any help will be appreciated

INDIVIDUAL TAX RETURN INSTRUCTIONS ACCT4311 SPRING 2020 I. Guidelines 1. This is an individual project instead of a group project. However, you are encouraged to discuss with your classmates. Make sure that you don't simply copy the forms. **Warning: If you copy the works from other's (including Publisher's solutions), you and the person you copy from will result in a "Zero" grade on this project. Also, both of you could be subject to academic discipline. 2 You have to download the appropriate forms from the IRS website http://www.irs.gov 3. DO NOT use any tax software to complete the project. Otherwise, your grade will be severely penalized, 4. You have to attach your calculations (i.c., work papers) as part of the return. Without work papers, your grade will be capped at 30 points. II. Forms Needed You may need the following forms: Form 1040 (including Schedules 1, 3, 4, 5, A, B, C, D, E, and SE), Form 4562, Form 8863, and Form 8949. III. Check Figures Form 1040 Line 7, AGI: 589,064 Form 1040, Line 19. Overpayment: 52.228 Form 1040, Schedule 1, Line 36: 52,975 Form 1040, Schedule 3, Line 55: 5800 Form 1040, Schedule 4. Line 64:55,950 Form 1040, Schedule 5, Line 75:56,000 Form 1040, Schedule A, Line 17:520,107 Form 1040, Schedule B, Line 6: $1,795 Form 1040, Schedule C, Line 31:842,110 Form 1040, Schedule D, Line 15:55,432 Form 1040, Schedule E. Line 26: S1,902 Form 1040, Schedule SE, Line 3: 55,950 Form 4562, Line 22:52,400 Form 8863, Line 31:54,000 Form 8949, Part II Line 2/h): 55.432 Use the following information to complete Amando and Lourdes Gas 2015 federal income tantum. If any information is missing, we reasonable assumptions to fill in the Aay required forms, schedules, and instructions can be found at the IRS website (wwwinsgow). The instructions can be helpful in completing the form Facts 1. Armando 2. and Lourdes K. Gonzales are married and file a joint return. Armando is self-employed as a dentist, and Lourdes is a college presse Armando and Lourdes have three children. The oldest is Ricardo, who lives at home. Ricardo isa pendent contracte during the year, caming $3,200. Selena lived home until the who came $20.000 during the year. Felipe as the youngest and lived in the Gal home for the entire year. The Goals provide you with the following ital Armando and Lourdes would like to take advantage on their retum of any doc tical expenses paid for their children The Gonzaleses do not want to contribute to the presidential election campaign The Gonzales live at 621 Franklin Avenue, Cincinnati, Ohio 45211. Amande's birthday is 3/1961 and his Social Security number is 333-25-6666 Lurdes's birthday is 4/34/1963 and her Social Security number is 566-7-888 . Ricardo's birthday is 11/1995 and his Social Security number is 576-16-7928 Selena's birthday is 2/1/1999 and her Social Security number is 575-92-4321 . Felipe's birthday is 12/12/2006 and his Social Security number is 613-97-3465 The Goals do not have any foreign bank accounts or trust 2. Lourdes is a lecturer Xavier University in Cincin, where she earned 30,000 The university withheld federal income tax of 53.375, state income tax of $900 Cincinnati city income tax of $375,51.860 of Social Security tax, and 5435 She also worked part of the year for Dela Arines. Delta paid her $10.000 in salary and the federal income tax of S1.125. income taxe 5300. Ciacion city income tax of 5125, Social Security tax of 5620, and Medi 3. The Gonzales received 500 ofert from Sue SingBlank on a joint count. They received interest of $1.000 a City of Cincinnati bonds they bought in January with the proceeds of loan from Third National Bank of Cincinnati Medicare They paid interest of $1,100 on the loan. Amando received a dividend of 5540 General Bicycle Corporation stock he owns Lourdes received a dividend of 5390 on Acme Clothing Corporation stock she was. Amando and Lourdes received a dividend of 5865 on iny owned stockin Maple Company. All of the dividends received in 2018 are qualified dividende 4. Armando practices under the name "Armando Gonzales, DDS." His business is located at 645 West Avenue, Cincinnati, Ohio 45211, and his employer identi fication number is 01-2222222. Armandos daring the year were SI11.000. Amando uses the cash method of accounting for his business. Amando's business expenses we as follows Advertising $ 1.200 Professional das Professional journals Contributions to employee benefit plans 2.000 for chilling State of Chio for work 5.000 720 600 2.100 Intereste money bowed to refurbishedlice Maceous office expense Officer Desas 12.000 7.672 Payroll taxes In June. Armando decided to refurbish his office. This project was completed and the assets placed in service on July 1. Amando's expenditures included $8,000 for new office furniture, 6.000 for new dental equipment (seven year recovery period and 52.000 for a new computer Amando lected to compute his cost recovery lowance using MACRS. He did not elect to use $179 immediate expensing and he chose to not claim any bonus depreciation 5. Lourdes's mother, Maria, died on July 2, 2013, leaving Lourdes her entire estate. Included in the estate was Maria's residence (325 Oak Street, Cincinnati, Ohio 45211). Maria's basis in the residence was $30,000. The fair market value of the residence on July 2, 2013, was $155.000. The property was distributed to Lourdes on January 1, 2014. The Gonzaleses have held the property as rental property and have managed