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Can you please fill out form 1040, schedule A, schedule B,schedule C, schedule affirm 8949, schedule E, schedule Se,form 4562, form 8829 COMULATVE PROBLEM (CHAPTERS

Can you please fill out form 1040, schedule A, schedule B,schedule C, schedule affirm 8949, schedule E, schedule Se,form 4562, form 8829 image text in transcribed
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COMULATVE PROBLEM (CHAPTERS 1-12) Jerry R. (age 52, SSN 367-83.9403) and lJanet K. (age 48, SSN 361-73-4098) Apps fle a joint return. They reside at 410 E. Vernon Avenue, Carlock, Illinois 61725-1287. Use the following information to prepare the Appses' tax return. Use the approach shown in Examples 10-12 in Chapter 11 to compute the Appses tax the Presidential election campaign fund and file their return on April 10, 2018. 1I to compute the Appses' tax liability (11101.03). They both elect to have $3 to go to The Appses household includes David A. Apps, their 12-year-old son (SSN 965-26-4381), and Edwin R. Apps (SSN 157-43-2587) Jerry's 78-year-old father. Janet and Jerry provide over the support of both David and Edwin. David has no income of his own; Edwin received in nontaxable social security benefits during the year. $4,500 Jerry works as a carpenter. The information on his Form W.2 is shown below. Jerry is an active participate in his employer's 401 dk) plan. Through his employer, Jerry buys healtch care insurance or his family that complies with the ACA mandatoe Taxable wages $52,000 Social security and Medicare tax withheld Federal income tax withheld 4,970 2,490 State income tax withheld Janet owns and operates J&J Networking. The principal business code is 454390. Janet has no employer ID number. She uses the accrual basis in her business and the cost method for valuing the inventory. No changes have been made in the inventory system. Janet operated her business for all 12 months and has an office in her home that she uses exclusively and regularly for busines. Janet materially participates in the business Information relating to her business operation is as follows Gross receipts Returns and allowances $60,950 900 2,700 Beginning inventory Ending inventory 3,825 s 400 24 10,000 3,200 Office expense Supplies Travel Meals and entertainment Business seminars Other business taxes S 80 310 1,035 490 1,000 Bank service Contribution to SIMPLE plan Depreciation on equipment placed in service in 2016 Dues and publications 220 Miscellancous expenses 650 Postage expense Insurance (business) 35 In addition to the above expenses. Janet uses her personal car in her business. She keeps good records of her business mileage and uses the standard mileage method. The car was first used in the business on May 1, 2015. During 2017 Janet drove 7.631 miles, of which 1,262 were driven for business. The rest were personal miles. Information related to the Appses' home: Total area of home Area used for business FMV of home, for purposes of Form 8829, line 36 Adjusted basis of home, for purposes of Form 8829, line 36 Value of land, Form 8829, line 37 Year the home office was first placed in service Mortgage interest Real estate taxes 1,800 square feet 180 square feet $240,000 195,000 20,000 1991 $6,250 2,400 680 3,200 Homeowner's insurance Utilities The Appses own a four-unit apartment building that they actively manage. They paid $150,000 for the building in 1994. Of this amount, $25,000 was allocated to the land. The Appses use MACRS to depreciate the building, which is located at 19 Sunset Road in Carlock, IL 60501. All units were rented for the entire year. Information on the apartments is shown below. Rental revenue $33,600 Rental expenses: Real estate taxes Utilities Insurance Cleaning and maintenance Legal and professional fees Mortgage interest 4,800 1,780 1,550 5,200 125 827 Supplies The Appses had other income consisting of the following. Neither Jerry nor Janet had any interest in a foreign trust or bank account. Interest from Champion Savings Interest on bonds from the State of Illinois Qualified dividends from General Morris Corporation Qualified dividends from Eagle Corporation Qualified dividends from Roper Corporation $2,750 930 425 150 650 The Appses have a $4,950 long-term capital loss carryover from 2016. They also sold the following shares of common stock during 2017. No cost basis was provided on any of the Form 1099-Bs Number Date Date Sales of Shares 100 Price 5-1-09 $5,000 6-12-17 $7,500 Fastco Corp. 2-14-17 3,250 7-20-17 2,950 Eagle Corp. 3-16-11 6,200 8-10-17 8,100 South Corp. 3-14-16 1,500 -24-17 6,500 Roper 200 100 itials of Federal Income Taxation ry of the receipts for payments the Appses made during the year includes: Medical expenses (unrcimbursed): Prescription medicines 50 S 200 Doctor bills Dentist bills Hospital bills Transportation David $1.00090 Total $1,000 $1,275 Edwin S 25 60 150 0 500 40 1,800 72 122 200 0. 2,100 16 0 390 3,900 120 247 150 200 24 125 30 asses Over-the-counter medicine 0 Taxes: Sales tax Balance due on 2016 state income tax return Balance due on 2016 federal income tax return Real estate taxes $1,200 25 725 2,400 Interest: Mortgage interest Credit card interest $6,250 975 Cash contributions: Church $2,300 250 50 United Wa Presidential election campaign In addition to the cash contributions, the Appses donated five shares of S&W common stock to their church on July 30. The stock had been purchased on December 15, 2015, for $2,200. The fair market value of the stock on July 30 was $6,000. Janet and Jerry each contribute the maximum amount allowed for 2017 to their respective (traditional) IAs. They also make the following other payments during the year Rental of safe deposit box for securities Tax preparation fee (2016 Form 1040) Jerry's union dues Automobile registration S 120 524 1,200 150

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