23 Jun AACT FEDARL TAXATION
Tax return #1 DUE ON JANUARY 30TH , 2017
Changes to Problem: Change all years to one year later (for example, 2015 becomes 2016).
This heading must read exactly as shown above, “Student Learning Objectives.” Please do not edit it.
The following information should be helpful in your preparation of the tax return.
(1) (a) Requirement: Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are available at www.irs.gov
(b) Additional Requirements: Prepare a brief top sheet summarizing the factual information in the format of the tax formula.
(2) Strategy: You might want to start with page 1 of the 1040 and manually make entries (pencil recommended). You may then need to do subsidiary forms (e.g., Schedules A & B). You might also want to work out the figures for the tax formula roughly first before beginning the return.
(3) Check Figures:
Adjusted gross income $179,700
Taxable income $152,850
(4) Grading:
(a) Per the syllabus, this manual return is 10 points extra credit.
(b) Forms required: 1040 pages 1 and 2; Schedules A and B; worksheet line 44.
(5) Additional Helpful Information:
(a) Please use the sequence numbers in the upper right-hand corner of the official IRS forms for the proper order.
(b) Do not calculate next year’s estimates or any late filing penalty or interest.
(6) (a) $2,400 charitable contributions are in cash.
(b) Alfred did receive a benefit from his deduction of state income taxes in 2015 and his itemized deductions were > $1,900 more than his standard deduction.
(c) Watch out for group term life insurance.
(d) Dividends are ordinary and qualified.
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