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Prepare a 2016 Form 1040 for the individual below. Also prepare Schedules D,and Form 8949. If you need more information to fill out a form,

Prepare a 2016 Form 1040 for the individual below. Also prepare Schedules D,and Form 8949.

If you need more information to fill out a form, just make it up and make a note to ask the client later. PERSONAL INFORMATION & WAGES

Lala Chambers, a divorced single taxpayer and practicing attorney, lives at 9551 Oak Leaf Lane in Pine Cove, AZ 86035. Her social security number is 412-34-5670 (date of birth 2/27/1972).

Her W-2 contained the following information:

Wages (box 1) = $83,401.55

Federal W/H (box 2) = $ 9,782.15

Social security wages (box 3) = $83,401.55

Social security W/H (box 4) = $ 5,170.90

Medicare wages (box 5) = $83,401.55

Medicare W/H (box 6) = $ 1,209.32

In addition, Lala made alimony payments totaling $9,600 for the year to her former husband Alex, an unemployed mine worker, whose social security number is 412-34-5671. He found an old girlfriend on Facebook from high school; that is why they got divorced.

She made estimated tax payments this year of $10,000 each quarter of 2016.

STOCK SALES

Hint: Use Form 8949 and Schedule D. She had the following stock transactions for the year:

Stock Shares

Date Purchased

Date Sold

Sale Price

Cost Basis

5,500

7/8/15

9/12/16

$25,000

$18,000

800

3/12/16

10/21/16

43,000

47,000

2,800

2/13/09

10/21/16

30,000

22,000

She also owns 20 shares of Apple stock, which she purchased for $1,000 in 1979. It is now trading at $100,000. She is going to hold onto it for a while.

2016 Form 1040

https://www.irs.gov/pub/irs-pdf/f1040.pdf

Form 8949

https://www.irs.gov/pub/irs-pdf/f8949.pdf

Schedule D.

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

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