Glenn Reeves 1040.xlsx - FOR TAX PLANNING PURPOSES ONLY This spreadsheet was developed due to popular request to allow users to guestimate their 2 under

Glenn Reeves 1040.xlsx - FOR TAX PLANNING PURPOSES ONLY...

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Unformatted text preview: FOR TAX PLANNING PURPOSES ONLY This spreadsheet was developed due to popular request to allow users to guestimate their 2 under the new tax law. As always, use with caution, verify all results, and provide feedback! -- 2018 TAX LAW CHANGES -(as best as I can figure it out) The following spreadsheet changes have been made in an att the recent changes, made by congress, to the Federal Inco o Incorporated new tax brackets (All tax calculations) o Added notes regarding deduction for alimony payments. Alimony payments will not reported as income (Form 1040, Line 11) or claimed as credit (Form 1040, Line 31 - any divorce or separation instrument executed after December 31, 2018, OR - any divorce or separation instrument executed before December 31, 2018 and mo after the law was enacted that expressly provides that the law applies. (Form 1040, Line 40) o Increased standard deductions - Single $12,000 - Head of household $18,000 - Married filing jointly $24,000 o Eliminated the personal exemption (Form 1040, Line 42) (Sch. A, Line o Medical deductions threshold lowered to 7.5% of taxable income. Note: This change is retroactive to January 1, 2017. o State and local tax deductions limited to $10,000 ($5,000 for Married Filing Sep (Schedule A, Line 9) o Limits mortgage interest deductions (for new mortgages) (Schedule A, Lines 10 & - New mortgage limit $750,000 - Older mortgage limit $1,000,000 o Limit on personal contribution to charities is increased from 50% to 60%. (Sch. (Sch. A, o Limit on itemized deductions is eliminated through the 2025 tax year. Child Tax Credit increased to $2,000 with a $1,400 refundable credit. o - Form 1040, Line 52, Child Tax Acredit (CTC) updated for 2018. - Form 1040, Line 67, represents the Additional Child Tax Credit (ACTC) (Limit = $1,400 / qualified child) o Increased alternative Minimum Tax exemption (Form 6251, Line 29) Taxable income Exemption - Single $500,000 $70,300 - Married filing jointly $1,000,000 $109,400 - Married filing separately $500,000 $54,700 o Increased Capital Gains and Qualified Dividend Tax Thresholds ("Line 44", Lines 8 and 15, and Sch. D WS, Lines 15 and 24) 0% Threshold 15% Threshold - Single $38,600 $425,800 - Married filing jointly $77,200 $479,000 - Married filing separately $38,600 $239,500 - Head of Household $51,700 $452,400 -- OTHER UPDATES for 2018 -- o Updated Federal Poverty Line numbers and Table 2. (Form 8962, Premium Tax Credi o Updated Health Savings Account amounts. (Form 8889, Line 3 and Limitation Chart o Eliminated itemized deduction limitation for Alternative Minimum Tax (Form 6251 (W-2s, Cell M3) o Updated maximum Social Security tax earnings for 2018. Updated Alternative Minumum Tax exemption limits. (Form 6251, Line 29) o (Line 66, Earned Income Cre o Updated Earned Income Credit parameters for 2018. o Created new Qualified Business Income (QBI) Deduction worksheet (Form 1040, Line (Form 6251, Lines 43 and 49) o Updated Alternative Minumum Tax thresholds. o Updated Additional Child Tax Credit for 2018 (Schedule 8812) No password is needed. If you find a data entry cell to be protected, it is because it is a calculated value using location in the spreadsheet. Read the instructions for that line to determine where the v However, for most calculated cells, a manual override cell is provided if you need to over value. After a while, you will figure out that the spreadsheet is completely functional unprotect it. SUMMARY Adjusted Gross Income Taxable Income Total Tax Total Payments/Credits Amount To be Refunded Tax Bracket $78,000 0 8,500 8,500 Form 1040, Line Form 1040, Line Form 1040, Line Form 1040, Line Form 1040, Line --- This spreadsheet is free. However, if you would like to show your appreciation, you may make a contribution by clicking the following link to PayPal and sending money to '[email protected]'. Thank you! mate their 2018 tax liabilities de feedback! de in an attempt to reflect Federal Income Tax code. ents will not be 1040, Line 31a) for: 2018, OR , 2018 and modified pplies. Sch. A, Line 3) ed Filing Separately) A, Lines 10 & 11) o 60%. (Sch. A, Line 19) r. (Sch. A, Line 29) ium Tax Credit) itation Chart) x (Form 6251, Line 6) ed Income Credit) rm 1040, Line 42) and 49) d value using input from another where the values are derived. need to override the calculated functional without needing to Form 1040, Line 37 Form 1040, Line 43 Form 1040, Line 63 Form 1040, Line 74 Form 1040, Line 75 n, PayPal and m'. Single MFJ or QW MFS HOH --------- Excel1040 -- Income Tax Spreadsheet Instructions for Use IMPORTANT NOTES: 1. The purpose of this spreadsheet is to help U.S. taxpayers calculate their own federal income tax returns. The spreadsheet attempts to perform the mechanics of tax preparation (i.e. 