MGMT 504: Individual Income Tax Return Project - Spring 2019

This homework assignment is a group project (or individual, if preferred) for the MGMT 504 course, focusing on the preparation of a 2018 Federal individual income tax return. The project requires the completion of Form 1040 and various schedules, including Schedules 1, 4, 5, A, B, C, D, and SE (short schedule), along with the Qualified Business Income Deduction worksheet, and the Qualified Dividends and Capital Gain Tax worksheet and the Child Tax Credit worksheet. The assignment emphasizes accuracy, requiring rounding to whole dollars. Students are expected to provide all completed forms and schedules with sufficient evidence of their work. This assignment is a practical application of individual income tax principles, providing students with hands-on experience in tax return preparation. This solution can be found on Desklib, a platform that provides AI-based study tools including past papers and solved assignments for students.

SCHEDULE B
(Form 1040)
Department of the Treasury
Internal Revenue Service (99)
Interest and Ordinary Dividends
▶ Go to www.irs.gov/ScheduleB for instructions and the latest information.
▶ Attach to Form 1040.
OMB No. 1545-0074
2018Attachment
Sequence No.08
Name(s) shown on return Your social security number
Part I
Interest
(See instructions
and the
instructions for
Form 1040,
line 2b.)
Note: If you
received a Form
1099-INT, Form
1099-OID, or
substitute
statement from
a brokerage firm,
list the firm’s
name as the
payer and enter
the total interest
shown on that
form.
1 List name of payer. If any interest is from a seller-financed mortgage and the
buyer used the property as a personal residence, see the instructions and list this
interest first. Also, show that buyer’s social security number and address▶
1
Amount
2 Add the amounts on line 1 .. . . . . . . . . . . . . . . . . . 2
3 Excludable interest on series EE and I U.S. savings bonds issued after 1989.
Attach Form 8815 .. . . . . . . . . . . . . . . . . . . . . 3
4 Subtract line 3 from line 2. Enter the result here and on Form 1040, line 2b .. ▶ 4
Note: If line 4 is over $1,500, you must complete Part III. Amount
Part II
Ordinary
Dividends
(See instructions
and the
instructions for
Form 1040,
line 3b.)
Note: If you
received a Form
1099-DIV or
substitute
statement from
a brokerage firm,
list the firm’s
name as the
payer and enter
the ordinary
dividends shown
on that form.
5 List name of payer▶
5
6 Add the amounts on line 5. Enter the total here and on Form 1040, line 3b. . ▶ 6
Note: If line 6 is over $1,500, you must complete Part III.
Part III
Foreign
Accounts
and Trusts
(See instructions.)
You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a
foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust.
Yes No
7a At any time during 2018, did you have a financial interest in or signature authority over a financial
account (such as a bank account, securities account, or brokerage account) located in a foreign
country? See instructions. . . . . . . . . . . . . . . . . . . . . . . .
If “Yes,” are you required to file FinCEN Form 114, Report of Foreign Bank and Financial
Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114
and its instructions for filing requirements and exceptions to those requirements .. . . . .
b If you are required to file FinCEN Form 114, enter the name of the foreign country where the
financial account is located▶
8 During 2018, did you receive a distribution from, or were you the grantor of, or transferor to, a
foreign trust? If “Yes,” you may have to file Form 3520. See instructions .. . . . . . . .
For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040) 2018