Your assignment is to complete and turn in Mr. Brandon Flowers' 2021 Form 1040 along with...
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Your assignment is to complete and turn in Mr. Brandon Flowers' 2021 Form 1040 along with all required forms and schedules. For purposes of this assignment, you do not need to attach any Forms W-2, 1098, 1099, or K-1. You should also ignore any penalties that the taxpayer may have incurred. You may work individually or in groups of two or three. You must notify your professor ahead of the due date if you plan to work as part of a group. Except as otherwise noted in this document or in the syllabus, you will receive 10-percentage point deduction for any instruction not followed. This project is due by 12:30pm on Tuesday, September 20. Assignments will be considered late as of 12:31pm. If a student submits their assignment after the deadline, but before the end of class, they will receive a 10-percentage point deduction. If a student fails to submit their project by the end of class, they will receive a zero on the project. You must turn in your project in both of the following ways: (1) D2L: Upload all required materials to the appropriate assignment dropbox on D2L. (2) Hardcopy: Bring a physical copy of all required materials to our classroom (W-2111). All pages must be stapled or collected in a folder. This project is worth 8% of your final course grade. In addition to being graded on the accuracy of your return positions, you must also abide by the following instructions to avoid losing points: You may use any of the forms, instructions, and materials contained on www.irs.gov. You may also use your textbook for guidance, but keep in mind that you are completing a 2021 return, so it must be prepared using the law in place in 2021 (for reference, the textbook teaches the 2022 law). • You must complete this project without using any online tax preparation software or the aid of any professionals. Each person/group must prepare their own tax return rather than simply copying portions from another source (e.g., another person's/group's work). . You must handwrite the tax return. I recommend that you use a pencil. . You must sign your income tax return as a paid preparer. By signing the tax return, for purposes of this class, you are promising that you have complied with the instructions for this project and have not violated the GGC Honor Code in preparing your project. If you work as a group, then each member of the group must sign the return. . You must write your name(s) at the top of the front page of the tax return. If you believe there is information missing, you may make reasonable assumptions and fill in the missing information as you feel necessary. Be sure, however, to note your assumptions. 1 Brandon Flowers lives at 917 Chapel Lane, Las Vegas, Nevada 88901. He and his wife, Tana, got married in 2013, but they divorced in February 2021. Brandon has not remarried, and he has lived in a condo that he has rents from a local landlord since the divorce. Tana decided to move to nearby Crystal Springs after the divorce. Per his divorce decree with Tana, executed February 2021, he has custody of their ten-year-old son, Ammon. While Ammon occasionally visits his mom on the weekends, he spends most of his time living with his dad in Las Vegas. The divorce decree stipulates that Tana must pay alimony to Brandon each year as long as he remains alive and single. It further stipulates that Tana must pay child support for Ammon. In 2021, Tana paid $10,000 of child support and $16,000 in alimony. The decree gives Tana the right to claim the dependency exemption, along with any associated credits, for Ammon as long as he is eligible to be a dependent of either parent. Brandon and Tana have already filed the necessary forms to make sure this happens. Brandon is a US citizen. He would like to receive any tax refund he is owed via check. He has informed you that he has no interests in foreign bank accounts or foreign trusts, and that he would not like to contribute to the Presidential Election Campaign. Also, Brandon did not buy, sell, exchange, or otherwise acquire any financial interest in a virtual currency during 2021. Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890. During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Gross Wages Hot Fuss, Inc. $16,000 Sam's Town, LLC $10,500 Day & Age, LLC $15,000 Federal Income Tax Withholding $2,600 $1,900 $2,250 Type of Income Interest income from U.S. Treasury Bonds Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather State Income Tax Withholding In addition, Brandon received the following income during the year: Amount $200 $320 $610 $96,000 $403 $723 $253 Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890 During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Hot Fuss, Inc. Sam's Town, LLC Day & Age, LLC Gross Wages $16,000 $10,500 $15,000 Federal Income Tax State Income Tax Withholding Withholding $2,600 $1,900 $2,250 In addition, Brandon received the following income during the year: Type of Income. Interest income from U.S. Treasury Bonds. Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather $403 $723 $253 Amount $200 $320 S610 $96,000 Also, Brandon is a 25% owner of Killers, Inc., which is an S- corporation that reported $36,000 of ordinary business income in 2021. He has held his interest in the company for seven years. Brandon is not considered a passive investor in the company. Killers Employer Identification Number (EIN) is 13-49622587. During the year, Sam's Town, LLC, provided Brandon with $45,000 of group-term life insurance coverage. This cost the company $113. In September, due to a downturn in the economy, Brandon lost his jobs at all three companies. He then went on unemployment and received a total of $1,800 in 2021. He has been searching for a new job ever since. In October, Brandon won three tickets to a private Joy Williams concert in Lake Tahoe. He won the tickets from a local radio station. Each ticket was worth $1,000. There was no withholding on this amount at the time Brandon received the tickets. Finally, Brandon informs you that he and Ammon had qualifying minimum health insurance coverage for the whole year. Note: You may assume that there are no penalties for underpayments, late payments, or late filing. You may also ignore any alternative minimum tax implications. Finally, you do not need to prepare a Schedule K-1 for Brandon's interest in Killers, Inc. 1 Your assignment is to complete and turn in Mr. Brandon Flowers' 2021 Form 1040 along with all required forms and