Business Finance
Independence University Accounting Itemized Deductions & Tax Return Worksheet

Independence University

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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 Qualifying widow(er) Your social security number Someone can claim you as a dependent If joint return, spouse's first name and initial Spouse is blind Head of household IRS Use Only—Do not write or staple in this space. Last name Your standard deduction: Spouse standard deduction: Married filing separately OMB No. 1545-0074 You were born before January 2, 1954 You are blind Spouse’s social security number Last name 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. City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. Dependents (see instructions): (1) First name (2) Social security number Full-year health care coverage or exempt (see inst.) Presidential Election Campaign (see inst.) You Spouse If more than four dependents, see inst. and ✓ here ▶ (3) Relationship to you Last name (4) ✓ if qualifies for (see inst.): Child tax credit Credit for other dependents Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Joint return? See instructions. Keep a copy for your records. ▲ Paid Preparer Use Only Your signature Date Your occupation Spouse’s signature. If a joint return, both must sign. Date Spouse’s occupation Preparer’s name Preparer’s signature PTIN If the IRS sent you an Identity Protection PIN, enter it here (see inst.) If the IRS sent you an Identity Protection PIN, enter it here (see inst.) Firm’s EIN Check if: 3rd Party Designee Firm’s name ▶ Phone no. Self-employed Firm’s address ▶ For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2018) Page 2 Form 1040 (2018) Attach Form(s) W-2. Also attach Form(s) W-2G and 1099-R if tax was withheld. Standard Deduction for— • Single or married filing separately, $12,000 • Married filing jointly or Qualifying widow(er), $24,000 • Head of household, $18,000 • If you checked any box under Standard deduction, see instructions. Refund Direct deposit? See instructions. 1 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . 1 2a Tax-exempt interest . . . 3a Qualified dividends . . . 2a b Taxable interest . . . 2b 3a b Ordinary dividends . . 4a 3b IRAs, pensions, and annuities . 4a b Taxable amount . . . 4b 5a Social security benefits 5a b Taxable amount . . . 5b 6 7 Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 . . . . . Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 . . . . . . . . . . . . . . . . . 6 8 Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . . . . 8 9 Qualified business income deduction (see instructions) . . . . . . . . . . . . 9 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter -0- . . . . . . . . 10 11 a Tax (see inst.) Form 4972 3 . . . . . . (check if any from: 1 . . . . . . 2 Form(s) 8814 b Add any amount from Schedule 2 and check here . . . . . . . . . . . . . . . 7 ) 11 ▶ 12 12 a Child tax credit/credit for other dependents 13 Subtract line 12 from line 11. If zero or less, enter -0- . . . . . . . . . . . . . . 13 14 Other taxes. Attach Schedule 4 . . . . . . . . . . . . . . . . . . . . 14 15 Total tax. Add lines 13 and 14 . . . . . . . . . . . . . . . . . . . 15 16 Federal income tax withheld from Forms W-2 and 1099 . . . . . . . . . . . . . 16 17 Refundable credits: a EIC (see inst.) . b Add any amount from Schedule 3 and check here ▶ b Sch. 8812 c Form 8863 Add any amount from Schedule 5 . . . . . . . . . . . . . . 17 18 Add lines 16 and 17. These are your total payments . . . . . . . . . . . . . . 18 19 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid . . . . 20a Amount of line 19 you want refunded to you. If Form 8888 is attached, check here . ▶ ▶ b Routing number ▶ d Account number 21 Amount You Owe 22 23 ▶ Amount of line 19 you want applied to your 2019 estimated tax . c Type: . ▶ . . Checking . Go to www.irs.gov/Form1040 for instructions and the latest information. . . . . . . ▶ 19 20a Savings 21 Amount you owe. Subtract line 18 from line 15. For details on how to pay, see instructions Estimated tax penalty (see instructions) . . . . . ▶ 22 23 Form 1040 (2018) Itemized Deductions SCHEDULE A (Form 1040) OMB No. 1545-0074 ▶ Go Department of the Treasury Internal Revenue Service (99) to www.irs.gov/ScheduleA for instructions and the latest information. ▶ Attach to Form 1040. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. Name(s) shown on Form 1040 Medical and Dental Expenses Taxes You Paid 1 2 3 4 5 Caution: Do not include expenses reimbursed or paid by others. Medical and dental expenses (see instructions) . . . . . 1 Enter amount from Form 1040, line 7 2 Multiply line 2 by 7.5% (0.075) . . . . . . . . . . . 3 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . . State and local taxes. a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box . . . . . . . . ▶ b State and local real estate taxes (see instructions) . . . . . c State and local personal property taxes . . . . . . . . d Add lines 5a through 5c . . . . . . . . . . . . . e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) . . . . . . . . . . . . . . . . . 6 Other taxes. List type and amount ▶ 7 Add lines 5e and 6 2018 Attachment Sequence No. 07 Your social security number . . . . . . . . . . . . . . . . . . . . 4 . . . . . . 7 . . . . . . 10 . . . . . . 14 5a 5b 5c 5d 5e . 6 . Interest You 8 Home mortgage interest and points. If you didn't use all of your Paid home mortgage loan(s) to buy, build, or improve your home, Caution: Your mortgage interest deduction may be limited (see instructions). see instructions and check this box . . . . . . . ▶ a Home mortgage interest and points reported to you on Form 1098 . . . . . . . . . . . . . . . . . . . 8a b Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address ▶ Gifts to Charity If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses 8b c Points not reported to you on Form 1098. See instructions for special rules . . . . . . . . . . . . . . . . . 8c d Reserved . . . . . . . . . . . . . . . . . . 8d e Add lines 8a through 8c . . . . . . . . . . . . . 8e 9 Investment interest. Attach Form 4952 if required. See 9 instructions . . . . . . . . . . . . . . . . . 