Tax Returns Assignment

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timer Asked: Oct 27th, 2018

Question Description

TAX RETURN PREPARATION ASSIGNMENT



The requirements for this assignment are to prepare a U. S. Individual Income Tax Return as well as your

home state individual income tax return for John and Jane Doe for 2018 using 2017 tax forms.

The following data is to be used in preparing both tax returns.

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ACC 315 - PERSONAL INCOME TAX ACCOUNTING Fall 2018 TAX RETURN PREPARATION ASSIGNMENT The requirements for this assignment are to prepare a U. S. Individual Income Tax Return as well as your home state individual income tax return for John and Jane Doe for 2018 using 2017 tax forms. The following data is to be used in preparing both tax returns. John and Jane Doe are the parents of Jack and Jill who lived with them throughout the year. They also support Jane's mother, Ernestine Day. The following data applies to the above individuals: John P. Doe Jane E. Doe Jill H. Doe Jack B. Doe Earnestine S. Day AGE AT 12/31 SOCIAL SECURITY NUMBER 45 46 21 16 67 123-45-6789 234-56-7891 345-67-8910 345-68-9712 456-78-9012 The Does live at 248 Elmhurst Drive, Anywhere, PA 17001-1234. They own their own home, which they purchased in 1999. They refinanced the original mortage on July 1 of this year, paying $3,000 in points to DAS Bank. Mrs. Day lives at 1246 Independent Way, Anywhere, PA 17001-9876. John and Jane Doe are both employed full time. John changed jobs this year. Jill and Jack are both full-time students and had summer jobs. Mrs. Day is not employed and her only income was $3,215 in interest and dividends along with her Social Security benefits. You have been given the following documents reporting financial information for the Does: JOHN JOHN EMPLOYER 1 EMPLOYER 2 Forms W-2: Gross Wages Social Security Wages Medicare Wages Income Tax Withheld Social Security Withheld Medicare Withheld State Wages State Tax Withheld Local Wages Local Tax Withheld Section 125 Plan Page 1 of 3 52,341.08 55,682.00 55,682.00 9,055.01 3,452.28 807.39 55,682.00 1,709.44 55,682.00 556.82 64,985.96 69,134.00 69,134.00 12,152.37 4,286.31 1,002.44 70,784.00 2,122.41 70,784.00 707.84 1,650.00 JANE 74,558.85 78,483.00 78,483.00 11,109.27 4,865.95 1,138.00 78,483.00 2,409.43 78,483.00 784.83 JILL JACK 6,500.00 6,500.00 6,500.00 650.00 403.00 94.25 6,500.00 199.55 6,500.00 65.00 3,200.00 3,200.00 3,200.00 0.00 198.40 46.40 3,200.00 98.24 3,200.00 32.00 ACC 315 - PERSONAL INCOME TAX ACCOUNTING Fall 2018 TAX RETURN PREPARATION ASSIGNMENT JOHN JILL JACK Forms 1099-INT 2,485.30 198.47 168.50 289.65 Forms 1099-DIV Bank of America, EIN: 12-3456789 Total Dividends Qualified Dividends Capital Gain Distribution Return of Capital 2,013.70 1,387.60 32.87 243.10 125.00 125.00 118.50 10.50 Form 1099-B Merrill Lynch (On December 1, Jack sold 100 shares of Caterpillar, Inc. which he inherited from his father who died on January 22) Forms 1098 ABC Mortgage Company - Mortgage DAS Bank - Mortgage DAS Bank - Home Equity Loan Form 1099-G Your State Tax Refund for 2017 Schedule K-1 from Estate of Richard Doe Interest Income Total Dividend Income Qualified Dividend Income Long-Term Capital Gains Page 2 of 3 JANE 5,803.00 8,023.00 6,385.00 1,137.86 123.00 208.00 209.75 187.50 402.00 ACC 315 - PERSONAL INCOME TAX ACCOUNTING Fall 2018 TAX RETURN PREPARATION ASSIGNMENT JOHN JANE JILL JACK In addition, the John and Jane indicated the following activity during the year: Estimated Payments for state PIT (4 - $100 timely-made quarterly payments) Real Estate Taxes Paid Total Medical Expenses Long Term Care Insurance Premiums for John and Jane Contributions with Receipts: Cash to church Cash to United Way Cash to American Heart Association Cash to American Cancer Society Cash to Anywhere Volunteer Fire Co. Clothing to Goodwill Cost Thrift Shop Value Contributions without Receipts: Cash to church Cash to Salvation Army Investment Interest Supplies for Jane's classroom (Grade 10) Costs related to John's obtaining new job Safe Deposit Box Investment Publications Investment Custodian Fees Tax Return Preparation Fee Payments to Cedar Crest College for Jill: Tuition Room and Board Mandatory Fees Books 400.00 6,137.83 2,586.00 4,187.00 2,600.00 520.00 25.00 25.00 50.00 104.00 7,500.00 1,400.00 520.00 20.00 147.00 267.00 378.40 42.00 387.00 160.00 350.00 38,616.00 11,544.00 950.00 1,485.00 In response to your questions, John and Jane indicated that when they refinanced their mortgage they borrowed an additional $25,000, which was used for home improvements, and that the balance on their $100,000 home equity line of credit was at any time no higher than $73,000. John and Jane also indicated that they wanted to maximize their contributions to their Individual Retirement Accounts for the year. What can they do? Page 3 of 3 104.00
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