Comprehensive Preparation of Form 1040: Paul Reasor's Tax Return

This assignment involves the preparation of Form 1040, the U.S. Individual Income Tax Return, for Paul Reasor. The task requires using the provided information, including Paul's name, address, social security number, date of birth, and employment details, to accurately complete the form. Paul was employed by Best Comic Books, Inc., and received a W-2 and a K-1 from his S corporation. The assignment specifically states that Paul had no deductions, either itemized or above-the-line, for the tax year 2017. The solution requires calculating taxable income, determining tax liability, and completing all relevant sections of Form 1040 based on the information provided, without the use of tax software. The solution demonstrates the process of tax preparation and the application of tax laws.

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Filing status: I Head of househotd
Your first name and initial
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Your standard deduction: fJ Someone can claim as a dependent You were born before
lf ioint return, spouse's first name and initial
Home address (number and skeet). lf you have a p.O. box, see instructions.
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city, town or post office, state, and Zlp code. tt you nave a toreign aodress, attach schedule 6.
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Dependents (see instructions):
(1) Firstname
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widow(er)
Your social security number
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Spouse's social security number
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Form 1040 (2018)
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Wages, salaries, tips, etc. Attach Form(s)W_2
Atlach Form(s)
W-2, Also attach
Form(s)W-2Gand
ruYY-nI lax was
withheld.
Standard
Deduction to.-
. Single or matried
filing separately,
$12,000
. Marrjed filing
jointly or Quatifying
widow(er),
$24,000
. Head of
household,
$18.000
. lf you checked
any box under
Standard
deduction,
see instructions.
Refund
Direct deposit?
See instructions.
Tax-exempt interest .
Qualified dividends
lRAs,pensions,andannuities
Socialsecuritybenefits
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3a
4a
3a 25.o* f , 8t]'
b Taxable interest
b Ordinary dividends
b Taxable amount
b Taxable amount
Totalincome,Add lines1 through5. AddanyamountfromSchedule1, lineZz
l1l,'j:i.ffi;"[TTi; Ir1],.11il,lno adjustmentsto income,unt",tu u,**t r.m rine6;otnerwise,
ltandard
deduction or itemized deductions (from Schedule A)
Qualified business income deduction (see instructions) .
60
Taxable income. Subtract lines g and 9 from line Z. lf zero or less, enter _O-
aTax(seeinst.) ?8f,5 (checkitanytrom: 1 fl Form{s)g814 2 aFom4gtz
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ro
& f
f A
b Add any amount from Schedule 2 and check here
Federal income tax withheld from Forms W_2and 1099
Refundablecredits: a EIC(seeinstJ b Sch. gg12 c Form8863
Add any amount from Schedule 5
18 Add lines 16 and .17. These are
21 of line 19 you want to your 2019 estimated tax
a childtaxcrediucreditfor otherdependents
- b Addanyamountfromschedure3 andcheckhere)
Subtract line 12 from line 11. lf zero or tess, "n,".*._] .
Other taxes. Attach Schedule 4
Total tax. Add lines 13 and 14
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. > n
! Savings
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AmountYouowe22Amountyouowe.Subtract|ine18fromlinuffi
23 * Estimated tax penaltv {see instnrctionst - | -- I
co to www.irs.gov/Formto40fot instructions
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