1. Herman Hiebert’s social security number is 456-12-3789. He is married but does not have any dependents. His wife’s name is Rebecca, and her social security number is 123-45-6789. They live at 1345 E. 44th Street, Phoenix, AZ 85017 2. Additional information to complete the tax returns: a. Rebecca works at Intel Corporation and earned $160,000 during the tax year. b. Her federal tax withholding was $30,000 and Arizona income taxes withheld were $8,000. Herman made federal estimated tax payments of $15,000 and Arizona estimated payments of $1,500 c. Mortgage interest on their personal residence was $15,200, and property taxes were $5,150. d. Additional charitable contributions of $10,500 were paid during the year. e. On July 10, 2018, they sold 1,000 shares of Intel Corporation stock for $70 per share. They purchased the stock on May 1, 2012 for $56 per share. f. The taxpayer’s have a long-term capital loss carry forward of $5,000. g. Assume AMT does not apply. h. Apply any refund to estimated tax payments for the next year. i. Instead of preparing Form 4797 (because it was already prepared for the s-corporation), input any gain/loss from the Section 1231 asset on Form 1040, Schedule 1, line 14. 3. Download the appropriate 2018 tax forms from the IRS website. Include any necessary supporting schedules and supporting documentation. Use 2018 tax forms only (points will be deducted for using incorrect forms). 4. If submitting to LoudCloud, create one PDF file with all the tax forms in the order they should appear in a submitted tax return. If submitting paper copy, remember to put the forms in the proper order. Points will be deducted if forms are placed out of order. Remember to include the appropriate taxpayer information on the forms; points will be deducted for missing items.
#Sales Offer!| Get upto 25% Off: