Hi there,

I really need help on the tax return project. Can someone help me to prepare for the tax return according to the attachment file below?

I am truly appreciated your help!!

Tax Return Project ACCT 3152 Spring 2016 Due date: 6:00 pm CDT, April 28, 2016 You should use the 2015 rates and amounts from the textbook if you are preparing the return by hand and you should obtain the forms from the IRS website at www.irs.gov. If you are using tax preparation software, use the rates from that software. As a hint, at a minimum, you should have at least the following forms and schedules: 1040, A, B, C, D, SE, 4684, 4562, 6251, 8283. Please turn in the forms and schedules required to be turned in to the IRS. Your project should be stapled together with your name and section number on the first page. You have been asked to prepare a 2015 tax return for the Johnson family. Milton D. Johnson (789-11-2345, born 9/26/1970) and his wife, Elizabeth S. Johnson (345-22-6789, born 1/31/1976) have three children; Lisa, age 9 (324-55-9988), Stephen, age 11 (123-44-5678) and Andrew, age 19 (543-88-9876). They live at 1205 Second Street, New Orleans, LA 70130. Milton Johnson is a psychiatrist with his own practice, New Orleans Therapy (\"NO Therapy\"), which is located nearby at 3450 Prytania St. New Orleans, LA 70130. NO Therapy used the cash basis of accounting. 1. NO Therapy had the following transaction during 2015: Service Revenue Administrative Staff Salaries Advertising Office Rent Insurance Utilities Meals & Entertainment Dues Travel Expenses Legal Fees Cell Phone (100% business) $710,000 180,000 6,000 120,000 110,000 18,000 6,000 3,000 5,000 12,000 1,500 2. NO Therapy purchased $42,000 of office furniture for business use on April 3, 2015. An election is made to expense the acquisition cost under Section 179. The assets have a 7 year life and Milton wants to maximize the current year deduction. 3. The following property was acquired and placed in service in prior years: Property Computers Printers Furniture Placed in service October 2014 May 2014 January 2014 Property Class 5 year 5 year 7 year Cost $30,000 $6,000 $35,000 Method MACRS MACRS MACRS Section 179 or bonus depreciation was not elected for any of the property above. 4. Elizabeth is a nurse at a Children's Hospital. She received a W-2 from Children's Hospital showing wages for 2014 of $72,000. She had $12,000 withheld for federal income taxes and $2,000 withheld for Louisiana state income taxes. Elizabeth's job provided health insurance for the family. She contributed $4,464 to OASDI and $1,044 to HI or a total of 7.65% on her wages. 5. Milton paid estimated federal income taxes of $32,000 ($8,000 for 4 quarters) and estimated state income taxes of $18,000 ($6,000 for the first 3 quarters). 6. Milton and Elizabeth received a Form1098-T from UNO showing they paid $5,000 in eligible education expenses for Andrew who is a full-time student in his first year at UNO. 7. Milton is still paying off his loans from medical school. He received Form 1098-E showing that he paid $6,000 in student loan interest. 8. The Johnsons donated 500 shares of ABC company stock to the UNO Department of Accounting on July 1, 2015. The stock had a basis of $10 per share and a FMV of $30 per share was purchased in 2010. ABC is publicly traded. 9. Milton and Elizabeth had the following personal expenses for the year: Home mortgage interest Real property taxes Cash donations: First Methodist Church LASPCA LSU Athletic Foundation UNO Dept. of Accounting American Cancer Society Medical Expenses: Prescription medications unreimbursed Doctor's bills unreimbursed Insurance premiums Wheelchair ramp for Elizabeth's mother (added value to home: $5,000) $24,000 18,000 8,400 95 5 12,000 500 2,400 14,000 4,800 9,000 10. Milton and Elizabeth provide 100% of the support for Elizabeth's mother, Joyce Keller (111-22-3333) who resides in a nursing home that costs $60,000 a year. She spends one weekend a month at the Johnsons' home. 11. Milton and Elizabeth have the following investment income for 2015: Whitney Bank (1099-INT) Exxon stock (1099-DIV) New Orleans municipal bonds 12. $200 interest $12,000 dividends (qualified) $4,000 interest Milton and Elizabeth had the following stock transaction during 2015. They received a Form 1099-B showing the proceeds of the sales. Date 1/14 Shares Sold 500 shares ISC Selling Price $50/share Basis_________ Paid $28/share for 400 shares on 2/10/2011. There was a 2 for 1 stock split on 10/6/2011. 6/30 Sold 300 shares LOW $35/share Paid $45/share for 400 shares on 4/8/2010. 9/25 Sold 100 shares RKL $32/share Paid $22/share for 100 shares on 3/20/2015. 100 shares of General Business stock purchased in 2005 for $3,600 became worthless in 2015. 13. Milton received $100,000 of life insurance proceeds when his father passed away during the year. 14. The Johnsons' home was damaged during an electrical fire on August 12, 2015. The adjusted basis of the home before the fire was $525,000. The FMV before the fire was $700,000 and the FMV after the fire was $550,000. The insurance company reimbursement was $70,000. 15. The Johnsons had $32,000 of interest in 2015 on private activity bonds from city of Baton Rouge issued in 2005