Prepare the given forms for rob

Assignment Help Accounting Basics

Reference no: EM132213222

Question: Kathy and Rob Wright obtained a divorce effective May 1, 2017. In accordance with the divorce decree, Rob was required to pay Kathy $2,250 per month until their only child turns 18; then the payments would be reduced to $1,500 per month. Kathy has full custody of the child and appropriately takes the dependent deduction and child credit. Furthermore, Rob was to transfer title of their house, which had a cost of $150,000 and a fair value of $200,000 on the date of transfer, to Kathy and was to continue making the monthly mortgage payments of $1,235 on behalf of Kathy. Rob works for a large oil distributor in Santa Fe, NM, and after the divorce lives at 1132 Northgate Avenue, Santa Fe, NM 87501. Kathy's social security number is 412-34-5671 (date of birth 11/4/1983), and Rob's social security number is 412-34-5670 (date of birth 8/14/1980). Rob had qualifying health care coverage at all times during the tax year. His new HSA account is self-only and that he has a HDHP.

His W-2 contained the following information:

Wages (box 1)	=	$85,100.25
Federal W/H (box 2)	=	$7,325.24
Social security wages (box 3)	=	$85,100.25
Social security W/H (box 4)	=	$5,276.22
Medicare wages (box 5)	=	$85,100.25
Medicare W/H (box 6)	=	$1,233.95

He also received a Form 1099-INT from First New Mexico Bank with $336 of interest income in box 1. In addition, Rob made a timely $2,500 contribution to his new HSA account.

Prepare a Form 1040 and a Form 8889 for Rob. (Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the forms.)

Use the appropriate Tax Tables.

Reference no: EM132213222

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