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T11F-Chp-08-3-Individual Tax Return Project-Fall-2011-2

T11F-Chp-08-3-Individual Tax Return Project-Fall-2011-2 -...

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5e5f5dcb6a4d414bf4b0753cc482fb65a4129986.xls Mary and Robert were married on June 1, 2010. You are asked to compute their federal income taxes and prepare their tax return for 2010. Go to www.IRS.gov & get copies of Form 1040 and Schedule A. (Forms for 2011 not yet available.) Use the "fill-in" feature of the forms. Do not complete it with a pen or pencil. Use 2010 forms. Enter 2010 data. Use tax law found in textbook for 2011. Use tax rates for 2011. Description Mo. Amount Total Mary has a child (Julie, age 6) by a former marriage. Julie lives with Mary and Robert. Mary received the following amounts from her former husband: Alimony at the rate of $400 per month, until Mary remarried. 5 $400 $2,000 Child support at the rate of $500 per month 12 $500 $6,000 After her marriage this year to Robert, Mary's alimony payments stopped. Mary does not work outside the home. IBM stock received by Mary from former husband in divorce - Value $70,000 IBM stock received by Mary from former husband in divorce - Cost $5,000 Robert continues to pay alimony of $500 per month to his former spouse 12 $500 $6,000
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