Question
i need help filling out a 1040 for married joint not sure if I completed it correctly Individual taxpayer information Individual tax forms required: Form
i need help filling out a 1040 for married joint not sure if I completed it correctly
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)
1.Herman Hiebert's social security number is 456-12-3789. He is married but does not have any dependents. His wife's name is Rebecca, and her social security number is 123-45-6789. They live at 1345 E. 44th Street, Phoenix, AZ 85017
2.Additional information to complete the tax returns:
a.Rebecca works at Intel Corporation and earned $160,000 during the tax year.
b.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
c.Mortgage interest on their personal residence was $15,200, and property taxes were $5,150.
d.Additional charitable contributions of $10,500 were paid during the year.
e.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.
f.The taxpayer's have a long-term capital loss carry forward of $5,000.
g.Assume AMT does not apply.
h.Apply any refund to estimated tax payments for the next year.
i.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.
3.Download the appropriate 2018 tax forms from the IRS website. Include any necessary supporting schedules and supporting documentation.
4.
Form 1040
Taxable income, Line 10: $194,667a
Total tax due, Line 78$112,934 (use 2017 tax tables)b, c
a: For purposes of this assignment, ignore the Qualified Business Income Deduction. It is a topic beyond the scope of this course and will be covered in the Corporation Taxation (ACC-668) course.
b: Ignore the 3.8% net investment income tax for high-wealth individuals.
c: Remember to take into consideration the items subject to the capital gain tax preference rate when calculating the total tax liability.
Schedule 1
Line 22 should be $69,017
Schedule A -
For Line 9, include the investment interest expense from the s-corporation.
On Line 11, remember to include the cash contributions from the s-corporation.
Form 8949
Line 2h (Part II), $14,000
Schedule D
Line 15, $33,333
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