10 Add lines 8e and 9 . . . . . . . . . . . . . . . . 11 Gifts by cash or check. If you made any gift of $250 or more, 11 see instructions . . . . . . . . . . . . . . . 12 Other than by cash or check. If any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 . . . 12 13 Carryover from prior year . . . . . . . . . . . . 13 14 Add lines 11 through 13 . . . . . . . . . . . . . . . 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . 16 Other—from list in instructions. List type and amount ▶ 15 Other Itemized Deductions 16 Total 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040, line 8 . . . . . . . . . . . . . . . . . . . . . . . 17 Itemized Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction, check here . . . . . . . . . For Paperwork Reduction Act Notice, see the Instructions for Form 1040. . . . . . . . . . Cat. No. 17145C . ▶ Schedule A (Form 1040) 2018 SCHEDULE 8812 (Form 1040) Additional Child Tax Credit 1040 Department of the Treasury Internal Revenue Service (99) 8812 All Filers Caution: If you file Form 2555 or 2555-EZ, stop here; you cannot claim the additional child tax credit. 1 If you are required to use the worksheet in Pub. 972, enter the amount from line 10 of the Child Tax Credit and Credit for Other Dependents Worksheet in the publication. Otherwise: 1040 filers: Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents Worksheet (see the instructions for Form 1040, line 12a). 1040NR filers: Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents Worksheet (see the instructions for Form 1040NR, line 49). 2 Enter the amount from Form 1040, line 12a, or Form 1040NR, line 49 . . . . . . . . . . . . 3 Subtract line 2 from line 1. If zero, stop here; you cannot claim this credit . . . . . . . . . . . 4 Number of qualifying children under 17 with the required social security number: X $1,400. Enter the result. If zero, stop here; you cannot claim this credit . . . . . . . . . . . . . . TIP: The number of children you use for this line is the same as the number of children you used for line 1 of the Child Tax Credit and Credit for Other Dependents Worksheet. 5 Enter the smaller of line 3 or line 4 . . . . . . . . . . . . . . . . . . . . . . 6a Earned income (see separate instructions) . . . . . . . . . . . 6a b Nontaxable combat pay (see separate instructions) . . . . . . . . . . . 6b 7 Is the amount on line 6a more than $2,500? No. Leave line 7 blank and enter -0- on line 8. Yes. Subtract $2,500 from the amount on line 6a. Enter the result . . . 7 8 Multiply the amount on line 7 by 15% (0.15) and enter the result . . . . . . . . . . . . . . Next. On line 4, is the amount $4,200 or more? No. If line 8 is zero, stop here; you cannot claim this credit. Otherwise, skip Part II and enter the smaller of line 5 or line 8 on line 15. Yes. If line 8 is equal to or more than line 5, skip Part II and enter the amount from line 5 on line 15. Otherwise, go to line 9. } Part II 9 10 11 12 13 14 15 1 2 3 4 5 8 Certain Filers Who Have Three or More Qualifying Children Withheld social security, Medicare, and Additional Medicare taxes from Form(s) W-2, boxes 4 and 6. If married filing jointly, include your spouse’s amounts with yours. If your employer withheld or you paid Additional Medicare Tax or tier 1 RRTA taxes, see separate instructions . . . . . . 1040 filers: Enter the total of the amounts from Schedule 1 (Form 1040), line 27, and Schedule 4 (Form 1040), line 58, plus any taxes that you identified using code “UT” and entered on Schedule 4 (Form 1040), line 62. 1040NR filers: Enter the total of the amounts from Form 1040NR, lines 27 and 56, plus any taxes that you identified using code “UT” and entered on line 60. } Add lines 9 and 10 . . . . . . . . . . . . . . . . . 1040 filers: Enter the total of the amounts from Form 1040, line 17a, and Schedule 5 (Form 1040), line 72. 1040NR filers: Enter the amount from Form 1040NR, line 67. Subtract line 12 from line 11. If zero or less, enter -0- . . . . . . . Enter the larger of line 8 or line 13 . . . . . . . . . . . . Next, enter the smaller of line 5 or line 14 on line 15. Part III Attachment Sequence No. 47 Your social security number Name(s) shown on return Part I 2018 1040NR Attach to Form 1040 or Form 1040NR. Go to www.irs.gov/Schedule8812 for instructions and the latest information. ▶ ▶ OMB No. 1545-0074 ◀ 9 10 11 . } . . . . . . 12 . . . . . . . . . . . . . . . . 13 14 . . . . . . 15 Additional Child Tax Credit This is your additional child tax credit . . . . . . . . . . . . . Enter this amount on Form 1040, line 17b, or Form 1040NR, line 64. 1040 1040NR ◀ For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 59761M Schedule 8812 (Form 1040) 2018 Paul and Betty Jones are married with three children. All three children live with them. Their ages and names follow: Paul Husband 32 Betty Wife 28 Anne Daughter 5 Brian Son 3 Cindy Daughter 1 Paul is an attorney and Betty works part-time in a Genetics Lab. Paul and Betty wants you to prepare their tax return and have given you the following Documents. 2018 2018 18 18 Blue Insurance Company of America 10100 Avenue of the Americas New York, NY 10010 Paul Jones, 2018 summary of your health insurance premiums paid in 2015: 2018 Here is the 2015 January $600 February 600 March 600 April 600 May 600 June 600 July 600 August 600 September 600 October 600 November 600 December 600 2018 $7,200 Total for 2015: Eyeglasses and Eye Health Specialists, PC 350 Main Street Lakeview, MN 55044 Paul and Betty Jones Joplin Way 1846 Joplin Way Lakeview, MN 55044 Patient: Anne Jones 18 Service Date: 6/15/15 Services provided Eye Exam $150 Eye Glasses 200 Sports Prescription 250 $600 18 Amount paid in full: 9/15/15 Len Adelle, DDS, MS, MD Orthodontic Services 530 Madison Avenue Lakeview, MN 55044 Paul and Betty Jones 1846 Joplin Way Lakeview, MN 55044 Patient Name: Brian Jones Dates of Service January 31, 2015 2018 Service/Preparation 2018 February 15, 2015 Stage 1 February 28, 2015 2018 Stage 2, completion Total costs: Less: Insurance Patient Responsibility $12,500 10,000 $ 2,500 Less Payments: 2/15 $1,000 2/28 $1,500 Amount Due $0 PAID IN FULL ...
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Final Answer

