Research All About Complying The The Tax Return (Term Paper Sample)

Computing Tax Return
Name of Student
Institution
Form 1040: Individual Income Tax Return 2015
For the year beginning:January 2015 Ending: December 2015
A.
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 dependants
C. Income
7. 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 Income
23. 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 paid
b Recipient’s 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 Credits
38. 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 Taxes
57.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 8959
Form 8960


63.TOTAL TAX: Add lines56 through to 62

1,637

G. Payments
64.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.2439
b.Reserved
c.8885


74. Total Payments; add 64, 65, 66a, 67 through 73

3,000

H. Refund
75. 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 Owed
78. Amount you owe. Subtract total payments from total tax


79. Estimated tax penalty


Schedule A: Itemized Deductions
Medical and dental expenses
1.Medical and dental expenses
2.Enter amount from Form 1040, line 38
3.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) instead
4. Subtract line 3 from line 1. If line 3 is more than line 1, enter -0-........
Taxes You Paid
5. State and local (check only one box):
a.Income taxes, or
b.General sales taxes
6. Real estate taxes (see instructions).........
7.Personal property taxes .............
8.Other taxes. List type and amount ▶
9Add lines 5 through 8......................
Interest You Paid
Note: Your mortgage interest deduction may be limited (see instructions).
10.Home mortgage interest and points reported to you on Form 1098
11.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 person’s name, identifying no., and address ▶
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 Charity
If 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 Losses
20.Casualty or theft loss(es). Attach Form 4684. (See instructions.)........
Job Expenses and Certain Miscellaneous Deductions
21.Unreimbursed employee expenses—job travel, union dues, job education, etc. Attach Form 2106 or 2106-EZ if required. (See instructions.) ▶
22.Tax preparation fees.............
23.Other expenses—investment, safe deposit box, etc. List type and amount ▶
24.Add lines 21 through 23............
25.Enter amount from Form 1040, line 38
25
26.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 Deductions
28. Other—from list in instructions. List type and amount ▶
Total Itemized Deductions
29. 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) 1,200
11,700

Schedule B: Interest and Dividend
Part I: Interest
1.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 buyer’s social security number and address ▶
1. Amount: 4,000 on certificates of deposit at Second Bank
2. Add the amounts on line 1: 4,000
3. 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......................▶
4. Note: If line 4 is over $1,500, you must complete Part III.
Amount
Part 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 firm’s name as the payer and enter the ordinary dividends shown on that form.
5. List name of payer ▶
6. Add the amounts on line 5. Enter the total here and on Form 1040A, or Form 1040, line 9a ......................▶
6. Note: If line 6 is over $1,500, you must complete Part III.
Part III Foreign Accounts and Trusts
You 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 ......
b
If you...