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I have an 1040 form problem assignment. I have to type in this form (https://www.irs.gov/pub/irs-pdf/f1040.pdf) could you help me to solve it? 1040 Problem -

I have an 1040 form problem assignment.

I have to type in this form (https://www.irs.gov/pub/irs-pdf/f1040.pdf)

could you help me to solve it?

image text in transcribed 1040 Problem - Year is 2016 Olivia Jacobson (age 42) is not married. She lives at 1900 Riverside Way, Indianapolis, IN 46019, with his 3 children, Quinn (age 21), Huck (age 15) and Melissa (age 9). All children lived with Olivia all 12 months. Her husband, Fitz, died during the year in July. He was 42 and his Social Security number was 309-888888. Fitz did not work during the year due to illness. Quinn attends Indiana University Purdue University- Indianapolis (IUPUI) as a full-time student but lives at home with her mother. She has a part-time job at a department store where she earned $5,500 that she used for personal expenses such as clothes, lunches and gas for her car. She also saved $1,000 during the year. Christina also received a scholarship from IUPUI for $3,000. Olivia pays for Quinn's cell phone, car insurance, car repairs, meals, and tuition, fees and books. These expenses total $8,000. Huck has a part-time job where he earned $1,200. He and his little sister, Melissa, both attend a local private school. Their Social Security numbers are: Olivia 987-65-4321 Quinn 123-45-6789 Huck 542-12-9876 Melissa 789-10-1112 Olivia works as a corporate tax accountant at a large company downtown. Her W-2 has the following information: Line 1 2 3 4 5 6 15 16 17 Description Wages, tips, other compensation Federal income tax withheld Social Security wages Social Security tax withheld Medicare Wages and tips Medicare tax withheld State State Wages, tips, etc. State income tax withheld Amount $92,500 11,100 92,500 5,735 92,500 1,341 Indiana 92,500 2,070 Olivia also has interest income from Bank of Indianapolis of $1,800 and from an Indiana State Bond of $800. She received qualified dividends from her company of $200. Olivia sold 150 shares of her Macy's stock for $500 on January 10th, 2016, which was reported on a 1099B with basis information by his broker. She had originally purchased the stock on April 10, 2002, for $3,500. Olivia sold her personal use vehicle for $10,000 on August 16th, 2016. She had originally purchased the convertible on July 20, 2010, for $23,000. No depreciation has ever been allowed or allowable on the car. She also sold her husband's personal use boat on August 11, 2016 for $13,500. Fitz purchased it on May 10, 2009, for $18,000. After he purchased it, he spent almost 100 hours and $2,500 fixing it up. Olivia also has a side cash-basis tax preparation business. She purchased a new computer on 2/1/16 for $1,100 and a new desk on 2/15/16 for $2,500. She wants to take advantage of all Section 179 available to her as she has in every other year (she has no other depreciation expense). Her revenues were $25,000. Her expenses were supplies - $1,300, Internet and software - $1,000, tax update class - $1,000, and travel to update class - including meals of $100 - $500. She also sold her old desk for $500 on June 15, 2016, which originally cost her $800 back on 3/12/08. She had fully depreciated the desk. While she works from her house, she cannot claim a home office because she has no space that meets the criteria. She had 1,200 business related miles out of 15,000 total miles on her Suburban that she placed in service on 1/4/2013. She uses the standard mileage rate and maintains a written log of his miles. Olivia has no other car. Olivia received $150,000 in life insurance proceeds from her husband's death on 7/20/2016. She also received a gift from her father-in-law of $200,000 on 9/14/2016. Other expenses incurred during the year include: Unreimbursed medical expenses: Contact lenses Prescriptions Doctor's bills Property taxes on home Vehicle excise taxes $200 $800 $1,800 $2,000 500 Mortgage interest paid to Old National Bank Credit card interest (for personal expenses) Cash donation United Way Cash donation to IUPUI Foundation Cash donation to church Miscellaneous household items donated to Goodwill on May 31, 2016 that cost $2,000 and had a thrift shop value of $300. $2,600 1,000 $1,200 2,000 $500 ?? Estimated taxes paid: 4/15/2016 6/15/2016 9/15/2016 12/15/2016 Federal $1,000 $1,000 $1,000 $1,000 Indiana $200 $200 $200 $200 Prepare Olivia's 2016 federal income tax return (as if you were Olivia) including all required forms and schedules. Submit on Black Board as a single PDF file as per the instructions. Forms that you should consider reviewing when preparing the return include: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule SE, Form 8949, Form 4562, and Form 4797. Review instructions when completing the forms, but do not submit instructions with your forms. Note: the order of the forms is noted at the top right of each form. Please submit in the correct order. Olivia has had no 1231 losses in the past 5 years. Also, Olivia has all required documentation to support any amounts listed above

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