MGMT 504: 2018 Individual Income Tax Return Project Analysis

This project involves preparing a 2018 Federal individual income tax return, using Form 1040 and its schedules (1, 4, 5, A, B, C, D, and SE). The assignment requires rounding numbers to whole dollars and includes the use of the Qualified Business Income Deduction worksheet, Qualified Dividends and Capital Gain Tax worksheet, and Child Tax Credit worksheet. The project is for MGMT 504 and is due on March 5, 2019. The solution provides all relevant completed forms and schedules, demonstrating the calculations and supporting documentation required for a thorough tax return preparation. The project aims to provide a practical application of individual income tax concepts.

SCHEDULE 1
(Form 1040)
Department of the Treasury
Internal Revenue Service
Additional Income and Adjustments to Income
▶ Attach to Form 1040.
▶ Go to www.irs.gov/Form1040 for instructions and the latest information.
OMB No. 1545-0074
2018Attachment
Sequence No.01
Name(s) shown on Form 1040 Your social security number
Additional
Income
1–9b Reserved . . . . . . . . . . . . . . . . . . . . . . . . 1–9b
10 Taxable refunds, credits, or offsets of state and local income taxes. . . . . 10
11 Alimony received .. . . . . . . . . . . . . . . . . . . . . 11
12 Business income or (loss). Attach Schedule C or C-EZ. . . . . . . . . 12
13 Capital gain or (loss). Attach Schedule D if required. If not required, check here▶ 13
14 Other gains or (losses). Attach Form 4797 .. . . . . . . . . . . . . 14
15a Reserved . . . . . . . . . . . . . . . . . . . . . . . . 15b
16a Reserved . . . . . . . . . . . . . . . . . . . . . . . . 16b
17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E17
18 Farm income or (loss). Attach Schedule F .. . . . . . . . . . . . . 18
19 Unemployment compensation. . . . . . . . . . . . . . . . . 19
20a Reserved . . . . . . . . . . . . . . . . . . . . . . . . 20b
21 Other income. List type and amount▶ 21
22 Combine the amounts in the far right column. If you don’t have any adjustments to
income, enter here and include on Form 1040, line 6. Otherwise, go to line 23 .. 22
Adjustments
to Income
23 Educator expenses. . . . . . . . . . . . 23
24 Certain business expenses of reservists, performing artists,
and fee-basis government officials. Attach Form 2106. . 24
25 Health savings account deduction. Attach Form 8889. 25
26 Moving expenses for members of the Armed Forces.
Attach Form 3903 . . . . . . . . . . . . 26
27 Deductible part of self-employment tax. Attach Schedule SE27
28 Self-employed SEP, SIMPLE, and qualified plans. . 28
29 Self-employed health insurance deduction. . . . 29
30 Penalty on early withdrawal of savings .. . . . . 30
31a Alimony paid b Recipient’s SSN▶ 31a
32 IRA deduction . . . . . . . . . . . . . . 32
33 Student loan interest deduction. . . . . . . . 33
34 Reserved . . . . . . . . . . . . . . . 34
35 Reserved . . . . . . . . . . . . . . . 35
36 Add lines 23 through 35 . . . . . . . . . . . . . . . . . . . 36
For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040) 2018