Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert
(Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport News, VA 23601.
They file a joint return and have two dependent children, Charlene, age 17, and Jordan, age 18. Charlene’s
Social Security number is 123-45-6788, and Jordan’s Social Security number is 123-45-6787. In 2018,
Martin and Michele had the following transactions:
1. Martin received $120,000 in salary from Red Steel Corporation, where he is a construction
engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes
were as follows: $7,049 ($113,700 × 6.2%) for Social Security and $1,740 ($120,000 × 1.45%) for
Medicare. Martin worked in Mexico from January 1, 2017, until February 15, 2018. His $120,000
salary for 2018 includes $18,000 he earned for January and one-half of February 2018 while
working in Mexico.
2. Albert’s mother passed away and he received a parcel of Land worth $100,000.
3. Martin and Michele received $1,400 interest on Montgomery County (Virginia) school bonds.
4. Martin received $2,300 interest from a Bahamian bank account.
5. Martin received $6,000 of a dividend on Ford Company stock that he has owned for over 3 years.
6. Michele received 50 shares of Applegate Corporation common stock as a stock dividend. The
shares had a fair market value of $2,500 at the time Michele received them, and she did not have
the option of receiving cash.
7. Martin and Michele received a $1,500 refund on their 2017 Virginia income taxes. Their itemized
deductions in 2017 totaled $15,000.
8. Martin paid $8,600 alimony to his former wife, Rose T. Morgan (Social Security number 123-45-
6786). The divorce was finalized in 2015.
9. Martin and Michele kept the receipts for their sales taxes paid of $1,100.
10. Martin and Michele’s itemized deductions were as follows:
State income tax paid and withheld totaled $5,100.
Real estate taxes on their principal residence were $5,800.
Mortgage interest on their principal residence was $5,500.
Cash contributions to the church totaled $5,800.
Medical Expenses related to Doctors, etc. of $5,000
Job related unreimbursed expenses of $2,500 related to travel.
Compute the Alberts’s net federal tax payable (or refund due) for 2017 and 2018. Use the 1040 and
applicable other forms that you need to file a return with the IRS for 2017 and 2018. You have been
provided Intuit to complete this assignment. You can also use your own software or prepare by hand. In
addition to the federal returns for 2017 and 2018, you need to prepare a narrative explaning all the items
in this problem and why income items are taxable or nontaxable and why deduction items are deductible
or not deductible. Lastly, you need to compare the 2017 and 2018 returns and describe in your narrative
your observations. Returns turned in with no narrative will not get any credit for this assignment.
Note that 2017 is prepared before the TCJA (tax reform) and 2018 is prepared under the TCJA. The
assignment is due February 14, 2019 at 10 am via hard copy IN CLASS. DO NOT turn in via e mail or on
Titanium. If you are not in class you need permission from Professor Gershenovitz to turn in via e mail.
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