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Accounting 3020 Summer 2016 Tax Return Project #2 Required: - Prepare 2015 Forms 1040 and 8949 Prepare 2015 Schedules A, B, and D Due Date: Beginning of Class on June 9th Neal and Norah Jones are married and have three children. Their address is 333 S. Harrison Street, Omaha, NE 68146. Neal is employed as a business executive and Norah is a stay-at-home mom that runs a small Avon business on the side. The Jones' personal information is as follows: Name Neal S. Norah K. Jackie (daughter) Jared (son) Jane (daughter) SSN 215-60-4444 301-60-6666 713-84-7777 714-87-2222 714-89-3333 Birthday 12-10-75 05-04-76 04-15-01 08-08-04 01-16-06 Neal and Norah had the following income and expenses during 2015: Income: Neal's Salary Interest Income from USA Bank on savings account Interest Income from City of Omaha bond Gift from Neal's mother Dividend Income from ABC Corporation (not qualified) Life insurance proceeds on death of Norah's father Flow-through Income from MNO Partnership (from Schedule E) Value of Norah's inheritance from her father's estate Proceeds from asset sales* (see next page) Expenses: Qualified Medical Expenses Interest paid on credit cards Home mortgage interest from Form 1098 Interest on car loan State Income Tax Withholding Federal Income Tax Withholding Property taxes on automobiles Real estate taxes on home Contributions to traditional IRA for both Neal and Norah Tax return preparation fee Charitable contributions (cash contributions to public charity) Unreimbursed employee business expenses incurred by Neal 210,000 3,200 800 25,000 2,300 100,000 1,850 155,000 60,250 12,000 950 9,500 1,250 12,900 23,000 1,200 3,400 11,000 3,000 25,000 1,300 *The proceeds from asset sales came from three separate transactions during 2015: - On November 20th, Neal sold 450 shares of XYZ Corporation stock for $15/share. Neal had originally bought those shares on February 5, 2015 for $8/share. Also on November 20th, Neal sold 500 shares of MNO Corporation stock for $65/share. Neal bought those share on March 21, 2009 for $69/share. On December 15th, Norah sold a piece of land that she inherited from her father's estate. She received $21,000 of proceeds. Norah's dad paid $6,000 for that land in 1990 and on the date of her father's death it was worth $19,500. You work as a tax professional at UNO, LLP. The Jones' have hired you to prepare their 2015 tax return. The firm's address is 1040 South 102nd Street, Omaha, NE 68166 and their EIN is 14-7598461. Your PTIN is P11223355. Hints: For Form 8949 page 1, check box A and there are no adjustments to gains or losses. On page 2, check box D and there are no adjustments to gains or losses. Neither Neal nor Norah are covered by a retirement plan at work or through self-employment. Disregard any credits. Please Note: As the syllabus indicates, these are individual projects not group projects! You are free to utilize the textbook and the form instructions for help. If you need additional assistance feel free to contact me. Also, projects should be completed manually using tax forms available on the IRS website www.irs.gov. The website has some forms available that can be \"filled-in\" by the user. No tax preparation software such as TurboTax may be used. No other forms are necessary to fill out except for what is required above