I already have the answer I just need help inputting the data in the IRS form here it is and where to download it.

ACCT 451 Summer 2015 Tax Return Problem Phase I The first phase of the tax return problem focuses on the basic income concepts. However, you will prepare a complete tax return, including the standard deduction or itemized deductions as appropriate and any credits that you have information for, as though this is all the Schnappauf's tax information. This means that you may have to research some items that have not yet been covered in the class. The exhibits are not in this file but will be uploaded to Black Board and are also in the text. The problem is in the text BUT you should be aware that some items in this document may be different from what is in the text. You are responsible for a tax return using this information. The Schnappauf Family In 2014, Bill and Joyce Schnappauf live in Wakefield, RI. Bill is 53 and Joyce is 51. Bill is a district sales manager for USC Equipment Corporation, a Rhode Island firm that manufactures and distributes gaming equipment. Joyce is a self-employed author of children's books. The Schnappaufs have three children, Will, 21, Dan, 19, and Tom, 16. In February 2015, the Schnappaufs provide the following basic information for preparing their 2014 federal income tax return: 1. 2. the 3. 4. 5. 6. 7. 8. 9. 10. The Schnappauf's use the cash method of accounting and file their return on a calendar year basis. Unless otherwise stated, assume the Schnappaufs want to minimize the current year's tax liability. That is, they would prefer to defer income when possible and take largest deductions possible, a practice they have followed in the past. Joyce's social security number is 371-42-5207 Bill's social security number is 150-52-0546 Will's social security number is 372-46-2611 Dan's social security number is 377-42-3411 Tom's social security number is 375-49-6511 The Schnappaufs do not have any foreign bank accounts or foreign trusts Their address is 27 Northup Street, Wakefield, RI (02879) The Schnappaufs do not wish to contribute to the presidential election campaign. 1. Bill's W-2 is provided (Exhibit A-1). The 2014 W-2 includes his salary ($96,000), bonus ($57,000), and income from group-term life insurance coverage in excess of $50,000 ($126.96), and is reduced by his 7 percent contribution ($6,720) to USC's qualified pension plan. The company matches Bill's contribution to the plan. 2. The Schnappaufs receive two 1099-INT's for interest (Exhibits A-2 and A-3), two 1099-DIV's for dividends (Exhibits A-4 and A-5), and a combined interest and dividend statement (Exhibit A-6). 3. Joyce and her brother, Bob, are co-owners of, and active participants in, a furniture-restoration business. Joyce owns 30 percent and Bob owns 70 percent of the business. The business was formed as an S corporation in 2006. During 2014, the company pays $5,300 in dividends. The basis of Joyce's stock is $31,000. 4. The Schnappaufs receive a 2013 federal income tax refund of $1,714 on May 12, 2014. On May 15, 2014, they receive their income tax refund from the state of Rhode Island. In January 2015, the state mails the Schnappaufs a Form 1099-G (Exhibit A-7). Their total itemized deductions in 2013 were $21,796. 5. During 2014, Joyce is the lucky ninety-third caller to a local radio station and wins $540 in cash and a Tablet. Despite repeated calls to the radio station, she has not received a Form 1099-MISC. In announcing the prize, the radio station host said that the manufacturer's suggested retail price for the Tablet is $640. However, Joyce has a catalog from Supersonic Electronics that advertises the Tablet for $525 6. The Schnappaufs receive a Form W-2G (Exhibit A-8) for their winnings at the Yardley Casino in Connecticut. 7. On June 26, 2014, Bill receives a check for $17,050 from the United Insurance Corporation. Though he was unaware of it, he was the designated beneficiary of an insurance policy on the life of his uncle. The policy had a maturity value of $16,600, and the letter from the company stated that his uncle had paid premiums on the policy of $3,875 (Exhibit A-9). 8. Joyce is active in the school PTO. During the year, she receives an award for outstanding service to the organization. She receives a plaque and two $150 gift certificates that were donated to the PTO by local merchants 9. To complete phase I, you will need Form 1040, Schedule B, and Schedule D INSTRUCTIONS: Prepare a complete tax return, including refund or tax due, for the Schnappaufs using the above information and the exhibits referred to. If you have any questions about facts, etc., ask the Tax Partner for the Schnappauf's account (that would be me). Better to ask than to make incorrect assumptions. When you are finished with the return it will be submitted to the Tax Partner for the Schnappaufs. That means the Schnappaufs will not have seen it and can, therefore, not have signed it. PREPARATION AID: Tax forms and instructions can be downloaded from the IRS's home page (http://www.irs.treas.gov). You can also download IRS Publication 17, which is a useful guide in preparing the tax return