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Adam attended college for much of 2014, during which time he was supported by his parents. Erin married Adam in December 2014. They live in a common law state. Adam graduated and will commence work in January 2015. Erin worked during 2014 and earned $20,000. Adam's only income was interest of $1,100. Adam's parents are in the 28% tax bracket. Thus, claiming Adam as a dependent would save them $1,106 ($3,950 × .28).
a. What is Erin and Adam's tax liability if they file a joint return?
b. What is Erin and Adam's total tax liability if they file separate returns and Adam's parents claim him as a dependent?
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Prepare the 2011 Federal Individual Income Tax return for Adam & Mary Smith, based on the information supplied above. You may use tax software, OR you may manually prepare the return using the correct IRS forms for 2011.
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