'do the math') in accordance with IRS forms and instructions. 2. This spreadsheet is designed for taxpayers who are capable of preparing their own federal income tax returns. Users of this spreadsheet must know what information needs to be entered and where to enter it. Users of this spreadsheet must also be sufficiently familiar with the IRS forms and instructions that apply to their tax return in order to detect and correct any and all user and spreadsheet errors that might occur. Although some error checking is included, this spreadsheet will not prevent you from making mistakes. 3. The user must assume full responsibility as to the correctness and appropriateness of any and all amounts entered and results produced. Be sure to use current copies of actual IRS forms and instructions when validating the spreadsheet's results. IRS forms and instructions: 4. It is vitally important that all spreadsheet users promptly report any error(s) they find so that the spreadsheet can be corrected. Report errors to: [email protected] GENERAL NOTES: 1. Unprotected data entry cells have a light blue fill color. Cells containing calculated amounts are usually protected and have a darker blue fill color. Form and worksheet areas are protected. However, users are able to adjust printing properties. 2. "Manual override" cells are available for many calculated cells. The use of override cells is discouraged because manual overrides can defeat the spreadsheet's automatic updating feature. If you are having to use a manual override because of a spreadsheet error, be sure to report the error as soon as possible. 3. To check a checkbox, simply type an 'X' (any character will work) in the box and press <Enter>. To remove an 'X' from a check box, be sure to single click on the box and then press <Delete>. NOTE: Clearing an 'X' from a checkbox by highlighting it and pressing the <space> bar will not work because, although it is invisible, the <space> character is treated the same as an "X" character. 4. Prior to printing, to remove colors from all forms and worksheets, place an 'X' in Cell AJ3 on the '1040' sheet. 5. If using copy/paste to copy information from another source, be sure to paste using 'Paste-Values'. Otherwise, cell properties could be inadvertently changed. (e.g. A normally unprotected cell could become protected.) INSTRUCTIONS: 1. Click on the tab labeled '1040' and enter the information required for Form 1040, Lines 1 through 6. 2. Enter your birthdate and, if filing Married - Filing Jointly, enter your spouse's birthdate. 3. Indicate if you and/or your spouse are claimed as a dependent on someone else's federal income tax return. 4. Enter any employment income reported on Form W-2 on the tab labeled 'W-2s'. 5. Enter any interest income reported on Form 1099-INT on the tab labeled '1099-INT'. (Interest income information will automatically appear on Schedule B, Line 1.) 6. Enter any dividend income reported on Form 1099-DIV on the tab labeled '1099-DIV'. (Dividend income information will automatically appear on Schedule B, Line 5.) 7. Enter any IRA/pension/annuity income reported on Form 1099-R on the tab labeled '1099-R'. 8. Enter any Social Security income reported on Form SSA-1099 on the tab labeled 'SSA-1099'. 9. Begin a careful, line-by-line, review of the sheet labeled '1040'. If additional information is needed for a particular line, then look for a sheet associated with that line (e.g. "Line 20") to determine if additional information needs to be entered. 10. 11. 