help with the following assignment having difficulty ACC 460 Federal Taxation Instructions Topic 8 Tax Return Problem You will be working individually to complete an s corporation tax return and an individual income tax return The completed tax returns can be submitted in paper copy during class (if uploaded to LoudCloud please scan and upload one single document Note if you upload multiple documents, the assignment will not be graded, and you will be required to turn in a paper copy or resubmit a single document with possible late point deductions) Use 2018 forms only (points will be deducted for using 2017 or 2019 forms) Required Prepare an s corporation tax return See data below You will need the following forms Form 1120S and corresponding schedules, including Schedules L and M 1 Schedule K 1 for Herman Hiebert (from problem C11 64) For the Schedule K 1, use the address and SSN information below for Herman Individual taxpayer information Individual tax forms required Form 1040 Schedule 1 Schedule 5 Schedule A Schedule B Schedule D Schedule E Form 8949 Form 4797 (see item 4 i below) Herman Hieberts social security number is 456 12 3789 He is married but does not have any dependents His wifes name is Rebecca, and her social security number is 123 45 6789 They live at 1345 E 44 th Street, Phoenix, AZ 85017 Additional information to complete the tax returns Rebecca works at Intel Corporation and earned $160,000 during the tax year Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000 Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500 Mortgage interest on their personal residence was $15,200, and property taxes were $5,150 Additional charitable contributions of $10,500 were paid during the year On July 10, 2018, they sold 1,000 shares of Intel Corporation stock for $70 per share They purchased the stock on May 1, 2012 for $56 per share The taxpayers have a long term capital loss carry forward of $5,000 Assume AMT does not apply Apply any refund to estimated tax payments for the next year Instead of preparing Form 4797 (because it was already prepared for the s corporation), input any gain loss from the Section 1231 asset on Form 1040, Schedule 1, line 14

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help with the following assignment having difficulty. ACC-460 - Federal Taxation Instructions: Topic 8 Tax Return Problem You will be working individually to complete an

help with the following assignment having difficulty.

ACC-460 - Federal Taxation

Instructions: Topic 8 Tax Return Problem

You will be working individually to complete an s-corporation tax return and an individual income tax return. The completed tax returns can be submitted in paper copy during class (if uploaded to LoudCloud please scan and upload one single document. Note if you upload multiple documents, the assignment will not be graded, and you will be required to turn in a paper copy or resubmit a single document with possible late point deductions). Use 2018 forms only (points will be deducted for using 2017 or 2019 forms).

Required

Prepare an s-corporation tax return. See data below. You will need the following forms:

Form 1120S and corresponding schedules, including Schedules L and M-1
Schedule K-1 for Herman Hiebert (from problem C11-64)
For the Schedule K-1, use the address and SSN information below for Herman.

Individual taxpayer information

Individual tax forms required:

Form 1040
Schedule 1
Schedule 5
Schedule A
Schedule B
Schedule D
Schedule E
Form 8949
Form 4797 (see item 4.i. below)

Herman Hieberts social security number is 456-12-3789. He is married but does not have any dependents. His wifes name is Rebecca, and her social security number is 123-45-6789. They live at 1345 E. 44^th Street, Phoenix, AZ 85017

Additional information to complete the tax returns:

Rebecca works at Intel Corporation and earned $160,000 during the tax year.
Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500
Mortgage interest on their personal residence was $15,200, and property taxes were $5,150.
Additional charitable contributions of $10,500 were paid during the year.
On July 10, 2018, they sold 1,000 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012 for $56 per share.
The taxpayers have a long-term capital loss carry forward of $5,000.
Assume AMT does not apply.
Apply any refund to estimated tax payments for the next year.
Instead of preparing Form 4797 (because it was already prepared for the s-corporation), input any gain/loss from the Section 1231 asset on Form 1040, Schedule 1, line 14.