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Itemized Deductions

SCHEDULE A
(Form 1040)

OMB No. 1545-0074

▶ Go

Department of the Treasury
Internal Revenue Service (99)

to www.irs.gov/ScheduleA for instructions and the latest information.
▶ Attach to Form 1040.
Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16.

Name(s) shown on Form 1040

Medical
and
Dental
Expenses
Taxes You
Paid

1
2
3
4
5

Caution: Do not include expenses reimbursed or paid by others.
Medical and dental expenses (see instructions) . . . . .
1
Enter amount from Form 1040, line 7
2
Multiply line 2 by 7.5% (0.075) . . . . . . . . . . .
3
Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . .
State and local taxes.

a State and local income taxes or general sales taxes. You may
include either income taxes or general sales taxes on line 5a,
but not both. If you elect to include general sales taxes instead
of income taxes, check this box . . . . . . . . ▶
b State and local real estate taxes (see instructions) . . . . .
c State and local personal property taxes . . . . . . . .
d Add lines 5a through 5c . . . . . . . . . . . . .
e Enter the smaller of line 5d or $10,000 ($5,000 if married filing
separately) . . . . . . . . . . . . . . . . .
6 Other taxes. List type and amount ▶
7 Add lines 5e and 6

2018

Attachment
Sequence No. 07
Your social security number

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5a
5b
5c
5d
5e

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Interest You 8 Home mortgage interest and points. If you didn't use all of your
Paid
home mortgage loan(s) to buy, build, or improve your home,
Caution: Your
mortgage interest
deduction may be
limited (see
instructions).

see instructions and check this box . . . . . . . ▶
a Home mortgage interest and points reported to you on Form
1098 . . . . . . . . . . . . . . . . . . .

8a

b Home mortgage interest not reported to you on Form 1098. If
paid to the person from whom you bought the home, see
instructions and show that person's name, identifying no., and
address ▶

Gifts to
Charity
If you made a
gift and got a
benefit for it,
see instructions.

Casualty and
Theft Losses

8b
c Points not reported to you on Form 1098. See instructions for
special rules . . . . . . . . . . . . . . . . .
8c
d Reserved . . . . . . . . . . . . . . . . . .
8d
e Add lines 8a through 8c . . . . . . . . . . . . .
8e
9 Investment interest. Attach Form 4952 if required. See
9
instructions . . . . . . . . . . . . . ....

UC Berkeley

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