it themselves. From 2014 until June 30, 2018, they rented the house to the same tenant. The tenant was transferred to a branch office in California and moved out at the end of June. Since they did not want to bother finding a new ten- ant, Armando and Lourdes sold the house on June 30, 2018. They received $140,000 for the house and land ($15,000 for the land and $125,000 for the house), less a 6 percent commission charged by the broker. They had depreciated the house using the MACRS rules and conventions applicable to residential real estate. To compute depreciation on the house, the Gonzaleses had allocated $15.000 of the property's basis to the land on which the house is located. The Gonzaleses collected rent of $1.000 a month during the six months the house was occupied during the year. You may assume that the rental activity is considered an investment activity (not atrade or business). They incurred the following related expenses during this period: Property insurance S500 Property taxes 800 Maintenance Depreciation (to be computed) C-10 Accendix 6. The Gonzaleses sold 200 shares of Capp Corporation stock on September 3, 2018, for 542 a share (minus a 550 commission). The Gonzaleses received the stock from Armando's father on June 25, 1982, as a wedding present. Armando's father originally purchased the stock for $10 per share on January 1, 1970. The stock was valued at $14.50 per share on the date of the gift. No gift tax was paid on the gift. 7. Armando and Lourdes have given you a file containing the following receipts for expenditures during the year Prescription medicine and drugs (net of insurance reimbursement) $ 376 Doctor and hospital bills (net of insurance reimbursement) 2.468 Penalty for underpayment of last year's state income tax 15 Real estate taxes on personal residence 4,762 Interest on home mortgage (paid to Home State Savings & Loan) 8.250 Interest on credit cards consumer purchases) 595 Cash contribution to St. Matthew's church Payroll deductions for Lourdes's contributions to the United Way 150 8. The Gonzaleses filed their 2017 federal, state, and local returns on April 12, 2018 They paid the following additional 2017 taxes with their retums: federal income taxes of $630, state income taxes of $250, and city income taxes of $75. 9. The Gonzaleses made timely estimated federal income tax payments of $1.500 each quarter during 2018. They also made estimated state income tax payments of $300 cach quarter and estimated city income tax payments of S160 cach quarter. The Gonzaleses made all fourth quarter payments on December 31, 2018. They would like to receive a refund for any overpayments 10. Armando and Lourdes have qualifying insurance for purposes of the Affordable Care Act (ACA) 3.RO INDIVIDUAL TAX RETURN INSTRUCTIONS ACCT4311 SPRING 2020 I. Guidelines 1. This is an individual project instead of a group project. However, you are encouraged to discuss with your classmates. Make sure that you don't simply copy the forms. **Warning: If you copy the works from other's (including Publisher's solutions), you and the person you copy from will result in a "Zero" grade on this project. Also, both of you could be subject to academic discipline. 2 You have to download the appropriate forms from the IRS website http://www.irs.gov 3. DO NOT use any tax software to complete the project. Otherwise, your grade will be severely penalized, 4. You have to attach your calculations (i.c., work papers) as part of the return. Without work papers, your grade will be capped at 30 points. II. Forms Needed You may need the following forms: Form 1040 (including Schedules 1, 3, 4, 5, A, B, C, D, E, and SE), Form 4562, Form 8863, and Form 8949. III. Check Figures Form 1040 Line 7, AGI: 589,064 Form 1040, Line 19. Overpayment: 52.228 Form 1040, Schedule 1, Line 36: 52,975 Form 1040, Schedule 3, Line 55: 5800 Form 1040, Schedule 4. Line 64:55,950 Form 1040, Schedule 5, Line 75:56,000 Form 1040, Schedule A, Line 17:520,107 Form 1040, Schedule B, Line 6: $1,795 Form 1040, Schedule C, Line 31:842,110 Form 1040, Schedule D, Line 15:55,432 Form 1040, Schedule E. Line 26: S1,902 Form 1040, Schedule SE, Line 3: 55,950 Form 4562, Line 22:52,400 Form 8863, Line 31:54,000 Form 8949, Part II Line 2/h): 55.432 Use the following information to complete Amando and Lourdes Gas 2015 federal income tantum. If any information is missing, we reasonable assumptions to fill in the Aay required forms, schedules, and instructions can be found at the IRS website (wwwinsgow). The instructions can be helpful in completing the form Facts 1. Armando 2. and Lourdes K. Gonzales are married and file a joint return. Armando is self-employed as a dentist, and Lourdes is a college presse Armando and Lourdes have three children. The oldest is Ricardo, who lives at home. Ricardo isa pendent contracte during the year, caming $3,200. Selena lived home until the who came $20.000 during the year. Felipe as the youngest and lived in the Gal home for the entire year. The Goals provide you with the following ital Armando and Lourdes would like to take advantage on their retum of any doc tical expenses paid for their children The Gonzaleses do not want to contribute to the presidential election campaign The Gonzales live at 621 Franklin Avenue, Cincinnati, Ohio 45211. Amande's birthday is 3/1961 and his Social Security number is 333-25-6666 Lurdes's birthday is 4/34/1963 and her Social Security number is 566-7-888 . Ricardo's birthday