Abubakar Tafawa Balewa University Bauchi Nigeria Tax Return Paper

User Generated

futwk2014

Business Finance

Abubakar Tafawa Balewa University

Description

Please prepare Ross and Rachel’s 2018 Form 1040 and any required schedules.

The assignment should be stapled and assembled in the correct IRS order, with the attached cover sheet

on the front. Please include the names of everyone you worked with to complete the return. All tax return assignments are to be turned in on paper. Any electronic (Word or Excel) file used to help you prepare the return should be turned in on paper with the return and electronically through Canvas.

I would highly recommend using the Form 1040 instructions to help with the forms if you have questions

about what goes on what line.

Unformatted Attachment Preview

Ross greatly appreciates the tax estimate you prepared for him a few months ago. He has big news though, which will require some changes to the original return you did for him. Ross E. Geller, born April 3, 1989, was a single taxpayer who works at the local museum. He lives at 90 Bedford Street, New York, New York. His Social Security number is 933-66-9999. Ross earned $75,000 in wages and had $7,500 withheld in federal income taxes; both items were reported to him on his W-2. Ross just married his long time, star crossed love, Rachel. They would like to file a joint return. Ross and Rachel will live in Ross’s apartment with their daughter Emma. Rachel has not changed her last name with the Social Security Administration. Rachel’s Social Security number is 944-55-8888. Emma’s is 944-55-8887. Ross also provides support for his son, Ben, by paying child support to his ex-wife, Carol. In addition, he has to pay alimony to Carol. In total, Ross pays Carol $3,000 per month. When Ben turns 18, Ross’s payments to Carol will be reduced to $2,000 per month. Although Ben lives with Carol, she provides only $4,000 per year towards his support. Ross and Carol got divorced in 2017. Carol’s social is 123-45-6789, Ben’s is 933-55-9998. Rachel earned wages of $20,000 as a waitress at the Manhattan Coffee House. She had $1,000 withheld for federal income taxes. Both items were reported to her on her W-2, along with tips of $13,000. Since Rachel’s bank does not pay interest on savings or checking accounts, she has moved her money over to Ross’s account. She may not have earned any interest on her money in the bank, but two of her stock investments paid dividends. She received total dividends of $150. She and Emma both had full year health coverage through her employer’s plan; Ben also had health insurance. Rachel, Ross and Emma have had an interesting year. Rachel had to obtain a loan of $10,000 to pay off her credit cards; She started out with $12,500 of debt but $2,500 of her credit card debt was forgiven by the credit card company. She received a 1099-C from the credit card company for that amount. Ross and Rachel took Emma to the Park. They found a brown paper bag with rolls of $1 bills inside. The total amount of cash turned out to b be $523 when they counted it. They talked about turning it in to the cops but decided not to. Ross received some sad news: his favorite uncle, Uncle Tom, died. Uncle Tom had a life insurance policy and Ross was a beneficiary. He received $9,000 from the policy. Turns out, Ross must have been Uncle Tom’s favorite nephew. Uncle Tom left Ross $55,000 in cash, in addition to the life insurance benefit; Ross promptly put all of his inheritance into the bank. Ross also earned $10 interest from Santander Bank (at 75 Christopher St.) on his savings account. This amount was reported to him on his December 2018 bank statement. He had full year health coverage from his employment in the museum. Rachel had health insurance all year. Ross would like $3 to go to the Presidential Election Campaign Fund, although he has no idea what that is. Rachel does not want $3 to go into the fund on her behalf. Since Ross was uncertain of the amount of taxes they would owe, he made an estimated tax payment of $2,000. They would like any refund they may receive to be deposited into their checking account. Their account number is 321456987. They cannot remember the routing number for the bank. They would like for you, their professional tax preparer and CPA, to deal with the IRS if needed with regards to their 2018 tax return. Please prepare Ross and Rachel’s 2018 Form 1040 and any required schedules. The assignment should be stapled and assembled in the correct IRS order, with the attached cover sheet on the front. Please include the names of everyone you worked with to complete the return. This assignment is due on 9/19 at 2:30pm. All tax return assignments are to be turned in on paper. Any electronic (Word or Excel) file used to help you prepare the return should be turned in on paper with the return and electronically through Canvas. I would highly recommend using the Form 1040 instructions to help with the forms if you have questions about what goes on what line. Tax Return 2 ACT 4494 Fall 2019 Name: ____________________________________________________________________________ Ross and Rachel’s taxable income from this return is: $ __________________________ I worked on this return with: _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________ To complete this return, I worked for approximately _____________ hours and ___________ minutes.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Form

1040 U.S. Individual Income Tax Return 2018
(99)

Department of the Treasury—Internal Revenue Service

Filing status:

Single

Married filing jointly



Your first name and initial

Married filing separately

OMB No. 1545-0074

Head of household

IRS Use Only—Do not write or staple in this space.

Qualifying widow(er)
Your social security number

Last name

Ross

Geller

Your standard deduction:



9 3 3 - 6 6 - 9 9

Someone can claim you as a dependent

If joint return, spouse's first name and initial

You were born before January 2, 1954

You are blind
Spouse’s social security number

Last name

Rachel

9 4 4 - 5 5 - 8 8

Spouse standard deduction:
Spouse is blind



Someone can claim your spouse as a dependent

Spouse was born before January 2, 1954



Spouse itemizes on a separate return or you were dual-status alien

Home address (number and street). If you have a P.O. box, see instructions.

Apt. no.

Presidential Election Campaign
(see inst.)
✔ You
Spouse

90-Bradford Street
City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6.

New York
Dependents (see instructions):
(1) First name

(2) Social security number

If more than four dependents,
see inst. and ✓ here ▶
(3) Relationship to you

Last name

Emma
Ben

Ross
Ross

9 4 4 - 5...


Anonymous
Goes above and beyond expectations!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags