Tax Accounting I Individual Tax Return Project
Added on 2019-09-23
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Tax Accounting I Individual Tax Return ProjectPlease complete the required federal individual income tax return forms for the following taxpayer. You must complete the forms neatly by hand. You may not use any tax return preparation software. You can access the necessary forms online on Blackboard under “Course Materials” or at www.irs.gov. You will need to complete Form 1040, pages 1 and 2; Schedule A, Schedule B, Schedule C, and Schedule E. Although the forms are for 2015,please use 2016 amounts for personal and dependency exemptions, and for the standard deduction if applicable. Ignore alternative minimum tax calculations and tax credits. 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.Also:Please round all tax return entries to the nearest dollar.Please use the 2016 tax rate schedule in Appendix D of your text to calculate any tax liability.AGI should equal $57,066 and total tax (line 63) should equal $3,858.- Check FiguresDeborah Flores has undergone some major changes in her life recently. In 2014, at the age of 46, her husband, Roger, passed away. Deborah has not remarried as of the end of 2016. Deborah currently lives in Springfield, Missouri. Deborah has three children (ages as of the end of the year): Amelia (23), Carl (17), and Edward (14). Deborah would like to determine her federal income tax under the filing status that is most advantageous for her.Deborah reported the following information:Deborah’s social security number is 294-83-2845Amelia’s social security number is 824-84-8456Carl’s social security number is 824-34-9584Edward’s social security number is 824-56-2984Deborah’s mailing address is 1234 S. Bruin St, Springfield, MO 65807The entire household had full year health insurance coverage. (See line 61, page 2 of Form 1040.)- Additional pointer on last page!Amelia is single and a full-time graduate student at State University She received her bachelor’s degree the year her father passed away. This year represents her fifth year of higher education schooling. Amelia works as a graduate assistant at State University to help with some of her living expenses. Amelia earned $2,300 in gross income during the year, and State University also provided Amelia educational assistance benefits which paid for her tuition, books, and fees, totaling$5,000. Deborah provided and paid for rent, food, clothes, medicine, and other support items for Amelia that were valued at $12,700 for the year.
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