Tax Return Project Due December 4th (CORRECTED)

Required:

• Using the information provided, prepare the 2018 federal tax return for Cal and Evann Malec. The forms that need to be filled in are as follows:

  • Form 1040

  • Schedules 1, 3, 4, and 5

  • Schedules A, B, C, D, and E

  • Form 8949, Form 4562 (2 - one for DogWalker and one for rental) and Form 8863

  • Schedule SE (2 - One for Cal and one For Evann)

  • Helpful worksheets from Form 1040 instructions on page 40, 37, 96, and 7

• The return should be prepared manually. You are not allowed to use return software. The tax forms from the IRS allow typing, so you may complete the forms using typing or handwriting. Please write legibly if you fill in the forms by hand. Any supplemental schedules or election statements that should be attached to the return may be typed.

• The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the return and identifying the appropriate tax forms.

• Include the names of your groups members on the Return Summary Form.

• Attach an excel spreadsheet showing the calculation of the tax.

• Fill in the attached Return Summary Form and submit with the prepared return (page 4) and attach to the front of the tax return.

13) The Malecs decided to donate $6,000 in cash from the sale of the painting to the local art museum, which is a qualified charitable organization.

14) The taxpayer is electing not to take the special 100% depreciation allowance (bonus depreciation) for all qualifying classes of property placed in service in 2018.