Option #1: Individual Tax ReturnsCase 1 Because it is important for accountants to demonstrate the filing requirements for individual tax returns, for this final project you will be completing an individual tax return and then analyzing this experience. There are several requirements for this project that should be submitted during the weeks when there are Portfolio Project Milestones (Modules 2, 3, 5, and 7) and that contribute to your final grade in this project. Mod. 2 Portfolio Milestone (worth 25 points toward Portfolio Project total) You have a choice between two Portfolio Projects in this course. Read both Portfolio Project descriptions. Select only one projectdo not do both projects. This week, identify your Portfolio Project choice in the title of a Word document and then briefly explain why you selected that project. While you will not receive points this week for this deliverable, it is worth 25 points to your final Portfolio Project score. Review the Portfolio Project Grading Rubric to understand how you will be graded on the project. Mod. 3 Portfolio Milestone (worth 25 points to Portfolio Project) Read the case on which your Portfolio Project is based and determine all items that will be EXCLUDED from gross income. In a MS Excel spreadsheet, list all excluded items in column A. In column B, explain why the item is excluded. You may reference the specific tax law, the text (make sure you include the page number), or a link to another trusted source. A trusted source is either supported by the IRS or academic literature (that includes textbooks) under which tax law for the year 2013 is applicable. While you will not receive points this week for this deliverable, it is worth 25 points to your final Portfolio Project score. You must address instructor feedback when submitting this milestone with your Portfolio Project during week 8. Mod 5. Portfolio Milestone (worth 75 points to Portfolio Project) Without a Critical Thinking assignment this week, this is your opportunity (and a requirement!) to work on your Portfolio Project. Obtain the supporting information from your Portfolio Project option. You will also use the Schedule A template included under that same option as applicable. If Schedule A is not applicable, state so on the form. Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading. While you will not receive points this week for this deliverable, it is worth 75 points to your final Portfolio Project score. You must address instructor feedback when submitting this milestone with your Portfolio Project during week 8. Review the Portfolio Project Grading Rubric to understand how you will be graded on the project. The deliverables are as follows: The completed Form 1040-Schedule A template. Mod. 7 Portfolio Milestone (worth 75 points to Portfolio Project) Without a Critical Thinking Assignment this week, this is your opportunity (and a requirement!) to work on your Portfolio Project. Obtain the supporting information from the option you have chosen to complete for your Portfolio Project. You will also use the Schedule E template included under that same option. Show all calculations within the cells of the template. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions is allowed. In addition, complete the depreciation schedule showing the list of assets for the rental properties as well as the depreciation rates and amounts. Submit a single MS Excel file for grading. While you will not receive points this week for this deliverable, it is worth 75 points to your final Portfolio Project score. You must address instructor feedback when submitting this milestone with your Portfolio Project during Week 8. Review the Portfolio Project Grading Rubric to understand how you will be graded on the project. The deliverables are as follows: The completed Form 1040-Schedule E and depreciation schedule templates. Review the Portfolio Project Grading Rubric to understand how you will be graded on the project. This assignment should be delivered using the MS Excel spreadsheet that lists the excluded items and the supporting information on which your decision is based. Review the Portfolio Project Grading Rubric to understand how you will be graded on the project. This assignment should be delivered using the MS Excel spreadsheet that lists the excluded items and the supporting information on which your decision is based. Key Component: Using the case data from the attached Case 1, complete the attached template that has the respective tax forms (page 1 of form 1040 and schedules) to complete the tax return. Complete all the applicable parts of the tax forms. Also, address any instructor feedback provided in the milestone submissions. Requirements: Submit your tax return and computations to the dropbox identified for that submission. Review the Portfolio Project grading rubric, which can be accessed from the Course Information page, to understand how you will be graded on this Portfolio Project. Contact your instructor if you have questions about the Portfolio Project.