Please fill out tax form 1040 practice and also schedule C , schedule B or Schedule D which ever is required with explanation that will help me understand better

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. 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 4 Single Married filing jointly (even if only one had income) 2 3 c Head of household (with qualifying person). (See instructions.) If the qualifying person is a child but not your dependent, enter this child's name here. Married filing separately. Enter spouse's SSN above and full name here. 6a b 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 . . . . . . . . . . . (2) Dependent's social security number Last name . . . . . . . . . . . . . . . . } (4) 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 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 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 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 . . . . . . . . . . . . Add numbers on lines above 21 22 23 . . For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. . . . . . . . . . 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 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 . . . . . . . . . . . . . . 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 . . . . . . . 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 . 63 . 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 . c Type: Routing number Checking Savings Account number Amount of line 75 you want applied to your 2017 estimated tax 77 77 78 Amount you owe. Subtract line 74 from line 63. For details on how to pay, see instructions 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. Third Party Designee . 40 41 Direct deposit? See instructions. Amount You Owe . If your spouse itemizes on a separate return or you were a dual-status alien, check here b 73 74 Refund { . b d No Personal identification number (PIN) Phone no. Designee's name 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. 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 Firm's EIN Firm's address Phone no. www.irs.gov/form1040 Form 1040 (2016) Tax Forms Problem - ACCT 4230 Due April 8, 2017 at 10 PM GROUP 7 2016 income tax information David P. and Karen M. Stevens are married and file a joint income tax return. Their social security numbers are 133-99-4444 and 144-33-1111, respectively. They have two children, a son named Paul A. Stevens, age 14, social security number 132-99-6565 and a daughter, Anne M. Stevens, age 10, social security number 132-88-5656. David and Karen have been married for 16 years and purchased their current home in 2003. The family lives at 1075 Jackson Drive in Coastal City, GA 31133. Karen is a civil engineer employed by the city government. David is a psychiatrist. He is selfemployed and leases office space in a medical building near the local hospital. David and Karen report their income using the cash method. Karen is covered by a qualified retirement plan through her work. She partcipates in a group health insurance plan that covers all four members of the family. The health insurance plan for David's medical practice covers only the full-time receptionist. Income and expense information: Karen's salary (reportable W-2 amount) David's medical practice: Gross receipts Expenses on office books: Attorney's fees Business license Contract labor Country club dues paid by practice County property taxes on office furnishings, computer system, and other equipment Depreciation on office furnishings & equipment General insurance Health insurance for receptionist Malpractice insurance Payroll taxes Professional journals and literature Receptionist's salary Rent - office Repairs and maintenance Utilities Contribution to lobbying group representing doctors 160,000 381,000 1,700 750 2,750 4,800 980 3,240 6,800 5,340 25,000 3,010 2,280 33,000 30,000 1,840 9,650 1,600 Page 1 Other income and deductions: Dividends reported by brokerage account at Smith and Co. Total ordinary dividends of $7,250, of which $5,800 are qualified The dividends were paid by U.S. corporations operating domestically. Sale of land held for investment: Sold: 6/13/2016 Sales price Acquired: 08/15/2007 Cost 126,500 130,200 The land was not used in a trade or business by the taxpayers. The sales was reported on a Form 1099-B that does not disclose the basis of the property. Sale of stock in ABC Bank, Inc. Sold: 02/03/2016 Sales price 18,000 Acquired: 09/30/2005 Cost 15,500 Form 1099-B reported the sales proceeds also discloses the basis. There is a short-term loss of $4,891 carried over from the 2015 return. Interest income on family savings account at My Bank, Inc. 3,021 Medical expenses incurred during 2016 that were not reimbursed by insurance: Doctors and dentists Hospital Contact lenses and glasses 6,052 9,870 1,140 Real estate taxes on personal residence 6,350 Home mortgage interest expense - received Form 1098 Charitable contributions paid by check: Church United Way Red Cross Individual retirement acccount contribution - David Contribution is made to a traditional IRA. Accounting fees were paid in April 2016 for the preparation of the couple's 2015 income tax returns. 50% of the fees are attributable to David's medical practice. 16,808 9,800 1,200 500 5,500 1,760 Page 2 Income taxes paid: Karen had the following 2016 income taxes withheld from her salary. Federal 36,100 State 7,200 The balance due on the couple's state income tax return for 2015 was $750. The balance was paid in April of 2016 when the return was filed. Federal 2016 estimated taxes paid by David: 4/15/2016 6/15/2016 9/15/2016 1/15/2017 17,500 17,500 17,500 17,500 State 2,500 2,500 2,500 2,500 Other information: Assume that David and Karen are not subject to alternative minimum tax. Do not prepare Form 6251 as part of the return. David and Karen's 2015 federal tax was $54,000. They should not be subject to penalty for underpayment of estimated tax, even if additional tax is owed with the return. David's office address: 2024 Hospital Avenue, Suite220 Coastal City, GA 31133 David's business employer identification number: Business name: Psychiatric Clinic 58-3334455 You are not required to complete Form 4562 (depreciation expense form) for the medical practice. Form 4562 is not required if there are no assets placed in service during the current taxable year. You may enter the depreciation expense for continuing assets on the forms reporting the medical practice income. All 1099 forms for the medical practice have been properly filed. The couple has no foreign source income. The couple received adequate document evidencing that the health insurance coverage for the family for 2016 met the ACA requirements for the entire year. Page 3