12. Review every tab to determine it's applicability to your tax return and make sure each sheet is completed. Recommend printing your return and reviewing the printed copy against actual IRS forms and instructions. Transfer results to an electronic filing service or hard copies of the forms. W-2s Richard L. Soup Wages, tips, other compensation Federal income tax withheld Social security wages Social security tax withheld Medicare wages and tips Medicare tax withheld Social Security Tips Allocated Tips Advance EIC payment Dependent Care Benefits Nonqualified plans See instructions for box 12 Employer #1 33,000.00 4,200.00 Employer #2 Employer #3 45,000.00 4,300.00 Employer #4 Employer #5 Employer #6 Total 78,000.00 8,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Stat Emp / Retire / 3rd Party Sick Other Railroad retire (RRTA) compensation RRTA medicare tax withheld (see Form CT-2) State wages, tips, etc. State income tax withheld Local wages, tips, etc. Local income tax withheld Page 9 Excess 0.00 W-2s Information from Form W-2, Wage and Tax Statement Mary G. Soup Employer #1 Employer #2 Employer #3 Wages, tips, other compensation Federal income tax withheld Social security wages Social security tax withheld Medicare wages and tips Medicare tax withheld Social Security Tips Allocated Tips Advance EIC payment Dependent Care Benefits Nonqualified plans See instructions for box 12 Employer #4 Employer #5 Employer #6 Total Excess 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Stat Emp / Retire / 3rd Party Sick Other Railroad retire (RRTA) compensation RRTA medicare tax withheld (see Form CT-2) State wages, tips, etc. State income tax withheld Local wages, tips, etc. Local income tax withheld Page 10 0.00 W-2s TOTALs Wages, tips, other compensation Federal income tax withheld Social security wages Social security tax withheld Medicare wages and tips Medicare tax withheld Social Security Tips Allocated Tips Advance EIC payment Dependent Care Benefits Nonqualified plans See instructions for box 12 Stat Emp / Retire / 3rd Party Sick Other Railroad retire (RRTA) compensation RRTA medicare tax withheld (see Form CT-2) State wages, tips, etc. State income tax withheld Local wages, tips, etc. Local income tax withheld TOTALs 78,000.00 8,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Used at: Excess Soc. Sec. Tax Withheld Form 1040, Line 7. Form 1040, Line 64. Sch. SE, Line 8a. (Depending on who had business income.) Line 52, Child Tax Credit Worksheet, Line 11 Worksheet, Line 6; Form 8812, Line 7 Form 8959, Additional Medicare Tax, Line 1 Line 52, Line 11 Worksheet, Line 6; Form 8959, Line 19; Form 8812, Line 7 Form 2441, Part III, Line 12 Form 8959, Additional Medicare Tax, Line 14 Form 8959, Additional Medicare Tax, Line 23 Sch. A, Line 5 Sch. A, Line 5 Page 11 0 1099-INT Information from Form 1099-INT, Interest Income Richard L. Soup and Mary G. Soup Payer #1 Payer #2 Payer #3 Payer #4 Payer #5 N N N N N Payer #6 Payer #7 Payer #8 Payer #9 Payer #10 N N N N N PAYER's name PAYER's Federal ID number Account number 1 Interest income 2 Early withdrawal penalty 3 Interest on U.S. Savings Bonds & Treas. Obligations 3A Include on Schedule B, Line 1? (Y / N) 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Tax-exempt interest 9 Specified private activity bond interest 10 Market discount 11 Bond premium 12 Bond premium on Treasury obligations 13 Bond premium on tax–exempt bond 14 Tax-exempt and tax credit bond CUSIP no. 15 State 16 State identification no. 17 State tax withheld Only bolded amounts are used in this spreadsheet. Richard L. Soup and Mary G. Soup PAYER's name PAYER's Federal ID number Account number 1 Interest income 2 Early withdrawal penalty 3 Interest on U.S. Savings Bonds & Treas. Obligations 3A Include on Schedule B, Line 1? (Y / N) 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Tax-exempt interest 9 Specified private activity bond interest 10 Market discount 11 Bond premium 12 Bond premium on Treasury obligations 13 Bond premium on tax–exempt bond 14 Tax-exempt and tax credit bond CUSIP no. 15 State 16 State identification no. 17 State tax withheld Only bolded amounts are used in this spreadsheet. Information from Form 1099-INT, Interest Income Page 12 1099-INT Richard L. Soup and Mary G. Soup Payer #11 Payer #12 Payer #13 Payer #14 Payer #15 Total PAYER's name PAYER's Federal ID number Account number 1 Interest income 2 Early withdrawal penalty 3 Interest on U.S. Savings Bonds & Treas. Obligations 3A Include on Schedule B, Line 1? (Y / N) 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Tax-exempt interest 9 Specified private activity bond interest Used at: 300 600 0.00 0.00 0.00 N N N N N 0.00 0.00 0.00 ---0.00 0.00 0.00 0.00 0.00 0.00 10 Market discount 11 Bond premium 12 Bond premium on Treasury obligations 13 Bond premium on tax–exempt bond 14 Tax-exempt and tax credit bond CUSIP no. 15 State 16 State identification no. 17 State tax withheld Sch. B, Line 1 Form 1040, Line 30 Sch. B, Line 1 Form 1040, Line 64 Sch. A, Line 23 Sch. A, Line 8 (If INT & DIV total foreign tax paid is less than $300 ($600 if filing Married - Jointly)) Form 1040, Line 8b Form 6251, Line 12 Sch. B, Line 1 ------------0.00 Page 13 Sch. A, Line 5 1099-DIV Information from Form 1099-DIV, Dividends and Distributions Richard L. Soup & Mary G. Soup Payer #1 Payer #2 Payer #3 Payer #4 Payer #5 Payer #6 Payer #7 Payer #8 Payer #9 Payer #10 Payer #11 Payer #12 Payer #13 Payer #14 Payer #15 PAYER's name PAYER's Federal ID number Account number 1a Total ordinary dividends 1b Qualified dividends 2a Total capital gain distr. 