box 5)	=	$	110,220.45
Medicare W/H (box 6)	=	$	1,598.20

In addition, both he and Barbara received Forms 1098-E from the federal student loan program. Phillip had student loan interest of $1,050, and Barbara had student loan interest of $750. The children are both eligible for the Credit for Other Dependents and as a result $1,000 will go on line 13a of pg. 2 of the Form 1040.

Required:

Prepare a Form 1040, Student Loan Interest Deduction Worksheet, and a Schedule 1 for Phillip and Barbara. If manually preparing the return, the Student Loan Interest Deduction worksheet can be found in IRS Publication 970, Tax Benefits for Education. They are entitled to a $500 credit for each child as a qualifying dependent under the new Family Tax Credit.

Answer 1

As per the HOMEWORKLIB POLICY, I am preparing the computation of form 1040, not the exact Form 1040:

Computation of form 1040 for the assessee for Phillip

Particular	Amount Dr	Amount Cr
Income from   salary
Wages	110220.5
Federal	10015.42
Social Security Wages	110220.5
Social Security wages /hour	6833.67
Medical Wages	110220.5
Medicare Wages/hour	1598.2
Sub   Total		349108.79
Gross Total   Income		349108.79
Deduction		-1050
Net Taxable   Income		348058.79

Computation of student Loan interest deduction for both the assessee
Particulars	Philip	Barbara
Student Loan interest deduction	1050	750
Total	1050	750

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