Research All About Complying The The Tax Return - 4950 Words

Research All About Complying The The Tax Return (Term Paper Sample) Content: Computing Tax ReturnName of StudentInstitutionForm 1040: Individual Income Tax Return 2015For the year beginning:January 2015 Ending: December 2015A.Filing Status: Single Social security Number: 123-45-6789 First name and initial: Janice M. Last Name: Morgan Home address:Stone Avenue, Pleasant Hill, NM 88135 Apt. No.132 Business Address:2751, Waldham Road, Pleasant Hill, NM88135 Presidential Election Fund:Yes B. Exemptions: no dependantsC. Income7. Wages, salaries, tips etc 8a.Taxable interest 4,000 8b.Tax-exempt interest 9a.Ordinary dividends 9b.Qualified dividends ... 10.Taxable refunds credits, or offsets of state and local income taxes ...... 11.Alimony received 12.Business income or (loss) 85,000 13.Capital gain or (loss). 14.Other gains or (losses) 15a.IRA distributions . 16a.Pensions and annuities 17.Rental real estate, royalties, partners 18.Farm income or (loss). 19.Unemployment compensation. 20a.Social security benefits 20b. Taxable amount ... 21.Other income. List type and amount 22.TOTAL INCOME Add lines 7 through to 21 89,000 D. Adjusted Gross Income23. Educator expenses........... 24.Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 or 2106-EZ 67,100 25.Health savings account deduction. Attach Form 8889 26.Moving expenses. Attach Form 3903 27.Deductible part of self-employment tax. Attach Schedule SE 1,200 28.Self-employed SEP, SIMPLE, and qualified plans 29.Self-employed health insurance deduction 30.Penalty on early withdrawal of savings 31a.Alimony paidb Recipients SSN 32.IRA deduction 437 33.Student loan interest deduction 34.Tuition and fees. Attach Form 8917 35.Domestic production activities deduction. Attach Form 8903 36. Add lines 23 through 25 68,737 37. Subbract line 36 from line 22 to get Adjusted Gross Income 20,263 E. Tax and Credits38. Amount from line 37 (Total adjusted gross income) 40. Itemized deductions (from Schedule A) 11 ,700 41.Subtract line 40 from line 38 8,563 42.Exemptions 43.Taxable income. Subtract line 42 from line 41 4,513 44.Tax 437 45.Alternative minimum tax 46.Excess advance premium tax credit repayment 47.Add lines 44, 45, and 46 437 48.Foreign tax credit 49.Credit for child and dependent care expenses 50.Education credits from Form 8863 51.Retirement savings contributions credit 52.Child tax credit 53.Residential energy credits 54.Other credits 55.Add lines 48-54 TOTAL CREDITS 56. Subtract line 55 from line 47 437 F. Other Taxes57.Self-employment tax. Attach Schedule SE 1,200 58.Unreported social security and Medicare tax 59.Additional tax on IRAs, other qualified retirement plans, 60a.Household employment taxes b..First-time home buyer credit repayment 61.Health care: individual responsibility 62.Taxes from:Form 8959Form 8960 63.TOTAL TAX: Add lines56 through to 62 1,637 G. Payments64.Federal income tax withheld from Forms W-2 and 1099 65.2014 estimated tax payments 3,000 66a.Earned income credit (EIC) b.Nontaxable combat pay election 67.Additional child tax credit 68.American opportunity credit from Form 8863 69.Net premium tax credit 70.Amount paid with request for extension to file 71.Excess social security and tier 1 RRTA tax withheld 72.Credit for federal tax on fuels. 73.Credits from Form:a.2439b.Reservedc.8885 74. Total Payments; add 64, 65, 66a, 67 through 73 3,000 H. Refund75. If line 74 is more than line 63, subtract line 63 from line 74. This is the Amount overpaid 1,363 76a. Amount of 75 you want refunded to you 77. Amount of 75 you want applied to 2016 estimated tax I. Amount Owed78. Amount you owe. Subtract total payments from total tax 79. Estimated tax penalty Schedule A: Itemized DeductionsMedical and dental expenses1.Medical and dental expenses2.Enter amount from Form 1040, line 383.Multiply line 2 by 10% (0.10). But if either you or your spouse was born before January 2, 1952, multiply line 2 by 7.5% (0.075) ins tead4. Subtract line 3 from line 1. If line 3 is more than line 1, enter -0-........Taxes You Paid5. State and local (check only one box):a.Income taxes, orb.General sales taxes6. Real estate taxes (see instructions).........7.Personal property taxes .............8.Other taxes. List type and amount ââ€" ¶9Add lines 5 through 8......................Interest You PaidNote: Your mortgage interest deduction may be limited (see instructions).10.Home mortgage interest and points reported to you on Form 109811.Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that persons name, identifying no., and address ââ€" ¶12.Points not reported to you on Form 1098. See instructions for special rules.................13.Mortgage insurance premiums (see instructions).....14.Investment interest. Attach Form 4952 if required. (See instructions.)15.Add lines 10 through 14.....................Gifts to CharityIf you made a gift and got a benefit for it, see instructions.16.Gifts by cash or check. If you made any gift of $250 or more, see instructions................17.Other than by cash or check. If any gift of $250 or more, see instructions. You must attach Form 8283 if over $500...18. Carryover from prior year............19. Add lines 16 through 18.....................Casualty and Theft Losses20.Casualty or theft loss(es). Attach Form 4684. (See instructions.)........Job Expenses and Certain Miscellaneous Deductions21.Unreimbursed employee expensesjob travel, union dues, job education, etc. Attach Form 2106 or 2106-EZ if required. (See instructions.) ââ€" ¶22.Tax preparation fees.............23.Other expensesinvestment, safe deposit box, etc. List type and amount ââ€" ¶24.Add lines 21 through 23............25.Enter amount from Form 1040, line 382526.Multiply line 25 by 2% (0.02)..........27. Subtract line 26 from line 24. If line 26 is more than line 24, enter -0-......Other Miscellaneous Deduct ions28. Otherfrom list in instructions. List type and amount ââ€" ¶Total Itemized Deductions29. Is Form 1040, line 38, over $155,650?No. Your deduction is not limited. Add the amounts in the far right column for lines 4 through 28. Also, enter this amount on Form 1040, line 40.Yes. Your deduction may be limited. See the Itemized Deductions Worksheet in the instructions to figure the amount to enter.30. If you elect to itemize deductions even though they are less than your standard (5a) 3,000(9) 3,000(13) 6,000(14) 1,500(15) 7,500(17) 1,200(19) 1,20011,700 Schedule B: Interest and DividendPart I: Interest1.List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see instructions on back and list this interest first. Also, show that buyers social security number and address ââ€" ¶1. Amount: 4,000 on certificates of deposit at Second Bank2. Add the amounts on line 1: 4,0003. Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815.....................4. Subtract line 3 from line 2. Enter the result here and on Form 1040A, or Form 1040, line 8a......................ââ€" ¶4. Note: If line 4 is over $1,500, you must complete Part III.AmountPart II: Ordinary Dividends (See instructions on back and the instructions for Form 1040A, or Form 1040, line 9a.)Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firms name as the payer and enter the ordinary dividends shown on that form.5. List name of payer ââ€" ¶6. Add the amounts on line 5. Enter the total here and on Form 1040A, or Form 1040, line 9a ......................ââ€" ¶6. Note: If line 6 is over $1,500, you must complete Part III.Part III Foreign Accounts and TrustsYou must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust.7.At any time during 2016, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions ........................If Yes, are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements ......bIf you...