Portfolio Milestone

User Generated

jnyyleviren39

Business Finance

Description

Without Critical Thinking Assignments this week, this is your opportunity (and a requirement) to work on your Portfolio Project. Obtain the supporting information from your Portfolio Project option. You will also use the Schedule A template included under that same option.

Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well; no hard coding of solutions. Submit a single MS Excel file for grading.

Review the Portfolio Project Milestone Rubric in the Module 5 Materials folder to understand how you will be graded on the project. You must address instructor feedback when submitting your complete Portfolio Project during week 8.

The deliverable is as follows:

The completed Form 1040-Schedule A template.

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In each independent item below, assume that a single taxpayer earned $30,000 in W-2 income. Show the appropriate amo Include in Gross Item Amount Income Interest from Savings Account $60 Dividends from stock investment $500 Bad Debt from an Unpaid Loan $6,000 Donation of automobile to charity $600 Cash donation to church $500 Cash donation to charity $3,000 Student loan interest $1,200 Alimony $12,000 Loss on the sale of stock purchased 5 years ago $900 Gain of the sale of stock purchased 6 years ago $1,200 Traditional IRA contributions $4,500 Net loss on real estate rental properties $6,000 Home business (sole proprietorship) profit $12,000 Moving expenses $2,500 ome. Show the appropriate amount that should appear under each heading. More than one option may be selected Exclude form Deduction for Deduction from Appears on Appears on Appears on Gross Income AGI AGI Schedule A Schedule B Schedule D ACT405 – Portfolio Project Case 1 Comprehensive Tax Problem – Option 1 Taxpayer Information Name: John Washington Address: 3450 Green St. Miami, FL 54321 DOB: 5/5/1960 Filing Status: Married SSN: 434-20-2020 Occupation: Engineer Name: Debra Washington Address: 3450 Green St. Miami, FL 54321 DOB: 7/7/1962 Filing Status: Married SSN: 411-21-4568 Occupation: Teacher INCOME INFORMATION: Wages and Compensation The following information is taken from John Washington’s 2017 Form W-2 Wage and Tax Statement: Box 1 – Wages, tips, and other compensation Box 2 – Federal Withholding Box 17 – State Income Tax Withholding 80,000 12,500 2,000 The following information is taken from Debra Washington’s 2017 Form W-2 Wage and Tax Statement: Box 1 – Wages, tips, and other compensation Box 2 – Federal Withholding Box 17 – State Income Tax Withholding 42,000 3,500 750 Interest and Dividends John had interest income from a savings account from Everest Bank of $500.00 Debra had dividend income of $550 from Blue Co. stock. Capital Gains John had the following stock transactions in 2017: He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000 Rental Real Estate The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows: Rental income Property taxes Depreciation Repairs and Maintenance Insurance $12,000 $1,500 $1,000 $750 $2,000 Other Transactions in 2017 1. Debra had educator expenses in 2017 of $450.00 2. John had gambling winnings of $1,000. 3. John was the beneficiary of his mother’s life insurance policy. His mother died in 2017 and he received $50,000 under this policy. 4. Debra paid $700 in student loan interest. In each independent item below, assume that a single taxpayer earned $30,000 in W-2 income. Show the appro Include in Item Amount Gross Income Interest from Savings Account $500,00 $500,00 Dividends from stock investment $550,00 $550,00 Student loan interest $700,00 $0,00 Loss on the sale of stock purchased 3 months ago $13.000,00 $12.000,00 Net profit on real estate rental properties $6.750,00 $12.000,00 Wages, tips, and other compensation $122.000,00 $122.000,00 Federal Withholding $16.000,00 $0,00 State Income Tax Withholding $2.750,00 $0,00 Educator expense $450,00 $0,00 gambling winning $1.000,00 $1.000,00 insurance benefits $50.000,00 $0,00 -2 income. Show the appropriate amount that should appear under each heading. More than one option may be selected Exclude form Deduction for Deduction Appears on Appears on Appears on Gross Income AGI from AGI Schedule A Schedule B Schedule D $0,00 $500,00 $0,00 $700,00 $700,00 $0,00 $13.000,00 $12.000,00 $0,00 $0,00 $16.000,00 $16.000,00 $16.000,00 $2.750,00 $2.750,00 $2.750,00 $450,00 $450,00 $450,00 $0,00 $50.000,00 e option may be selected
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