Tax Return Problem 5 -Individual Tax Please complete the 2016 federal income tax return for Joseph and Diana Cohen. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps and described those assumptions in an attachment to the tax return. Diana drove 290 business miles for her consulting-related activities (she has documentation to Joseph and Diana Cohen live in Pleasantyills, New Jersey. Joseph is the Vice-President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age 15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify as Joseph and Diana's federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens provided the following information: Diana drove 315 business miles for her board of director activities (she has documentation to Neither of Diana's business activities required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for al her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes Joseph's social security number is 598-94-2583 *Diana's social security number is 301-52-2942 *Rebecca's social security number is 887-44-8710 *Alan's social security number is 810-42-9092 David's social security number is 855-11-3021 *The Cohen's mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233 The Cohens also received the following during the year: Joseph Cohen reported the following the following information relating to his employment Interest income from First Bank of New Interest income from Patterson, New Jersey Interest income from U.S. Treasury Bond Interest income from General Mills corporate bond Qualified dividend income from Rio Tinto Qualified dividend income from Microsoft Qualified dividend income from Cooper Tire Qualified dividend income from Cardinal Health Qualified dividend income from Union Pacific Qualified dividend income from Procter &Gamble Qualified dividend income from PepsiCo Qualified dividend income from Kellogg Qualified dividend income from Abbott Labs Qualified dividend income from 3M Dividend income (not qualified) from China Fund Federal Income Tax State Income Tax Withholdi The above amounts do not reflect any income items described below. Joseph's employer withheld all payroll taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance during each month in 2016. The insurance was provided by Joseph's employer, Alternative Energy Diana Cohen received the following revenue during the year (she uses the cash method of Consulting revenue reported to her on a Form 1099-MISC, Box 7 The Cohens did not own, control or manage any foreign bank accounts, nor were they grantors or beneficlaries of a foreign trust during the tax year. The Cohens had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B. Basis information on each stock sale was Board of director compensation reported to her on a Form 1099-MISC, Box 7 Sold 2,000 shares of Microsoft Sold 75 shares of Apple, Inc. Sold 350 shares of Cooper Tire Sold 1,000 shares of Cardinal Health Sold 50 shares of Union Pacific During the year, Diana paid the following business expenses: Tax Return Problem 5 -Individual Tax Please complete the 2016 federal income tax return for Joseph and Diana Cohen. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps and described those assumptions in an attachment to the tax return. Diana drove 290 business miles for her consulting-related activities (she has documentation to Joseph and Diana Cohen live in Pleasantyills, New Jersey. Joseph is the Vice-President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age 15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify as Joseph and Diana's federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens provided the following information: Diana drove 315 business miles for her board of director activities (she has documentation to Neither of Diana's business activities required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for al her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes Joseph's social security number is 598-94-2583 *Diana's social security number is 301-52-2942 *Rebecca's social security number is 887-44-8710 *Alan's social security number is 810-42-9092 David's social security number is 855-11-3021 *The Cohen's mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233 The Cohens also received the following during the year: Joseph Cohen reported the following the following information relating to his employment Interest income from First Bank of New Interest income from Patterson, New Jersey Interest income from U.S. Treasury Bond Interest income from General Mills corporate bond Qualified dividend income from Rio Tinto Qualified dividend income from Microsoft Qualified dividend income from Cooper Tire Qualified dividend income from Cardinal Health Qualified dividend income from Union Pacific Qualified dividend income from Procter &Gamble Qualified dividend income from PepsiCo Qualified dividend income from Kellogg Qualified dividend income from Abbott Labs Qualified dividend income from 3M Dividend income (not qualified) from China Fund Federal Income Tax State Income Tax Withholdi The above amounts do not reflect any income items described below. Joseph's employer withheld all payroll taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance during each month in 2016. The insurance was provided by Joseph's employer, Alternative Energy Diana Cohen received the following revenue during the year (she uses the cash method of Consulting revenue reported to her on a Form 1099-MISC, Box 7 The Cohens did not own, control or manage any foreign bank accounts, nor were they grantors or beneficlaries of a foreign trust during the tax year. The Cohens had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B. Basis information on each stock sale was Board of director compensation reported to her on a Form 1099-MISC, Box 7 Sold 2,000 shares of Microsoft Sold 75 shares of Apple, Inc. Sold 350 shares of Cooper Tire Sold 1,000 shares of Cardinal Health Sold 50 shares of Union Pacific During the year, Diana paid the following business expenses