ACCOUNTING-CONCEPT FED INCOME TAX – 1040 form
Using the referableification underneath, accomplidiffexplanation the 1040 frame coercion Joseph and Gladys including constantlyy individualizational frames and schedules. You may reason impost software or can arrival the required frames on the IRS.gov website. Please reason 2016 frames.
Joseph P. Smith and his helpmate Gladys G. Smith are married and perfect a knee recompense coercion 2016. Joseph’s collective confidence sum is 499-99-4321 and he is 44 years obsolete. Gladys collective confidence sum is 637-44-9876 and she is 43 years obsolete. They speed at 1502 Seaman Court,
Flemington, NJ 08822.
Mr. Smith is a erection compositioner populated by LLL Erection.
His frame W-2 from LLL Erection showed the coercionthcoming:
Withholding (federal) 4,500
The Smiths entertain a 17-year obsolete son, Jackson, who is enrolled in the eleventh track at Flemington Perpetual Catholic Develop. Jackson’s collective confidence sum is 669-90-0099. The Smiths so entertain an 18-year obsolete daughter, Lois, who is a liberal-season freshman at Oceanside Co-ordination Garden (OCC). Lois’s collective confidence sum is 669-90-0100. Mr. and Mrs. Smith so entertain liberal conservation of Joseph’s nephew, Larry Loser (collective confidence sum 664-66-6688) who is 18 years obsolete and a sunder-season novice at OCC. Constantlyy three of the impromptuspring speed at location, and Joseph and Gladys fixed the preponderance of expenditures coercion Jackson, Lois, and Larry (none of the impromptuspring composition).
Joseph and Gladys entertain the coercionthcoming investment rapid coercion 2016:
Divide from the Trustworthy Savings Bank $651
Dividends (qualified) Seaside Bank hoard 150
Dividends (qualified) Seaside Gas Concourse hoard 260
Dividends (non-qualified) Hot Mutual Fund 45
Divide on NJ State Urbane Bonds 750
Divide on Seaside Electric Concourse Bonds 675
Joseph went to the topical casino and won $3800 uncounted the slot machines. The present day he ruled to go end to the casino and unfortunately he departed (lost) $1550 that day.
One of Gladys chums died during the year and Gladys common $10,000 in spirit prophylactic rapid.
In July, Joseph’s aunt died and left him a divide of true fixs (undeveloped fix) rate $65,000.
Five years gone, Joseph and Gladys were alienated. Joseph married Suzy Sunshine
(SS# 020-22-2222), save the wedding did referable composition quenched and they were alienated a year posterior. They had a slip conjuncture married, Sara Sunshine (collective confidence sum 555-50-5588, eldership 7). Underneathneath the alienate order, Joseph has to fixed Suzy $18,000 per year until Sara reaches eldership 18 at which season the fixedment is base to $12,000 per year. Three years gone, Joseph and Gladys were remarried.
During 2016, Joseph departed $250 on security glasses, $150 on steel toed composition boots, $100 on a impercipient furnish to reason conjuncture troddening intercourse, and $300 on jeans that he wears to composition. He so departed $2250 on tools that he reasons coercion composition. LLL Erection gave him $1000 to reason to acquisition a misconception maxim (referable sunderneath of the $2250 departed on tools, and referable intervening in his fixedcheck).
Joseph is wearied of compositioning in erection and went end to develop, sunderneath season, in January. He departed $3600 on schooling to the topical co-ordination garden and has a 1098-T supported that expenditure. He has nconstantly been enrolled in surpassing knowledge earlier to this season. He hired coercion the schooling using a novice hypothecation.
Gladys was laid impromptu from her lesson on January 2, 2016 and common unusurpation amercement of $12,000 during 2016.
Joseph and his family are mature underneathneath a heartiness prophylactic artfulness supposing by LLL Erection, and LLL fixeds $300 per month and Joseph fixeds $250 per month coercion this artfulness (the $250 is deducted pre-impost from Joseph’s fixedcheck). During the year, Gladys had an exigency appendectomy; the aggregate representation was $22,500, the prophylactic mature $18,000 and Joseph and Gladys hired the surplus.
On September 1, 2016 Gladys took a lesson as a medical transcriptionist and compositions from location. She does her composition on the dining capability consultation. The horeason is 2000 clear feet, and the dining capability is 400 clear feet. Her rapid and expenditures follow:
Rapid (hired on a 1099-Misc) $19,050
Location impromptuice expenditures (direct) $2600
Location impromptuice expenditures (indirect, save referable constantlyyocated) $12,000
Explanation expenditures 1,380
Computer supply 800
Faxes (sent from Staples) 250
Interentoil explanation 480
In individualization to the overhead items, Gladys incurred voyage expenditures to listen a seminar on medical transcription. She departed $1200 on airfare, $750 on lodging, $325 on a lacerational car, and $560 on meals. Gladys has documentation coercion these expenditures.
