Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Explain each point on the 1040 form and 1040A.Detail which expenses they incurred that were nondeductible for tax purposes, and explain why?. words 300 +

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Explain each point on the 1040 form and 1040A.Detail which expenses they incurred that were nondeductible for tax purposes, and explain why?. words 300 +

Tax provision: Miles away (650 miles ), House hunting trip ($700), meals ($50), personal credit cards ($1200) ,baby furniture ($140), goodwill($650). Please see above for more details

1040 Department of the Treasury-intamal Ravenua Sarvice 20 15 U.S. Individual Income Tax Return OMB No. 1645-007 4 RS Usa Only-Do not writa or staple in this space. Forre -Dec 1.205. Ootrer beginning .2016endng See separate instructions. Last name Your Social Securty number Your frst name and Inltal Smith 5 5 5 i 5 15 5 5 5 Last name spouse's security number tajoint return, spouse's frst name and initial Sam Smith 4 4 4 4 4 4 4 4 4 Home address (number and street if you have a P.O. box, see Instructions. Apt no. Make sure the SSNIS above and online Bc are correct. 33 Oak Street Drive City, town or post omce state and ZP DOde. you have aforeign address, also compiete Spaces beiow Seeinstructions Presidential Election Campaign Check here if you your spouse if fing San Di California 91911 jointly, want togo to this und Checking Foreign country name Foreign postal code Foreign provincelstate/coun box below wil not change your tax You spouse Filing Status 1 Single 4 L Head of household (with qualifying person. (See instructions) f 2 Manried filing jointly even if only one had income the qualifying person child but not your dependent, enter thi Check only Married filing separately. Enter spouse's SSN above and full name here. 5 Qualifying widowier) with dependent child Exemptions 6a Yourself lf someone can claim you as a dependent, do not check box 6a Boxes checked on 6a and 6b No. of children child under age 17 on 6c who c Dependents: Dependent's dual chld tax credit lived with you social security number relationship to you Arst name Last name nstructo did not live with you due to divo 33 33 33 333 Daughter Elizabeth Smith separati If more than four 222 222 222 son Jonathan Smith dependents, see instructions and not entered above check here Add numbers on d Total number of exemptions claimed lines above 185300 7 Wages, salaries, tips, etc. Attach Form(s) W-2 Income Ba Taxable interest. Attach Schedule Bif required b Tax-exer mpt interest. Do not include on line Ba Attach Form(s) 9a Ordinary dividends. Attach Schedule B if required W-2 here. Also b Qualified dividends attach Forms W-2G and 10 Taxable refunds, credits, or offsets of state and local income taxes 1099-A if tax 11 Alimony received was withheld. 12 12 Business incom (loss). Attach Schedule C or C-EZ 13 Capital gain or loss). Attach Schedule D if required. If not required, check here 1 If you did not 14 14 Other gains or losses). Attach Form 4797 get a W-2, 15a IRA distributions 15a b Taxable amount see instructions. 16b 16a Pensions and annuities b Taxable amount 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17 18 18 Farm income or (loss). Attach Schedule 19 Unem ployment compensation 20b 20a Social secu rity benefits 20a b Taxable amount 211 Other income. List type and amount Combine the amounts in the far right column for ines 7 through21.This is your total income 23 Educator expenses Adjusted 24 Certain business expenses of reservists, performing artists, and Gross fee-basis government officials. Attach Form 2106 or 2106-EZ Income 25 Health savings account deduction. Attach Form 8889 26 2875 Moving expenses. Attach Form 3903 27 Deductible part of self-employment tax. Attach Schedule SE L27 Self-employed SEP, SIMPLE, and qualified plans 29 Self-employed health insurance deduction Penalty on early withdrawal of savings 31a Alimony paid b Recipient's SSN IRA deduction 850 Student loan interest deduction Tuition and fees. Attach Form 8917 35 Domestic production activities deduction. Attach Form 8903 35 Add lines 23 through 35 181575 Subtract line 36 from line 22. is is your adjusted gross income 1040 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 12015) Cat. No. 11320B 1040 Department of the Treasury-intamal Ravenua Sarvice 20 15 U.S. Individual Income Tax Return OMB No. 1645-007 4 RS Usa Only-Do not writa or staple in this space. Forre -Dec 1.205. Ootrer beginning .2016endng See separate instructions. Last name Your Social Securty number Your frst name and Inltal Smith 5 5 5 i 5 15 5 5 5 Last name spouse's security number tajoint return, spouse's frst name and initial Sam Smith 4 4 4 4 4 4 4 4 4 Home address (number and street if you have a P.O. box, see Instructions. Apt no. Make sure the SSNIS above and online Bc are correct. 33 Oak Street Drive City, town or post omce state and ZP DOde. you have aforeign address, also compiete Spaces beiow Seeinstructions Presidential Election Campaign Check here if you your spouse if fing San Di California 91911 jointly, want togo to this und Checking Foreign country name Foreign postal code Foreign provincelstate/coun box below wil not change your tax You spouse Filing Status 1 Single 4 L Head of household (with qualifying person. (See instructions) f 2 Manried filing jointly even if only one had income the qualifying person child but not your dependent, enter thi Check only Married filing separately. Enter spouse's SSN above and full name here. 5 Qualifying widowier) with dependent child Exemptions 6a Yourself lf someone can claim you as a dependent, do not check box 6a Boxes checked on 6a and 6b No. of children child under age 17 on 6c who c Dependents: Dependent's dual chld tax credit lived with you social security number relationship to you Arst name Last name nstructo did not live with you due to divo 33 33 33 333 Daughter Elizabeth Smith separati If more than four 222 222 222 son Jonathan Smith dependents, see instructions and not entered above check here Add numbers on d Total number of exemptions claimed lines above 185300 7 Wages, salaries, tips, etc. Attach Form(s) W-2 Income Ba Taxable interest. Attach Schedule Bif required b Tax-exer mpt interest. Do not include on line Ba Attach Form(s) 9a Ordinary dividends. Attach Schedule B if required W-2 here. Also b Qualified dividends attach Forms W-2G and 10 Taxable refunds, credits, or offsets of state and local income taxes 1099-A if tax 11 Alimony received was withheld. 12 12 Business incom (loss). Attach Schedule C or C-EZ 13 Capital gain or loss). Attach Schedule D if required. If not required, check here 1 If you did not 14 14 Other gains or losses). Attach Form 4797 get a W-2, 15a IRA distributions 15a b Taxable amount see instructions. 16b 16a Pensions and annuities b Taxable amount 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17 18 18 Farm income or (loss). Attach Schedule 19 Unem ployment compensation 20b 20a Social secu rity benefits 20a b Taxable amount 211 Other income. List type and amount Combine the amounts in the far right column for ines 7 through21.This is your total income 23 Educator expenses Adjusted 24 Certain business expenses of reservists, performing artists, and Gross fee-basis government officials. Attach Form 2106 or 2106-EZ Income 25 Health savings account deduction. Attach Form 8889 26 2875 Moving expenses. Attach Form 3903 27 Deductible part of self-employment tax. Attach Schedule SE L27 Self-employed SEP, SIMPLE, and qualified plans 29 Self-employed health insurance deduction Penalty on early withdrawal of savings 31a Alimony paid b Recipient's SSN IRA deduction 850 Student loan interest deduction Tuition and fees. Attach Form 8917 35 Domestic production activities deduction. Attach Form 8903 35 Add lines 23 through 35 181575 Subtract line 36 from line 22. is is your adjusted gross income 1040 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 12015) Cat. No. 11320B

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions