Data Facts for Tax Return Project - 2019 Tax Year Taxpayer: Spouse: Bob Smith DOB: 10/25/1963 Jennifer Smith DOB: 03/19/1965 SSN: 555-55-5555 SSN: 666-66-6666 Bob works full-time for a manufacturing company. His W2 is attached. Jennifer has a small business that she runs from her home office. This is the first year she has had activity in the business and she started on January 1, 2019. Her income and expenses are below. Bob and Jennifer have invested in the stock market and have interest and dividend income. Their 1099s are attached. They also have capital gains from sales of stock, included on the 1099-B. Together, the Smiths have contributed $2,500 to their church, the mortgage interest on their principal residence is $8,900 and they have medical expenses of $4,500. Prepare their form 1040, based on this information, making sure to minimize their tax liability, while adhering to tax laws. Jennifer's Home Decorating, LLC - a single member LLC - FEIN: 77-7777777 Jennifer's Home Decorating, LLC - a single member LLC - FEIN: 77-7777777 Gross Receipts: $250,000 Expenses: Office Furniture Advertising Website Business Mileage Subcontractor $10,000 $ 4,000 $ 1,000 10,000 miles (standard mileage rate for 2019 is.58 cents/mile) $40,000 Home Office Expenses: (the dedicated office space is 150 sq ft/the house is a total of 1,500 sq ft) Utilities for the year $ 5,000 Cleaning Services $ 9,000 (the service cleans the whole house) Insurance for the house $ 1,000 Mortgage Interest $ 8,900 Real Estate Taxes for home $ 4,000 a Employee's social security number Safe, accurate, Visit the IRS website at b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld 555-55-5555 OMB No 1545-0008 FAST! Use unse file www.irs.govredio 99-9999999 125,000.00 25,000.00 Acme Manufacturing, Inc. 125,000.00 7.750.00 123 Main Street 125,000.00 1,812.50 Atlanta, GA 303 03 5 Medicare wages and tips 6 Medicare tax withheld 7 Social security tips 8 Allocated tips d Control number 10 Dependent care benefits - Employee's first name and initia Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 13 Het Tandarts se pay 12b employee Bob Smith 456 Meadow Street Lilburn, GA 30047 14 Other 12c 12d f Employee's address and ZIP code 15 State Employer's state ID number 18 Local wages, tips, etc. 19 Local income tax 20 Locality name G47122501- XO 16 State wages, tips, etc. 17 State income tax 125,000.00 62.250.00 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country. ZP Payer's RTN (optional) or foreign postal code, and telephone no. OMB No 1545-0112 2019 Interest Income 1 Interest income ABC Investment Company 555 Wall Street New York, NY looo 4. s 3.000.00 Form 1099-INT 2 Early withdrawal penalty Copy B PAYERS TIN RECIPIENT'S TIN $ 3 Interest on U.S. Savings Bonds and Treas, obligations For Recipient 88-8888888 555-55-5555s Bob & Jennifer Smith 1456 Meadow Street RECIPIENT'S name 4 Federal income tax withheld Investment expenses This is important tax $ information and is $ being furnished to the 6 Foreign tax paid 7 Foreign courty US possession IRS. If you are Street address (including apt. no.) IS required to file a 8 Tax-exempt interest 9 Spected private activity bond retum, a negligence interest penalty or other sanction may be City or town, state or province, country, and ZIP or foreign postal code $ $ imposed on you if 10 Market discount 11 Bond premium this income is taxable and the IRS determines that it has FATCA Wings $ not been reported. requirement 12 Bond print on Tromay obligation 13 Hond premium ontwesompt bord $ $ Account number (see instructions 14 Taxes and tax credit 15 Stat 10 State identification no. 17 State tax withheld bond CUSIP n. s IS Form 1099-INT (keep for your records) www.irs.gowForm1090INT Department of the Treasury - Intemal Revenue Service Lilburn, GA 30047 OMB No. 1545-0110 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP 1a Total ordinary dividends or foreign postal code, and telephone no. $ 300.00 1b Qualified dividends 2019 Dividends and Distributions ABC Investment Company 555 Wall Street New York, NY 10004 300.00 $ 2 Total capital gain distr. $ 2e Section 1202 gain Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (2896) gain Copy B PAYER'S TIN RECIPIENT'S TIN For Recipient 88.8888888 555-55-5555 Bob Jennifer Smith 456 Meadow Street Lilburn, GA 30047 S S RECIPIENT'S name 3 Nondividend distributions4 Federal income tax withheld $ $ This is important tax information and is 5 Section 199A dividends 6 investment expenses being furnished to Street address including apt, no) $ $ the IRS. If you are required to file a 7 Foreign tax paid B Foreign country U.S. pression retum, a negligence penalty or other sanction may be