Tax Return Project
the following information to prepare the various schedules/forms for Luke and Ann
that are indicated on the class schedule of assignments. You will also use this
information (and the information from the various schedules that you will have
prepared) to prepare a federal form 1040 for Luke and Ann for 2015. Be
sure to include all necessary forms and schedules to complete the tax return
even if they were not prepared as individual assignments. Also, please put all
forms for your completed Form 1040 in the proper order per the IRS attachment
instructions. You may obtain the necessary forms and instructions from the IRS
which has a forms and publications tab.
The tax return submitted and the various schedules MUST BE HAND WRITTEN.
the individual form submissions and for the final form 1040, you must prepare
the cover sheet (last page of this document) that details any assumptions made
regarding issues on the individual forms or on the tax return as a whole. Place
the completed assumptions sheet on top of your forms or tax return when you
submit the finished products. (Make sure
your completed tax forms are consistent with your final stated assumptions.) The cover sheet may be typed. You may add additional rows to the cover
sheet if necessary.
if you combine any numbers to place them on the forms or the tax return please
show the detail on the assumptions sheet. Also be sure to label any items
placed on the forms or tax return so they can be identified.
instructions for your initial submission of Schedule A:
these instructions only apply to the schedule that will be submitted before the
final return is due.
purposes of the initial Schedule A, use $100,000 as the Adjusted Gross Income
amount. (For the final Schedule A you
will use your computed AGI amount, so you will need to revise the Schedule A to
reflect the computed AGI before you turn it in with your final tax return.)
questions, post to the discussion forum for this project and e-mail me that you
have posted a question to the discussion forum.
Luke Thompson, 48, Social Security Number
123-45-6789, is a self-employed architect. His gross income is $205,000. In 2015,
he paid estimated taxes of $33,800. His wife, Ann, 45, Social Security Number
123-48-9012, is an elementary school teacher. Her W-2 earnings were $46,000.
She had $6,050 withheld in federal tax.
Luke and Annâ€™s son, Samuel, 23, Social
Security number, 456-23-4556, a full-time college student, graduated from
college in May of 2015 but still lives at home and his parents pay his living
expenses. His W-2 earnings were $25,000; he had $4,000 withheld in federal
taxes. Samuel is saving his earnings for
graduate school which he hopes to attend in a couple of years.
Their daughter, Jennifer, 9, Social
Security Number 245-78-8978, is in elementary school and has income of $9,500
from a part time modeling job. All her earnings are deposited in an investment
account for her future.
Annâ€™s mother, Mary McIntyre, 77, Social
Security Number 345-67-8910, has lived with the family since November 2013,
except for four months in 2015, when she was convalescing in a nursing home
from a hip fracture. She receives $12,000 from Social Security. Mary also
receives a taxable pension, reported as $8,000 on her 1099-R.
Luke has a few business expenses. They