Question

Complete the federal tax return below for 2016. Use Form 1040, Schedule A, Schedule B, and Form 2441 to complete this return. You can print these forms off of the IRS website by going to irs.gov and searching for the forms.

Lucy and Ricky Van have one child, Leroy, who is 5 years old. The Vans reside at 1234 Huckleberry Street, Kathleen, GA 31047. Ricky’s Social Security number is 577-11-3322, Lucy’s is 477-98-4735, and Leroy’s is 589-22-1142. Lucy and Ricky’s earnings and withholdings are:

Ricky:

Earnings from Dell Company (office manager)​​​$30,000

Federal Income Tax withheld​$3,000

State Income Tax withheld​​$1,200

Lucy:

Earnings from Rite Aid (Pharmacy Tech) $24,000

Federal Income Tax withheld$2,500

State Income Tax withheld$800

The other income includes interest from BB&T Savings of $1,600.

Other information and expenditures are:

Interest: ​On home mortgage$12,000

​​Credit card$1,000

Taxes:​Property Tax on personal residence​​$1,600

​​State income tax paid for previous year$300

Contribution to church$500

Medical insurance premiums$500

Medical and dental expenses$3,000

Income tax preparation fee paid$200

Payment of union dues$250

Child Care for Leroy$3,600

​CGTC Childcare Development Center

Answer 1

Solution:

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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 .