City or town, state or province, country, and ZIP or foreign postal code $ imposed on you if 9 Cash liquidation distributions 10 Noncathlidation durbution this income is taxable and the IRS $ $ determines that it has FATCA Kling 11 Exempt interest dividends 12 Specified private activity not been reported requirement bond interest dividends $ Account number (see instructions) 13 State | 14 | 15 State tax withhold $ $ Form 1099-DIV (keep for your records) www.irs.gov/Form1000DIV Department of the Treasury - Internal Revenue Service I CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country. ZIP Applicable checkbox on Form 1949 or foreign postal code, and telephone no. OMB No. 1545-0715 Proceeds From Broker and 2019 Barter Exchange ABC Investment Company 555 Wall Street New York, NY 10004 88.8888888 Form 1099-B Transactions 1a Description of property (Example: 100 sh.XYZ Co.) 100 Shs IBM 1b Date acquired 10 Date sold or disposed 10-1-2015 19:30-2019 PAYER'S TIN RECIPIENT'S TIN 1d Proceeds 1e Cost or other basis Copy B s 20,000.00 $ 5 000.00 For Recipient 555-55-5555 11 Acond market dicount 19 Wash sale loss disallowed S S RECIPIENT'S name 2 Short-term gain or loss 3 if checked, proceeds from: Long-term gain or loss Colectibles Ordinary OOF This is important tax Street address (including apt. no.) 4 Federal income tax withheld 5 If checked, noncovered information and is security $ being furnished to 6 Reported to RS 7 checked, loss is not allowed the IRS. If you are based on amount in 1d required to file a City or town, state or province, country, and ZIP or foreign postal code Gross proceeds return, a negligence Net proceeds penalty or other 8 Profit or do realized in 9 Unrated profit or loss on sanction may be 2019 on closed contracts Account number (see Instructions) open contracts-12/31/2018 imposed on you if this income is $ taxable and the IRS CUSIP number FATCA fing 10 Urrenced profit or oss on 11 Aggregate profit or doss) determines that it requirement open contracts - 12/31/2019 on contracts has not been 14 State name 15 State identification no. 10 State tax withheld $ $ reported $ 12 I checked, basis reported 13 Bartering to IRS $ $ Form 1099-B (Keep for your records) www.lrs.cow Form10098 Department of the Treasury - Internal Revenue Service Bob Jennifer Smith 456 Meadow Street Lilburn, GA 30047 GE Data Facts for Tax Return Project - 2019 Tax Year Taxpayer: Spouse: Bob Smith DOB: 10/25/1963 Jennifer Smith DOB: 03/19/1965 SSN: 555-55-5555 SSN: 666-66-6666 Bob works full-time for a manufacturing company. His W2 is attached. Jennifer has a small business that she runs from her home office. This is the first year she has had activity in the business and she started on January 1, 2019. Her income and expenses are below. Bob and Jennifer have invested in the stock market and have interest and dividend income. Their 1099s are attached. They also have capital gains from sales of stock, included on the 1099-B. Together, the Smiths have contributed $2,500 to their church, the mortgage interest on their principal residence is $8,900 and they have medical expenses of $4,500. Prepare their form 1040, based on this information, making sure to minimize their tax liability, while adhering to tax laws. Jennifer's Home Decorating, LLC - a single member LLC - FEIN: 77-7777777 Jennifer's Home Decorating, LLC - a single member LLC - FEIN: 77-7777777 Gross Receipts: $250,000 Expenses: Office Furniture Advertising Website Business Mileage Subcontractor $10,000 $ 4,000 $ 1,000 10,000 miles (standard mileage rate for 2019 is.58 cents/mile) $40,000 Home Office Expenses: (the dedicated office space is 150 sq ft/the house is a total of 1,500 sq ft) Utilities for the year $ 5,000 Cleaning Services $ 9,000 (the service cleans the whole house) Insurance for the house $ 1,000 Mortgage Interest $ 8,900 Real Estate Taxes for home $ 4,000 a Employee's social security number Safe, accurate, Visit the IRS website at b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld 555-55-5555 OMB No 1545-0008 FAST! Use unse file www.irs.govredio 99-9999999 125,000.00 25,000.00 Acme Manufacturing, Inc. 125,000.00 7.750.00 123 Main Street 125,000.00 1,812.50 Atlanta, GA 303 03 5 Medicare wages and tips 6 Medicare tax withheld 7 Social security tips 8 Allocated tips d Control number 10 Dependent care benefits - Employee's first name and initia Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 13 Het Tandarts se pay 12b employee Bob Smith 456 Meadow Street Lilburn, GA 30047 14 Other 12c 12d f Employee's address and ZIP code 15 State Employer's state ID number 18 Local wages, tips, etc. 19 Local income tax 20 Locality name G47122501- XO 16 State