Tax Return Instructions Purpose: The purpose of this assignment is to provide a cumulative hands-on application of the concepts you've learned in Modules 1 - 6 of this course. Most of the information you'll need to complete this assignment is in your textbook and module resources; however, you may also find valuable information in the IRS instruction documents and publications located at www.irs.gov. Preparation Instructions: 1. Read the Tax Return Scenario posted in Blackboard and prepare a tax return for the taxpayers described using the 2019 tax forms found at the IRS website. Do not use tax preparation software 2. Complete and turn in the following forms for grading: a. Form 1040 - US Individual Income Tax Return b. Schedule 1 - Additional Income and Adjustments to Income C. Schedule A-Itemized Deductions d. Schedule B - Interest and Ordinary Dividends 3. I prefer that your forms are typed rather than hand-written. Tip: Save the tax forms to your computer as a PDF first. Then, open the PDF, type your answers and hit save often as you complete your work. If you open the tax form in an internet browser and begin filling out the form and then click save, it usually doesn't save your work. Be very careful not to lose all your hard work! 4. Prior to turning in your final tax forms, be sure to double check your math one last time and also check the cross references between forms (for example, is your final amount from line 17 on Schedule A the same number that you've transferred to line 9 of Form 1040?). Submission Instructions: Submit your tax return to me via Blackboard by October 14, 2020. To submit your files, click the "Tax Return" title, then click "Browse my Computer to upload the final versions of your files. Finally, click "Submit" in the bottom right-hand corner. Only one group member needs to submit your work Interest income from SC State School Board Bond $150 Workers' compensation payments to Jude $4,350 Disability payments received by Jude due to injury $3,500 National Storage paid 100% of the premiums on the policy and included the premium payments in Jude's taxable wages Scarlett received the following payments due to a lawsuit she filed for damages sustained in a car accident: Medical Expenses for physical injuries $2,500 Emotional Distress (from having been physically injured) $12,000 Punitive Damages $10.000 Total $24,500 Previously, Scarlett purchased an annuity contract for $88,000. She received her first annuity payment on January 1, 2019. The annuity will pay Scarlett $15,000 per year for ten years beginning with this year). The $15,000 payment was reported to Scarlett on Form 1099-R for the current year (box 7 contained an entry of "7" on the form). The Millers did not own, control or manage any foreign bank accounts nor were they grantors or beneficiaries of a foreign trust during the tax year. The Millers paid or incurred the following expenses during the year: Dentist/Orthodontist (unreimbursed by insurance) $ 10,500 Doctor fees (unreimbursed by insurance) $ 2,625 Prescriptions (unreimbursed by insurance) $ 1,380 SC state tax payment made on 4/15/19 for 2018 tax return liability $ 1,350 SC state income taxes withheld during 2019 $ 5,975 Real property taxes on residence $ 3,800 Vehicle registration fee based upon age of vehicle $ 1,250 Mortgage interest on principal residence $ 18,560 Interest paid on borrowed money to purchase the City of Lexington, SC municipal bonds $ 400 Interest paid on borrowed money to purchase U.S. Treasury bonds $ 240 Contribution to the Red Cross $ 1,000 Contribution to Senator Lindsey Graham's Re-election Campaign $ 2,500 Contribution to First Baptist Church of South Carolina $ 6,000 Fee paid to Jones & Company, CPAs for tax preparation $ 200 In addition, Jude drove 6,750 miles commuting to work and Scarlett drove 8,230 miles commuting to work. The Millers have represented to you that they maintained careful logs to support their respective mileage The Millers drove 465 miles in total to receive medical treatment at a hospital in April. The Millers both want to contribute to the Presidential Election Campaign Fund. The Millers would like to receive a refund (if any) of any tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. Tax Return Instructions Purpose: The purpose of this assignment is to provide a cumulative hands-on application of the concepts you've learned in Modules 1 - 6 of this course. Most of the information you'll need to complete this assignment is in your textbook and module resources; however, you may also find valuable information in the IRS instruction documents and publications located at www.irs.gov. Preparation Instructions: 1. Read the Tax Return Scenario posted in Blackboard and prepare a tax return for the taxpayers described using the 2019 tax forms found at the IRS website. Do not use tax preparation software 2. Complete and turn in the following forms for grading: a. Form 1040 - US Individual Income Tax Return b. Schedule 1 - Additional Income and Adjustments to Income C. Schedule A-Itemized Deductions d. Schedule B - Interest and Ordinary Dividends 3. I prefer that your forms are typed rather than hand-written. Tip: Save the tax forms to your computer as a PDF first. Then, open the PDF, type your answers and hit save often as you complete your work. If you open the tax form in an internet browser and begin filling out the form and then click save, it usually doesn't save your work. Be very careful not to lose all your hard work! 4. Prior to turning in your final tax forms, be sure to double check your math one last time and also check the cross references between forms (for example, is your final amount from line 17 on Schedule A the same number that you've transferred to line 9 of Form 1040?). Submission Instructions: Submit your tax return to me via Blackboard by October 14, 2020. To submit your files, click the "Tax Return" title, then click "Browse my Computer to upload the final versions of your files. Finally, click "Submit" in the bottom right-hand corner. Only one group member needs to submit your work Interest income from SC State School Board Bond $150 Workers' compensation payments to Jude $4,350 Disability payments received by Jude due to injury $3,500 National Storage paid 100% of the premiums on the policy and included the premium payments in Jude's taxable wages Scarlett received the following payments due to a lawsuit she filed for damages sustained in a car accident: Medical Expenses for physical injuries $2,500 Emotional Distress (from having been physically injured) $12,000 Punitive Damages $10.000 Total $24,500 Previously, Scarlett purchased an annuity contract for $88,000. She received her first annuity payment on January 1, 2019. The annuity will pay Scarlett $15,000 per year for ten years beginning with this year). The $15,000 payment was reported to Scarlett on Form 1099-R for the current year (box 7 contained an entry of "7" on the form). The Millers did not own, control or manage any foreign bank accounts nor were they grantors or beneficiaries of a foreign trust during the tax year. The Millers paid or incurred the following expenses during the year: Dentist/Orthodontist (unreimbursed by insurance) $ 10,500 Doctor fees (unreimbursed by insurance) $ 2,625 Prescriptions (unreimbursed by insurance) $ 1,380 SC state tax payment made on 4/15/19 for 2018 tax return liability $ 1,350 SC state income taxes withheld during 2019 $ 5,975 Real property taxes on residence $ 3,800 Vehicle registration fee based upon age of vehicle $ 1,250 Mortgage interest on principal residence $ 18,560 Interest paid on borrowed money to purchase the City of Lexington, SC municipal bonds $ 400 Interest paid on borrowed money to purchase U.S. Treasury bonds $ 240 Contribution to the Red Cross $ 1,000 Contribution to Senator Lindsey Graham's Re-election Campaign $ 2,500 Contribution to First Baptist Church of South Carolina $ 6,000 Fee paid to Jones & Company, CPAs for tax preparation $ 200 In addition, Jude drove 6,750 miles commuting to work and Scarlett drove 8,230 miles commuting to work. The Millers have represented to you that they maintained careful logs to support their respective mileage The Millers drove 465 miles in total to receive medical treatment at a hospital in April. The Millers both want to contribute to the Presidential Election Campaign Fund. The Millers would like to receive a refund (if any) of any tax they may have overpaid for the year. Their preferred method of receiving the refund is by check