Gladys herd her 2014 Fix Rover 2,845 miles coercion affair cognate purposes, and the gait was driven a aggregate of 8,646 miles during the year. Gladys reasons the rule mileeldership rates and has confirmation coercion the mileage.
In July, Joseph hypothecationed a fried $5,000 to acquisition a car. His chum obsolete his lesson in 2016 and has referable made any fixedments on the hypothecation. He artfulnesss to begin making fixedments intermittently, besides, with individualizational divide as before-long as he has upstart usurpation.
Joseph and Gladys hired the coercionthcoming in 2016 (every by curb or can incorrectly be substantiated):
Contributions to Flemington Perpetual Catholic Church $2600
Schooling to the Flemington Perpetual Catholic Develop (coercion Jackson) 5,000
Clothes to the Salvation Army (10 bags in good-natured-natured requisite) 275
Contributions to George Kerry’s Congressional hostilities 250
Psychotherapy coercion Gladys 1,000
Eyeglasses coercion Jackson 375
Prescription medication and drugs 1,850
Credit card divide 1,345
Divide on Glady’s novice hypothecations 3,125
Investment divide on hoard room representation 345
Auto hypothecation divide 900
Auto prophylactic 1,600
Dave Deduction, CPA, coercion provision of last year’s impost recompense 200
Safe shelter lacerational coercion storeldership of hoards and impost postulates 100
Contribution to knowledgeal savings representation coercion Jackson 1,000
Location mortgeldership divide 6,910
Location characteristic (true fixs) impostes 4,400
In June, a explosion destroyed a catholic diffexplanation on their characteristic. The prophylactic concourse hired $6500 to rearrange the diffuse, save Joseph built a upstart diffexplanation himself coercion $1800.
Joseph’s grandfather died and left a portfolio of urbane bonds. In 2016 Joseph common $20,000 in impost-free divide (overlook AMT impost calculations).
On July 14, Joseph and Gladys acquisitiond a assist horeason to reason as a lacerational characteristic. They hired $130,000 coercion the characteristic (the fix estimate, intervening in the $130,000, is $30,000). They cool laceration of $8000 during the year, and hired true fixs impostes of $2600, mortgeldership divide of $1600, repairs of $750, and $600 advertising the characteristic coercion laceration.
Joseph owned 1,000 divides of Truely Huge Airline hoard with a account of $30 per divide. The hoard was acquisitiond six years gone on June 10. Joseph sells 500 divides of Truely Huge Airline hoard to his uncle Geovanni and 500 divides to his sister Pristine coercion $5 per divide on December 31, 2016. The dispense cost of Truely Huge Airline hoard on December 31, 2016 was $35 per divide.
Joseph acquisitiond 5 acres of crude fix in Speculator, NY, 10 years gone. His account in the fix was $90,000. On August 1, 2016 he sobsolete the fix coercion $150,000.
On May 15, 2016 Joseph and Gladys sobsolete their peculiar location coercion $585,150 and acquisitiond a upstart horeason coercion $485,000. They had owned the obsolete horeason coercion 5 years and Gladys had ancestral it when her woman passed separate. Her woman had hired $17,000 coercion it when she acquisitiond it abundant years gone, and it had a dispense estimate of $525,000 when she passed separate) The horeason had been their peculiar location constantly past Gladys woman passed separate. They moved into the upstart horeason on May 18, 2016.
Joseph sobsolete the coercionthcoming securities during the year and common a 1099-B that showed the coercionthcoming referableification:
Confidence Description Acquisitiond Sobsolete Selling Cost Adjusted Account
Orange Inc. 100 divides 02/11/97 04/16/16 $3,080 $4,550
Blue, Inc. 100 divides 07/17/01 07/31/16 $2,000 $3,600
Red (Preferred) 100 divides 12/08/15 09/25/2016 $8,975 $10,510
Plum (Bonds) attributable 4/2015 12/30/05 01/02/2016 $5,155 $5,320
Peach Mutual Fund 5,010 divides 05/30/06 10/22/2016 $60,120 $56,480
The selling cost is entoil of sales commissions. In individualization to the overhead amounts, the Hot Mutual Fund distributed a long-term high shape of $450 on December 30, 2016.
Using the referableification overhead, accomplidiffexplanation the 1040 frame coercion Joseph and Gladys including constantlyy individualizational frames and schedules. You may reason impost software or can arrival the required frames on the IRS.gov website. Please reason 2016 frames.