Question

2016 Comprehensive Tax Return

Complete the federal tax return below for the current tax year listed above.. Use Form 1040, Schedule A, and Schedule B to complete this return. You can print these forms off of the I

RS website by going to IRS website and search for the forms.

Jim Wallace (age 40) is a single taxpayer, and he lives at 1234 Hallmark Way, Warner Robins, GA 31088. His Social Security number is 555-94-9358. Jim’s earnings and withholdings as a manager of Best Buy for 2016 are:

Earnings from Best Buy $150,000

Federal Income Tax $24,000

State income tax withheld $0

Jim’s other income includes interest on a savings account at Robins Federal Credit Union for $10,075.

Jim also received a Form 1098 Mortgage Interest Statement from Wells Fargo showing mortgage interest paid on his house in the amount of $20,000 for 2016.

Jim pays his ex-wife $3,000 per month. When their 12-year old child (in the wife’s custody) reaches 18, the payments reduce to $1,500 per month. His ex-wife’s Social Security number is 554-44-5555.

During the year, Jim paid the following amounts:

Credit card interest $1,800

Auto loan interest $4,500

Auto insurance $900

Property taxes on a personal residence $6,500

States and local sales tax paid in 2016 $4,000

Blue Cross Health insurance premiums $2,000

Other medical expenses $800

Income tax preparation fee $500

Charitable Contributions:

Boy Scouts $600

St. Matthews Church $400

UGA Pharmacy School $30,000

Georgia Republican Party $300

American Red Cross $50

Answer 1

Answer :-

An assessment plan is a type of IRS expects you to get ready notwithstanding your expense form when you have particular sorts of Incomes and Deductions.

Schedule A :-

• In the event that you recognize your answers as opposed to guaranteeing the standard reasoning , the you ought to get ready Schedule A .
• what's more, this ought to be append to your shape 1040.

Schedule B :-

• This timetable is a pay plan it should be independently list the wellspring of intrigue and profit installment. Which is gotten amid the entire year.

Schedule C and C-EZ :-

• On the off chance that you have basic business with not an intricate bookkeeping that meets IRS criteria, you can utilize shorter calendar C and C-EZ , as opposed to plan C .

Schedule D :-

• The timetable D yake put when you move capital resource amid the year .

Schedule EIC :-

• You can utilize plan EIC for shape 1040 report your capability for guaranteeing the earned salary impose credit .