schedules. For purposes of this assignment, you do not need to attach any Forms W-2, 1098, 1099, or K-1. You should also ignore any penalties that the taxpayer may have incurred. You may work individually or in groups of two or three. You must notify your professor ahead of the due date if you plan to work as part of a group. Except as otherwise noted in this document or in the syllabus, you will receive 10-percentage point deduction for any instruction not followed. This project is due by 12:30pm on Tuesday, September 20. Assignments will be considered late as of 12:31pm. If a student submits their assignment after the deadline, but before the end of class, they will receive a 10-percentage point deduction. If a student fails to submit their project by the end of class, they will receive a zero on the project. You must turn in your project in both of the following ways: (1) D2L: Upload all required materials to the appropriate assignment dropbox on D2L. (2) Hardcopy: Bring a physical copy of all required materials to our classroom (W-2111). All pages must be stapled or collected in a folder. This project is worth 8% of your final course grade. In addition to being graded on the accuracy of your return positions, you must also abide by the following instructions to avoid losing points: You may use any of the forms, instructions, and materials contained on www.irs.gov. You may also use your textbook for guidance, but keep in mind that you are completing a 2021 return, so it must be prepared using the law in place in 2021 (for reference, the textbook teaches the 2022 law). • You must complete this project without using any online tax preparation software or the aid of any professionals. Each person/group must prepare their own tax return rather than simply copying portions from another source (e.g., another person's/group's work). . You must handwrite the tax return. I recommend that you use a pencil. . You must sign your income tax return as a paid preparer. By signing the tax return, for purposes of this class, you are promising that you have complied with the instructions for this project and have not violated the GGC Honor Code in preparing your project. If you work as a group, then each member of the group must sign the return. . You must write your name(s) at the top of the front page of the tax return. If you believe there is information missing, you may make reasonable assumptions and fill in the missing information as you feel necessary. Be sure, however, to note your assumptions. 1 Brandon Flowers lives at 917 Chapel Lane, Las Vegas, Nevada 88901. He and his wife, Tana, got married in 2013, but they divorced in February 2021. Brandon has not remarried, and he has lived in a condo that he has rents from a local landlord since the divorce. Tana decided to move to nearby Crystal Springs after the divorce. Per his divorce decree with Tana, executed February 2021, he has custody of their ten-year-old son, Ammon. While Ammon occasionally visits his mom on the weekends, he spends most of his time living with his dad in Las Vegas. The divorce decree stipulates that Tana must pay alimony to Brandon each year as long as he remains alive and single. It further stipulates that Tana must pay child support for Ammon. In 2021, Tana paid $10,000 of child support and $16,000 in alimony. The decree gives Tana the right to claim the dependency exemption, along with any associated credits, for Ammon as long as he is eligible to be a dependent of either parent. Brandon and Tana have already filed the necessary forms to make sure this happens. Brandon is a US citizen. He would like to receive any tax refund he is owed via check. He has informed you that he has no interests in foreign bank accounts or foreign trusts, and that he would not like to contribute to the Presidential Election Campaign. Also, Brandon did not buy, sell, exchange, or otherwise acquire any financial interest in a virtual currency during 2021. Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890. During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Gross Wages Hot Fuss, Inc. $16,000 Sam's Town, LLC $10,500 Day & Age, LLC $15,000 Federal Income Tax Withholding $2,600 $1,900 $2,250 Type of Income Interest income from U.S. Treasury Bonds Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather State Income Tax Withholding In addition, Brandon received the following income during the year: Amount $200 $320 $610 $96,000 $403 $723 $253 Brandon's family information is listed in the below table: Name Age SSN Brandon 41 123-45-5678 Ammon 10 234-56-7890 During the year, Brandon worked for various companies. All appropriate payroll taxes were withheld by his employers. The Forms W-2 that Brandon received contain the following information: Employer Hot Fuss, Inc. Sam's Town, LLC Day & Age, LLC Gross Wages $16,000 $10,500 $15,000 Federal Income Tax State Income Tax Withholding Withholding $2,600 $1,900 $2,250 In addition, Brandon received the following income during the year: Type of Income. Interest income from U.S. Treasury Bonds. Interest income from Chase Bank, Inc. Interest income from a City of Las Vegas Bond Life insurance proceeds on the death of his grandfather $403 $723 $253 Amount $200 $320 S610 $96,000 Also, Brandon is a 25% owner of Killers, Inc., which is an S- corporation that reported $36,000 of ordinary business income in 2021. He has held his interest in the company for seven years. Brandon is not considered a passive investor in the company. Killers Employer Identification Number (EIN) is 13-49622587. During the year, Sam's Town, LLC, provided Brandon with $45,000 of group-term life insurance coverage. This cost the company $113. In September, due to a downturn in the economy, Brandon lost his jobs at all three companies. He then went on unemployment and received a total of $1,800 in 2021. He has been searching for a new job ever since. In October, Brandon won three tickets to a private Joy Williams concert in Lake Tahoe. He won the tickets from a local radio station. Each ticket was worth $1,000. There was no withholding on this amount at the time Brandon received the tickets. Finally, Brandon informs you that he and Ammon had qualifying minimum health insurance coverage for the whole year. Note: You may assume that there are no penalties for underpayments, late payments, or late filing. You may also ignore any alternative minimum tax implications. Finally, you do not need to prepare a Schedule K-1 for Brandon's interest in Killers, Inc. 1
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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