I need help filling out the Schedule B (Form 1040) Interest and Ordinary Dividends

B) 6-1 Final Project Two Practice: To X CengageNOWv2 | Online teaching x v2.cengagenow.com x C My Overview | Chegg.com X + https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignmen... Apps @ snhu Other bookmarks 6-1 Final Project Practice: Tax Return Calculator Print Item Instructions X Interest on savings at Second Bank 1,600 Interest on City of Corbin bonds 900 Interest on First Bank CD 382 The $382 from First Bank was original issue discount. Dan and Freida collected $16,000 on the First Bank CD that matured on September 30, 2016. The CD was purchased on October 1, 2014, for $14,995, and the yield to maturity was 3.3%. Dan received a Schedule K-1 from the Falcon Partnership, which showed his distributive share of income as $7,000 (non passive income). In addition to the above information, Dan and Freida's itemized deductions included the following: Paid on 2016 Kentucky income tax $700 Personal property tax paid 600 Real estate taxes paid 1,800 Interest on home mortgage (Corbin S&L) 4,900 Cash contributions to the Boy Scouts 800 Sales tax from the sales tax table is $1,860. Dan and Freida made Federal estimated tax payments of $8,000. All members of the family had health insurance coverage for all of 2016. Dan and Freida do not wish to contribute to the Presidential Election Campaign. The Kentucky income tax rate is 4%. Required: Compute Dan and Freida's 2016 Federal income tax payable (or refund due). Use Form 1040 and Schedules A, B, and E to complete this tax return. If there is a tax overpayment, the Butlers would like a refund. If additional tax is due, assume no underpayment penalty applies. It may be necessary to complete the tax schedules before completing Form 1040. Check My Work Email Instructor Save and Exit Submit Test for GradingB) 6-1 Final Project Two Practice: To X CengageNOWv2 | Online teaching x v2.cengagenow.com x C My Overview | Chegg.com X + -CD https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=assignmen... Apps @ snhu Other bookmarks 6-1 Final Project Practice: Tax Return Calculator Print Item Instructions X Daniel B. Butler and Freida C. Butler, husband and wife, file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan's Social Security number is 111-11-1111, and Freida's is 123-45-6789. Dan was born on January 15, 1965, and Freida was born on August 20, 1966. During 2016, Dan and Freida furnished over half of the total support of each of the following individuals, all of whom still live at home: a. Gina, their daughter, age 22, a full-time student, who married on December 21, 2016, has no income of her own and for 2016 did not file a joint return with her husband, Casey, who earned $10,600 during 2016. Gina's Social Security number is 123-45-6788. b. Sam, their son, age 20, who had gross income of $6,300 in 2016, dropped out of college in October 2016. He had graduated from high school in May 2016. Sam's Social Security number is 123-45-6787. c. Ben, their oldest son, age 26, is a full-time graduate student with gross income of $5,200. Ben's Social Security number is 123-45-6786. Dan was employed as a manager by WJJJ, Inc. (employer identification number 11-1111111, 604 Franklin Street, Corbin, KY 40702), and Freida was employed as a salesperson for Corbin Realty, Inc. (employer identification number 98-7654321, 899 Central Street, Corbin, Ky 40701). Selected information from the W-2 Forms provided by the employers is presented below. Dan and Freida use the cash method. Line Description Dan Freida 1 Wages, tips, other compensation $74,000 $86,000 2 Federal income tax withheld 11,000 12,400 17 State income tax withheld 2,960 3,440 Freida sold a house on December 30, 2016, and will be paid a commission of $3,100 (not included in the $86,000 reported on the W-2) on the January 10, 2017 closing date. Other income (as reported on 1099 Forms) for 2016 consisted of the following: Dividends on CSX stock (qualified) $4,200 Interest on savings at Second Bank 1,600 Check My Work Email Instructor Save and Exit Submit Test for GradingSchedule B Form 1040 2016.pdf - Adobe Reader File Edit View Window Help Open 75% - = Tools Fill & Sign Comment Extended Please fill out the following form. You can save data typed into this form. EG Highlight Existing Fields Fill & Sign Tools SCHEDULE B (Form 1040A or 1040) Interest and Ordinary Dividends OMB NO. 1545-0074 (Rev. January 2017) Department of the Treasur Attach to Form 1040A or 1040. 2016 Internal Revenue Service (8 Information about Schedule B and its instructions is at www.irs.gov/scheduleb Attachment I Add Text Sequence No. 08 Name(s) shown Your social security number Add Checkmark Part I 1 List name of payer. If any interest is from a seller-financed mortgage and the Amount Interest buyer used the property as a personal residence, see instructions on back and list ZM Place Initials this interest first. Also, show that buyer's social security number and address La Place Signature (See instructions on back and the instructions for Form 1040A, or Send or Collect Signatures Form 1040, line Ba.) E Work with Certificates Note: If you received a Fo 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm list the firm's name as the payer and enter Add the amounts on line 1 . . 2 the total interest Excludable interest on series EE and I U.S. savings bonds issued after 1989. shown on that Attach Form 8815 . form. 4 1040, line Ba Subtract line 3 from line 2. Enter the result here and on Form 1040A, or Form Note: If line 4 is over $1,500, you must complete Part III. Amount Part II List name of payer Ordinary Dividends (See instructions on back and the instructions for Form 1040A, or Form 1040, 5 ine 9a.] Note: If you substitute statement from a brokerage firm, name as the payer and enter the ordinary dividends shown 6 Add the amounts on line 5. Enter the total here and on Form 1040A, or Form on that form. 1040, line 9a Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. Yes No Part Ill 7a At any time during 2016, did you have a financial interest in or signature authority over a financial Foreign account (such as a bank account, securities account, or brokerage account) located in a foreign Accounts country? See instructions and Trusts if "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial See Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 instructions on and its instructions for filing requirements and exceptions to those requirements . back.) b If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located 8 During 2016, did you receive a distribution from, or were you the grantor of, or transferor to, a oreign trust? If "Yes," you may have to file Form 3520. See instructions on back . or PaDe Cat. No. 17146N Schedule B (Form 1040A or 1040) 2016