wages, tips, etc. 17 State income tax 125,000.00 62.250.00 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country. ZP Payer's RTN (optional) or foreign postal code, and telephone no. OMB No 1545-0112 2019 Interest Income 1 Interest income ABC Investment Company 555 Wall Street New York, NY looo 4. s 3.000.00 Form 1099-INT 2 Early withdrawal penalty Copy B PAYERS TIN RECIPIENT'S TIN $ 3 Interest on U.S. Savings Bonds and Treas, obligations For Recipient 88-8888888 555-55-5555s Bob & Jennifer Smith 1456 Meadow Street RECIPIENT'S name 4 Federal income tax withheld Investment expenses This is important tax $ information and is $ being furnished to the 6 Foreign tax paid 7 Foreign courty US possession IRS. If you are Street address (including apt. no.) IS required to file a 8 Tax-exempt interest 9 Spected private activity bond retum, a negligence interest penalty or other sanction may be City or town, state or province, country, and ZIP or foreign postal code $ $ imposed on you if 10 Market discount 11 Bond premium this income is taxable and the IRS determines that it has FATCA Wings $ not been reported. requirement 12 Bond print on Tromay obligation 13 Hond premium ontwesompt bord $ $ Account number (see instructions 14 Taxes and tax credit 15 Stat 10 State identification no. 17 State tax withheld bond CUSIP n. s IS Form 1099-INT (keep for your records) www.irs.gowForm1090INT Department of the Treasury - Intemal Revenue Service Lilburn, GA 30047 OMB No. 1545-0110 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP 1a Total ordinary dividends or foreign postal code, and telephone no. $ 300.00 1b Qualified dividends 2019 Dividends and Distributions ABC Investment Company 555 Wall Street New York, NY 10004 300.00 $ 2 Total capital gain distr. $ 2e Section 1202 gain Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (2896) gain Copy B PAYER'S TIN RECIPIENT'S TIN For Recipient 88.8888888 555-55-5555 Bob Jennifer Smith 456 Meadow Street Lilburn, GA 30047 S S RECIPIENT'S name 3 Nondividend distributions4 Federal income tax withheld $ $ This is important tax information and is 5 Section 199A dividends 6 investment expenses being furnished to Street address including apt, no) $ $ the IRS. If you are required to file a 7 Foreign tax paid B Foreign country U.S. pression retum, a negligence penalty or other sanction may be City or town, state or province, country, and ZIP or foreign postal code $ imposed on you if 9 Cash liquidation distributions 10 Noncathlidation durbution this income is taxable and the IRS $ $ determines that it has FATCA Kling 11 Exempt interest dividends 12 Specified private activity not been reported requirement bond interest dividends $ Account number (see instructions) 13 State | 14 | 15 State tax withhold $ $ Form 1099-DIV (keep for your records) www.irs.gov/Form1000DIV Department of the Treasury - Internal Revenue Service I CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country. ZIP Applicable checkbox on Form 1949 or foreign postal code, and telephone no. OMB No. 1545-0715 Proceeds From Broker and 2019 Barter Exchange ABC Investment Company 555 Wall Street New York, NY 10004 88.8888888 Form 1099-B Transactions 1a Description of property (Example: 100 sh.XYZ Co.) 100 Shs IBM 1b Date acquired 10 Date sold or disposed 10-1-2015 19:30-2019 PAYER'S TIN RECIPIENT'S TIN 1d Proceeds 1e Cost or other basis Copy B s 20,000.00 $ 5 000.00 For Recipient 555-55-5555 11 Acond market dicount 19 Wash sale loss disallowed S S RECIPIENT'S name 2 Short-term gain or loss 3 if checked, proceeds from: Long-term gain or loss Colectibles Ordinary OOF This is important tax Street address (including apt. no.) 4 Federal income tax withheld 5 If checked, noncovered information and is security $ being furnished to 6 Reported to RS 7 checked, loss is not allowed the IRS. If you are based on amount in 1d required to file a City or town, state or province, country, and ZIP or foreign postal code Gross proceeds return, a negligence Net proceeds penalty or other 8 Profit or do realized in 9 Unrated profit or loss on sanction may be 2019 on closed contracts Account number (see Instructions) open contracts-12/31/2018 imposed on you if this income is $ taxable and the IRS CUSIP number FATCA fing 10 Urrenced profit or oss on 11 Aggregate profit or doss) determines that it requirement open contracts - 12/31/2019 on contracts has not been 14 State name 15 State identification no. 10 State tax withheld $ $ reported $ 12 I checked, basis reported 13 Bartering to IRS $ $ Form 1099-B (Keep for your records) www.lrs.cow Form10098 Department of the Treasury - Internal Revenue Service Bob Jennifer Smith 456 Meadow Street Lilburn, GA 30047 GE