Please complete the required federal individual income tax return forms for Bob and Melissa Grant for the 2013 tax year. …

Please complete the required federal individual income tax return forms for Bob and Melissa Grant for the 2013 tax year.  Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040.  If required information is missing, use reasonable assumptions to fill in the gaps.

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Bob (age 43) and Melissa Grant (age 43) are married and live in Lexington, Kentucky.  The Grants have two children Jared, age 15, and Alese, age 12.  The Grants would like to file a joint tax return for the year.

The following information relates to the Grants’ tax year:

             Bob’s Social Security number is 987-45-1234

             Melissa’s Social Security number is 494-37-4893

             Jared’s Social Security number is 412-32-5690

             Alese’s Social Security number is 412-32-6940

             The Grants’ mailing address is 95 Hickory Road, Lexington, Kentucky 40502.

             Jared and Alese are tax dependents for federal tax purposes

 

Bob Grant received the following during the year:

Employer                    Gross Wages               Federal Income Tax Withheld     State Income Tax Withheld

National Storage              $66,200                $8,000                                                                   $3,750

Lexington Little League$   2,710                                  $    0                                                                     $      0

Melissa Grant received the following during the year:

Employer                    Gross Wages               Federal Income Tax Withheld     State Income Tax Withheld

Jensen Photography      $24,500                $2,450                                                                   $1,225

All applicable and appropriate payroll taxes were withheld by Grants’ respective employers.

The Grants also received the following during the year:

Interest income from First Kentucky Bank                                                            $130

Interest income from City of Lexington, KY Bond                                                               $450

Interest income from U.S. Treasury Bond                                                             $675

Interest income from Nevada State School Board Bond                                 $150

Dividends from Target Corporation Common Stock                                          $2,100

Workers’ compensation payments to Bob                                                            $4,350

Disability payments received by Bob on account of injury                              $3,500

             National Storage paid 100% of the premiums on the policy and included the premium payments in Bob’s taxable wages

Receipt of payment by Melissa as a result of a lawsuit for damages sustained in a car accident:

             Medical Expenses                            $2,500

             Emotional Distress                           $12,000

             Punitive Damages                            $10,000

                                                Total                                                      $24,500

Eight years ago, Melissa purchased an annuity contract for $88,000.  She received her first annuity payment on January 1, 2013.  The annuity will pay Melissa $15,000 per year for ten years (beginning with this year).  The $15,000 payment was reported to Melissa on Form 1099-R for the current year (box 7 contained an entry of “7” on the form).

The Grants did not own, control or manage any foreign bank accounts nor were they a grantor or beneficiary of a foreign trust during the tax year.

The Grants paid or incurred the following expenses during the year:

Dentist/Orthodontist (unreimbursed by insurance)                         $10,500

Doctors (unreimbursed by insurance)                                                    $      625

Prescriptions (unreimbursed by insurance)                                          $      380

KY state tax payment made on 4/15/13 for 2012 liability                 $   1,350

Real property taxes on residence                                                             $   1,800

Vehicle registration fee based upon age of vehicle                           $      250

Mortgage interest on principal residence                                              $   8,560

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