you must use 2013 Tax Forms. Try to zip all of the forms for James and Pamela into one file and the all of William’s in a separate file.
Following is a list of forms that I expect to see in your final course project files. I expect every form to be complete with names, social security numbers, appropriate boxes checked, etc. The forms are available on the IRS website along with the instructions for each form. www.irs.gov If you have access to 2013 tax software, you may use it.
Use 2013 tax forms.If you submit any year other than 2013, I will automatically deduct 15 points.
James and Pamela Brock with dependents
Form 1040: You will need to update Page 1 from your original form. We have changed a lot of information.
Schedule A: This will change from your earlier Schedule A because of new information
Schedule C: Westchester Wood – Remember to complete Part III Cost of Goods Sold: furniture and stains. Accounting method is cash, he materially participates, made no 1099 payments, and all investment is at risk.
Schedule C: Pamela Brock – Student Tutoring. The only thing on this form is $1,500 of income. Remember I told you earlier we would move her $1,500 of misc. income from the 1040 line 21. . Pamela’s Schedule C will go on Line 12 with the Westchester Wood Schedule C total. All that remains on Line 21 is the gambling income.
Schedule D: You can skip Form 8949 and complete Part 1 line 1a and Part II Line 8a.
Schedule E: They have $3,000 of rental income net of expenses so do not worry about expenses. Make up a location for the property. No 1099 payments, rented for 365 days, no personal use.
Schedule SE: Pamela Brock on her tutoring income.
Form 2106: Pamela Brock. Information in Module 10. In Part 1 Step 1 Line 5 of Form 2106 you enter the full amount of meals and entertainment. The reduction is on Part 3 Line 9. I will be happy to review this form before you complete the project since we have new information. You can also use the Module 10 Spreadsheet that I am uploading with this information.
Form 2106: James Brock. He had $700 of travel expenses.
Form 8283: Charitable Contributions Section B Part 1
Forget about the $2,200 sent in with the extension. We are going to assume they filed on time.
Forget about Ashley’s investments and the Kiddie Tax calculation.
They had $9,000 of Federal income tax withheld on their W-2 forms.
Do not worry with calculating the tax due because they have qualified dividends and capital gains that are taxed at a different rate. You can leave 1040 Lines 44, 46, 55, 61, and 76 blank unless you use a tax software program.
Remember Pamela is blind.
Check Figure: AGI should be $192,037.
William Brock
1040
Schedule A: This will change from your earlier Schedule A because of new information.
Schedule B: make up a name for the payer in Part Iand Part II.
Form 2106: He has vehicle expenses from Module 10 and $180 of travel expenses from Module 8.
Form 8283: Section B, Part I for the land contribution.
William had $1,350 of federal income tax withheld on his W-2 forms.
Remember William is over 65.
Check Figure: William’s AGI is $46,615
Do not worry with calculating the tax due because William has qualified dividends that are taxed at a different rate. You can leave 1040 Lines 44, 46, 55, 61, 73, and 74 blank unless you use a tax software program.
If you have any questions, contact me. I want everyone to get 85 points on the final course project.
