Tax Return Project Preparation of Form 1040 Year 2015

Tax Return Project Preparation

Tax Return Project Preparation of Form 1040 Year 2015 for $9 Only(Instant Download)

Tim and Sarah Lawrence are married and filing a join return. Tim’s social security number is 111-11-1111 and date of birth: 1/1/1966; Sarah’s social security number is 112-11-1112 and date of birth: 2/2/1970. They have two children as their dependents: Sean Lawrence (SSN: 212-22-2222, date of birth: 3/5/1993, Student) and Debra Lawrence (SSN: 211-11-1122, date of birth: 3/1/2006). They live at 11000 Bellaire Blvd., Houston, TX 77072.

Tim is a self-employed businessman (sole proprietorship of an unincorporated business). Tim has the following income and expenses

Gross receipts: $80,000

Expenses:

Auto expense: $2,145

Office expenses: $2,350

Legal fees for consultant: $1,750

Accounting & tax fees: $2,450

Fees paid to contract labor / helpers: $15,000

Tim paid estimated tax during the year: $4000 ($1,000/ each quarter)

Sarah is an office executive for ABC Company. The following information shows on her W-2:

LineDescriptionsAmount
1Wages, Tips, and other compensation$25,000
2Federal Income Tax Withheld$3,500
3.Social Security Wages$25,000
4Social Security Tax Withheld$1,050
5.Medicare Wages$25,000
6Medicare Tax Withheld$362.50

During 2015, Sarah and Tim received the following interests and dividends and stock transactions:

Sarah received $2,700 of interest from Trustmark National Bank

Tim and Sarah had a joint saving accounts and received $1,000 of interest from Chase Bank

They have an investment account in TD Ameritrade. As of 12/31/2015, TD Ameritrade sent them Form 1099 shows that: ordinary dividends of $2,000 and qualified dividends of $1,750.

Tim purchased and sold the stocks on his E-trade account as follows:

StockNo of SharesDate PurchasedDate SoldPer Share CostPer Share Selling price
Blue1001/18/20081/12/2015$80$74
Green501/11/20038/10/2015$127$157
Purple1201/1/20142/1/2015$ 60$30

During 2015, Tim and Sarah paid $4,550 for Doctors’ bills and $500.00 for medical prescriptions. They paid $7,550 of the mortgage interest and $3,210 for property tax for their principal house. They also contributed the total $3,300 to their local church.

During 2015, Due to Sarah’s insurance policy is high deductible. Therefore, they purchased Health Saving Accounts of $4,500 for the whole family. Tim contributed $5,000 to his retirement plans (Individual IRA).

Also, Tim paid $1,200/month as alimony to his ex-wife.

During 2015, Sarah attended the seminar related to her job. Yet, the company did not reimburse the travel expense of $1,250 and cost of meals: $350. Her professional due for 2015 was $750.

Sean is the student of University of Texas at Dallas. During 2015, Tim and Sarah paid the tuition fees of $5,000 and cost of room: $3,050. Sean has not finished his 4-year college in 2015 yet.

The following forms should be included in form 1040 2015

Schedule C: Business Income

Schedule B: Interest and Dividends Summary

Schedule D: Capital Gains and Loss and Form 8949

Schedule A: Itemized Deductions.

Schedule SE (Self Employment Tax)

In addition to the above forms, the forms related to Education Credits, etc… may be included.

Students can use any tax softwares (2014 or 2015) to prepare this tax return

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Tax Return Project BA 431 Winter 2016

Tax Return Project BA 431 Winter 2016 in $28 only

Tax Return Project

BA 431, Winter 2016

Use the following information to prepare an individual tax return complete with appropriate schedules and attachments. In addition to the 1040 and schedules, please attach your work papers and calculations.

Taxpayer and Spouse:

Name: Wilbur Farnstrom Name: Ethel Farnstrom

Address: 3083 Honeysuckle Avenue Address: 3083 Honeysuckle Avenue

Dallas, OR 97338 Dallas, OR 97338

SS#: 123-45-6789 SS#: 234-56-7890

Birth date: 6/10/1959 Birth date: 2/12/1962

Status: Married, filing jointly Status: Married, filing jointly

Individual Tax Return Problem 1

Individual Tax Return Problem 1 in $17 only (Instant Download)

Required:
• Using the information provided below, complete Arlington Building Supply’s (ABS) 2010 Form 1065 and Schedule D. Also complete Jerry Johnson and Steve Stillwell’s Schedule K-1.
• Form 4562 for depreciation is not required. Use the amount of tax depreciation and §179 expense provided in the income statement and the C-14 Appendix C information in #4 below to complete the appropriate lines on the first page and on Schedule K of the Form 1065.
• Form 4797 for the sale of trade or business property is not required. Use the amount of gain and loss from the sale of the truck and forklifts in the income statement and the information provided in #4 and #5 below to complete the
appropriate lines on the first page and on Schedule K of the Form 1065.
• If any information is missing, use reasonable assumptions to fill in any gaps.
• The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.

APPENDIX C

Individual Tax Return Problem 6

Individual Tax Return Problem 6in $39 only (Instant Download)Individual Tax Return Problem 6

Required:

· Use the following information to complete Paige Turner’s 2013 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.

· Any required forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.

Facts:

1. Paige Turner is single and has two children from her previous marriage. Ali lives with Paige, and Paige provides more than half of her support. Leif lives with his father, Will (Lief lived with Will for all of 2013). Will provides more than half of Leif’s support. Paige pays “alimony” of $400 per month to Will. The payments are to continue until Leif reaches age 18, when they will be reduced to $150. Paige provides you with the following additional information:

Joseph and Diana Cohen live in Pleasantville, New Jersey

Joseph and Diana Cohen live in Pleasantville, New Jersey in $21 only (Instant Download)Joseph and Diana Cohen live in Pleasantville, New Jersey

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Tax Form

Resolved Question:
Instructions:

Please complete the required federal individual income tax return forms for the following taxpayers. Unless instructed otherwise, the information provided is for the taxpayers’ 2012 tax year. Please complete their 2012 tax return. 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.

Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the Board of Directors of an advertising company. The Cohens have three children: Rebecca (18), Alan (15) and David (12). During the year, Rebecca left home to attend a liberal arts college. The Cohens plan to file a joint tax return. The Cohens provided the following information: Joseph’s Social Security number isNNN-NN-NNNN/p>

Diana’s Social Security number is NNN-NN-NNNN/li>
Rebecca’s Social Security number isNNN-NN-NNNN/li>lan’s Social Security number isNNN-NN-NNNN/li>
David’s Social Security number isNNN-NN-NNNN/li>
The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233

Rebecca, Alan, and David are tax dependents for federal tax purposes

Joseph Cohen reported the following the following information relating to his employment during the year: