I need this 2 tax assignement done its about 1040 and Schedule d

Form 1040 2016 (99) Department of the TreasuryInternal Revenue Service U.S. Individual Income Tax Return OMB No. 1545-0074 , 2016, ending IRS Use OnlyDo not write or staple in this space. See separate instructions. For the year Jan. 1-Dec. 31, 2016, or other tax year beginning Your first name and initial Last name , 20 Your social security number If a joint return, spouse's first name and initial Last name Spouse's social security number Apt. no. Home address (number and street). If you have a P.O. box, see instructions. c City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Foreign country name Filing Status Check only one box. Exemptions Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking Foreign postal code a box below will not change your tax or refund. You Spouse Foreign province/state/county 1 2 3 4 Single Married filing jointly (even if only one had income) c child's name here. a 5 Qualifying widow(er) with dependent child Yourself. If someone can claim you as a dependent, do not check box 6a . Spouse . Dependents: (1) First name Head of household (with qualifying person). (See instructions.) If the qualifying person is a child but not your dependent, enter this Married filing separately. Enter spouse's SSN above and full name here. a 6a b . . . . . . . . . . . (2) Dependent's social security number Last name . . . . . . . . . . . . . . . . } (4) \u0014 if child under age 17 qualifying for child tax credit (see instructions) (3) Dependent's relationship to you Dependents on 6c not entered above d Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a W-2, see instructions. Adjusted Gross Income Boxes checked on 6a and 6b No. of children on 6c who: lived with you did not live with you due to divorce or separation (see instructions) If more than four dependents, see instructions and check here a Income Make sure the SSN(s) above and on line 6c are correct. Total number of exemptions claimed . . . . . . . . . . . . . . . . . . . . . . . 7 . 8b . . . . . . . . . 8a . . . . . . . 9a 10 11 Qualified dividends . . . . . . . . . . . 9b Taxable refunds, credits, or offsets of state and local income taxes Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 12 13 14 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . Capital gain or (loss). Attach Schedule D if required. If not required, check here a Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . 12 13 14 15a 16a 17 IRA distributions . 15a b Taxable amount . . . Pensions and annuities 16a b Taxable amount . . . Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 15b 16b 17 18 19 20a Farm income or (loss). Attach Schedule F . Unemployment compensation . . . . Social security benefits 20a 18 19 20b 21 22 Other income. List type and amount Combine the amounts in the far right column for lines 7 through 21. This is your total income 23 Educator expenses 24 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 or 2106-EZ 25 Health savings account deduction. Attach Form 8889 . 24 25 26 27 28 Moving expenses. Attach Form 3903 . . . . . . Deductible part of self-employment tax. Attach Schedule SE . Self-employed SEP, SIMPLE, and qualified plans . . 26 27 28 29 30 31a Self-employed health insurance deduction Penalty on early withdrawal of savings . . . . . . . . . . 32 33 34 Alimony paid b Recipient's SSN a IRA deduction . . . . . . . Student loan interest deduction . . Tuition and fees. Attach Form 8917 . 29 30 31a . . . . . . . . . . . . 32 33 34 35 36 37 Domestic production activities deduction. Attach Form 8903 35 Add lines 23 through 35 . . . . . . . . . . . . . Subtract line 36 from line 22. This is your adjusted gross income 7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . 8a b 9a Taxable interest. Attach Schedule B if required . Tax-exempt interest. Do not include on line 8a . Ordinary dividends. Attach Schedule B if required . . . . . . . b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Taxable amount . . . . . . . . . . a . . Add numbers on lines above a 21 22 23 . . For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. . . . . . . . . . a 36 37 Cat. No. 11320B Form 1040 (2016) Page 2 Form 1040 (2016) 38 Amount from line 37 (adjusted gross income) Tax and Credits 39a Check if: Standard Deduction for People who check any box on line 39a or 39b or who can be claimed as a dependent, see instructions. All others: Single or Married filing separately, $6,300 Married filing jointly or Qualifying widow(er), $12,600 Head of household, $9,300 . . Other Taxes 58 59 60a Unreported social security and Medicare tax from Form: a b 61 First-time homebuyer credit repayment. Attach Form 5405 if required 62 63 Form 8960 c Taxes from: a Form 8959 b Add lines 56 through 62. This is your total tax . . Payments If you have a qualifying child, attach Schedule EIC. . . You were born before January 2, 1952, Spouse was born before January 2, 1952, . . Blind. Blind. . } . . . . . 38 . Total boxes checked a 39a 39b Itemized deductions (from Schedule A) or your standard deduction (see left margin) Subtract line 40 from line 38 . . . . . . . . . . . . . . . . . . . 42 43 Exemptions. If line 38 is $155,650 or less, multiply $4,050 by the number on line 6d. Otherwise, see instructions Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter -0- . . Form 4972 c Tax (see instructions). Check if any from: a Form(s) 8814 b 44 45 46 47 48 49 50 51 52 53 54 55 56 57 64 65 66a b 67 68 69 70 71 72 75 76a Alternative minimum tax (see instructions). Attach Form 6251 . Excess advance premium tax credit repayment. Attach Form 8962 . . . . . . . . . . . . . . . 48 . . . . . . 52 Residential energy credits. Attach Form 5695 . . . . 53 3800 b 8801 c Other credits from Form: a 54 Add lines 48 through 54. These are your total credits . . . . . Subtract line 55 from line 47. If line 55 is more than line 47, enter -0- . . . . . . . . . . . . Self-employment tax. Attach Schedule SE . . . . Add lines 44, 45, and 46 . . . . . . . Foreign tax credit. Attach Form 1116 if required . . . . . . . . . . a . . . . Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required . . . . . . . . . . . Instructions; enter code(s) . . . . . . . . . . 64 Federal income tax withheld from Forms W-2 and 1099 . . 2016 estimated tax payments and amount applied from 2015 return 65 Earned income credit (EIC) . . . . . . . . . . 66a . . . . . b 4137 . . . . . . . . . . . . . 67 American opportunity credit from Form 8863, line 8 . Net premium tax credit. Attach Form 8962 . . . . Amount paid with request for extension to file . . . . . . . . . 68 69 70 . 71 72 Credits from Form: a 2439 b Reserved c 8885 d 73 Add lines 64, 65, 66a, and 67 through 73. These are your total payments . Excess social security and tier 1 RRTA tax withheld Credit for federal tax on fuels. Attach Form 4136 . . Full-year coverage Health care: individual responsibility (see instructions) Nontaxable combat pay election 66b Additional child tax credit. Attach Schedule 8812 . . . a . . . . 8919 Household employment taxes from Schedule H . . . . . . . . . 40 41 42 43 44 45 46 47 49 50 51 Credit for child and dependent care expenses. Attach Form 2441 Education credits from Form 8863, line 19 . . . . . Retirement savings contributions credit. Attach Form 8880 Child tax credit. Attach Schedule 8812, if required . . . . . . 55 56 57 58 59 60a 60b 61 62 . a 63 . a 74 . . . . . If line 74 is more than line 63, subtract line 63 from line 74. This is the amount you overpaid 75 Amount of line 75 you want refunded to you. If Form 8888 is attached, check here 76a . a a c Type: Routing number Checking Savings Account number Amount of line 75 you want applied to your 2017 estimated tax a 77 77 78 Amount you owe. Subtract line 74 from line 63. For details on how to pay, see instructions a 78 79 Estimated tax penalty (see instructions) . . . . . . . 79 Do you want to allow another person to discuss this return with the IRS (see instructions)? Yes. Complete below. a\u0001 Third Party Designee . 40 41 Direct deposit? See a instructions. Amount You Owe . If your spouse itemizes on a separate return or you were a dual-status alien, check here a b 73 74 Refund { . b d No Personal identification a number (PIN) Phone no. a Designee's name a Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and accurately list all amounts and sources of income I received during the tax year. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Joint return? See instructions. Keep a copy for your records. F Paid Preparer Use Only Your signature Date Your occupation Daytime phone number Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent you an Identity Protection PIN, enter it here (see inst.) PTIN Check if self-employed Print/Type preparer's name Firm's name Preparer's signature Date a Firm's EIN Firm's address a Phone no. www.irs.gov/form1040 a Form 1040 (2016) Module 3 - Written Assignment 2 Tom purchases a new manufacturing machine for his business on April 1, 2015 for $27,000. The machine is depreciated under MACRS with a 7-year recovery period. This maachine was his only asset acquisition of this year. Thomas elects to expense $25,000 of the cost under Section 179. a. What is Tom's total deprciation deduction for the machine in 2015. b. Tom decides to sell his machine on October 5, 2017 for $10,000. Compute Tom's depreciation deduction for 2015 through 2017. The adjusted basis of the machine on October 5, 2017, and the gain or loss on the sale. (HINT: 2017 is only 1/2 year). Refer to the table on the right to calculate the MACRS depreciation a. Sec. 179 Expense MACRS Depreciation 2015 Total b. 2015 2016 2017 Accumulated Depreciation Adjusted basis and gain/loss on the sale Sale Price Adjusted Basis Cost Accumulated Depreciation Gain/Loss on sale achine is tion of this eduction for the sale. MACRS Percentage Rates Recovery Period Recovery Year 1 2 3 4 5 6 7 8 3- Year 33.33 44.45 14.81 7.41 - 5-Year 20.00 32.00 19.20 11.52 11.52 5.73 - 7-Year 14.29 24.49 17.49 12.49 8.93 8.92 8.93 4.46 Complete a 1040 Schedule D For this assignment, you will need to download a Schedule D form Based on the following information, prepare a Schedule D form. Assume you have already completed a Form 8 have been reported on Form 1099- B to the IRS. For Part I, report your information on line 1b. For Part II, repo line 8b. Remember to complete Part III, Line 16. Susan Smith 231- 23- 5678 On July 1, three years ago, Susan bought 500 shares of Gold Stream common stock for $2,500. Susan sold the current year for $5,000 On August 1 of the previous year, Susan bought 500 shares of XYZ Corp for $3,000. She sold the stock on July 3 $1,000. On January 4 of the current year, Susan bought 100 share of General Corporation stock for $2,000. The year- e $4,500. ave already completed a Form 8949. All transactions tion on line 1b. For Part II, report your information on tock for $2,500. Susan sold the stock on August 1 of the 000. She sold the stock on July 31 of the current year for on stock for $2,000. The year- end value of the stock is Comprehensive Tax Problem File 1040 is also uploaded and also schedule b Joseph and Diane Smith 1580 West Street Chatham, VA 24531 Joseph and Diane are both 35 and have no dependents. If your clients receive a refund, they want the full amount refunded to them. Diane is currently pregnant and will give birth during the next tax year. Joseph - SSN: 400-20-0100 Diane - SSN: 200-40-8000 Joseph works as a salesman and, at the company's request, maintains an office in his home. During the current year Joseph earned total compensation from his job of $125,000. Following are the deductions from his pay. Federal Withholding $20,000 FICA $ 7,347 Medicare $ 1,813 Virginia Withholding $ 4,000 Diane is a nurse and earned total compensation of $45,400. Following are the deductions from her pay. Federal Withholding $ 5,000 FICA $ 2,815 Medicare $ 658 Virginia Withholding $ 2,000 Joseph and Diane have investments in stocks and have a saving account at a local bank. During the current year they earned $1,450 in interest from the Bank of Virginia. They received ordinary stock dividends of $5,950 from GE stock. They also traded in the stock market during the year and had the following results. LTCG $ 4,900 LTCL $(3,200) STCG $ 0 STCL $(7,800) They have no loss carryover from previous years As a salesman, Joseph travels for his job and incurred the following expenses. Joseph was reimbursed by his employer according to an accountable plan for $5,080 of the following expenses. He received $3,560 reimbursement for hotel, tips, and laundry expenses and $1,520 for meals and entertainment expenses. Hotel Meals Entertainment of customers Tips Laundry and dry cleaning Total $4,200 $ 820 $1,080 $ 100 $ 150 $6,350 Joseph uses his personal vehicle for traveling for his job. During the current year he drove the car a total of 38,000 and 32,000 of those miles were for business. Joseph is reimbursed $0.30 per business mile by his company. He also had business-related parking fees and tolls totaling $280. Joseph uses the standard mileage method for deducting auto expenses. Joseph's reimbursement for business mileage is $9,600. Joseph incurred expenses for the business use of his home. The amount Joseph can report on his Form 2106 Line 4 is $4,265. Joseph did not receive any reimbursements for these expenses. Diane incurred the following business expenses in connection with her nursing job. Professional Dues $450 Professional Journal $200 Uniforms $350 The couple have the following additional expenses for the year Health Insurance (after-tax) $ 4,400 Doctor bills $ 470 Real estate taxes (entire house) $ 2,200 (10% is allocated to the business) Personal property taxes $ 400 Mortgage Interest (entire house) $15,600 (10% is allocated to the business) Charitable contributions - cash $ 9,000 Charitable contributions - Stock (Boys and Girls Club) GE stock, 100 shares, purchased in July, owned 5 years: FMV $8,000 Adjusted basis $2,000 Tax preparation fees $ 750