is 11/1995 and his Social Security number is 576-16-7928 Selena's birthday is 2/1/1999 and her Social Security number is 575-92-4321 . Felipe's birthday is 12/12/2006 and his Social Security number is 613-97-3465 The Goals do not have any foreign bank accounts or trust 2. Lourdes is a lecturer Xavier University in Cincin, where she earned 30,000 The university withheld federal income tax of 53.375, state income tax of $900 Cincinnati city income tax of $375,51.860 of Social Security tax, and 5435 She also worked part of the year for Dela Arines. Delta paid her $10.000 in salary and the federal income tax of S1.125. income taxe 5300. Ciacion city income tax of 5125, Social Security tax of 5620, and Medi 3. The Gonzales received 500 ofert from Sue SingBlank on a joint count. They received interest of $1.000 a City of Cincinnati bonds they bought in January with the proceeds of loan from Third National Bank of Cincinnati Medicare They paid interest of $1,100 on the loan. Amando received a dividend of 5540 General Bicycle Corporation stock he owns Lourdes received a dividend of 5390 on Acme Clothing Corporation stock she was. Amando and Lourdes received a dividend of 5865 on iny owned stockin Maple Company. All of the dividends received in 2018 are qualified dividende 4. Armando practices under the name "Armando Gonzales, DDS." His business is located at 645 West Avenue, Cincinnati, Ohio 45211, and his employer identi fication number is 01-2222222. Armandos daring the year were SI11.000. Amando uses the cash method of accounting for his business. Amando's business expenses we as follows Advertising $ 1.200 Professional das Professional journals Contributions to employee benefit plans 2.000 for chilling State of Chio for work 5.000 720 600 2.100 Intereste money bowed to refurbishedlice Maceous office expense Officer Desas 12.000 7.672 Payroll taxes In June. Armando decided to refurbish his office. This project was completed and the assets placed in service on July 1. Amando's expenditures included $8,000 for new office furniture, 6.000 for new dental equipment (seven year recovery period and 52.000 for a new computer Amando lected to compute his cost recovery lowance using MACRS. He did not elect to use $179 immediate expensing and he chose to not claim any bonus depreciation 5. Lourdes's mother, Maria, died on July 2, 2013, leaving Lourdes her entire estate. Included in the estate was Maria's residence (325 Oak Street, Cincinnati, Ohio 45211). Maria's basis in the residence was $30,000. The fair market value of the residence on July 2, 2013, was $155.000. The property was distributed to Lourdes on January 1, 2014. The Gonzaleses have held the property as rental property and have managed it themselves. From 2014 until June 30, 2018, they rented the house to the same tenant. The tenant was transferred to a branch office in California and moved out at the end of June. Since they did not want to bother finding a new ten- ant, Armando and Lourdes sold the house on June 30, 2018. They received $140,000 for the house and land ($15,000 for the land and $125,000 for the house), less a 6 percent commission charged by the broker. They had depreciated the house using the MACRS rules and conventions applicable to residential real estate. To compute depreciation on the house, the Gonzaleses had allocated $15.000 of the property's basis to the land on which the house is located. The Gonzaleses collected rent of $1.000 a month during the six months the house was occupied during the year. You may assume that the rental activity is considered an investment activity (not atrade or business). They incurred the following related expenses during this period: Property insurance S500 Property taxes 800 Maintenance Depreciation (to be computed) C-10 Accendix 6. The Gonzaleses sold 200 shares of Capp Corporation stock on September 3, 2018, for 542 a share (minus a 550 commission). The Gonzaleses received the stock from Armando's father on June 25, 1982, as a wedding present. Armando's father originally purchased the stock for $10 per share on January 1, 1970. The stock was valued at $14.50 per share on the date of the gift. No gift tax was paid on the gift. 7. Armando and Lourdes have given you a file containing the following receipts for expenditures during the year Prescription medicine and drugs (net of insurance reimbursement) $ 376 Doctor and hospital bills (net of insurance reimbursement) 2.468 Penalty for underpayment of last year's state income tax 15 Real estate taxes on personal residence 4,762 Interest on home mortgage (paid to Home State Savings & Loan) 8.250 Interest on credit cards consumer purchases) 595 Cash contribution to St. Matthew's church Payroll deductions for Lourdes's contributions to the United Way 150 8. The Gonzaleses filed their 2017 federal, state, and local returns on April 12, 2018 They paid the following additional 2017 taxes with their retums: federal income taxes of $630, state income taxes of $250, and city income taxes of $75. 9. The Gonzaleses made timely estimated federal income tax payments of $1.500 each quarter during 2018. They also made estimated state income tax payments of $300 cach quarter and estimated city income tax payments of S160 cach quarter. The Gonzaleses made all fourth quarter payments on December 31, 2018. They would like to receive a refund for any overpayments 10. Armando and Lourdes have qualifying insurance for purposes of the Affordable Care Act (ACA) 3.RO