2b Unrecap. Sec. 1250 gain 2c Section 1202 gain 2d Collectibles (28%) gain 3 Nondividend distributions 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Cash liquidation distributions 9 Noncash liquidation distributions 10 Exempt-interest dividends 11 Specified private activity bond interest dividends 12 State 13 State identification no. 14 State tax withheld Only bolded amounts are used in this spreadsheet. Richard L. Soup & Mary G. Soup PAYER's name PAYER's Federal ID number Account number 1a Total ordinary dividends 1b Qualified dividends 2a Total capital gain distr. 2b Unrecap. Sec. 1250 gain 2c Section 1202 gain 2d Collectibles (28%) gain 3 Nondividend distributions 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Cash liquidation distributions 9 Noncash liquidation distributions 10 Exempt-interest dividends 11 Specified private activity bond interest dividends 12 State 13 State identification no. 14 State tax withheld Only bolded amounts are used in this spreadsheet. Richard L. Soup & Mary G. Soup PAYER's name PAYER's Federal ID number Account number 1a Total ordinary dividends 1b Qualified dividends 2a Total capital gain distr. 2b Unrecap. Sec. 1250 gain 2c Section 1202 gain 2d Collectibles (28%) gain 3 Nondividend distributions 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Cash liquidation distributions 9 Noncash liquidation distributions Page 14 1099-DIV 10 Exempt-interest dividends 11 Specified private activity bond interest dividends 12 State 13 State identification no. 14 State tax withheld Only bolded amounts are used in this spreadsheet. Page 15 1099-DIV Richard L. Soup & Mary G. Soup Payer #16 Payer #17 Payer #18 Payer #19 Total PAYER's name PAYER's Federal ID number Account number 1a Total ordinary dividends 1b Qualified dividends 2a Total capital gain distr. 2b Unrecap. Sec. 1250 gain 2c Section 1202 gain Used at: 0.00 300 600 600 0 0.00 Sch. B, Line 1 0.00 Form 1040, Line 9b 0.00 Sch. D, Line 13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2d Collectibles (28%) gain 3 Nondividend distributions 4 Federal income tax withheld 5 Investment expenses 6 Foreign tax paid 7 Foreign country or U.S. possession 8 Cash liquidation distributions 9 Noncash liquidation distributions 10 Exempt-interest dividends 11 Specified private activity bond interest dividends 12 State 13 State identification no. 14 State tax withheld ---- Sch. D. WS, 28% Rate Gain WS, Line 4 Form 1040, Line 64 Sch. A, Line 23 Sch. A, Line 8 (If INT & DIV total foreign tax paid is less than $300 ($600 if filing Married - Jointly)) 0.00 0.00 0.00 0.00 Form 1040, Line 8b Form 6251, Line 12 0.00 Sch. A, Line 5 ------- Page 16 This form has yet to be implemented. Download and follow IRS instructions for where the information and amounts should be entered. NOTE: NOTE: Amounts of more than $600 will NOT typically be reported on Form 1040, Line 21. To report 1099-MISC income on Form 1040, Line 21, use the override cell for Form 1040, Line 21 (Cell AL54) Instructions for Form 1099-MISC (2017) may be downloaded from the IRS: Form 1099-MISC (2017) may be downloaded from the IRS: Instructions for Form 1099-MISC (2018) may be downloaded from the IRS: Form 1099-MISC (2018) may be downloaded from the IRS: 1099-R Information from Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Richard L. Soup Enter payer's name here. Payer #2 Payer #3 Payer #4 Payer #5 Enter "IRA" or "P/A" (for Pension/Annuity) >>> 1 Gross distribution 2a Taxable amount 3 Capital gain (not included in box 2a) 4 Federal income tax withheld 5 Employee contributions / Insurance premiums / Designated Roth IRA contributions 6 Net unrealized appreciation in employer's securities 7 Distribution code(s) (Code D only) 8 Other 9a Your percentage of total distribution 9b Total employee contributions 10 Amount allocable to IRR within 5 years 11 1st year of desig. Roth contrib. 12 State tax withheld 13 State/payer's state no. 14 State distribution 15 Local tax withheld 16 Name of locality 17 Local distribution Only bolded amounts are used in this spreadsheet. Payer #6 Payer #7 Payer #8 Payer #9 Total IRAs IRA 0.00 0.00 0.00 0.00 Total Pension / Annunities P/A 0.00 0.00 0.00 0.00 ## ## ## ## 0.00 0.00 0.00 0.00 ## ## 0.00 0.0% 0.00 0.00 0.00 0.00 ---0.00 0.00 ---0.00 ## ### ## ## ## ## ## ## ## ---- ---0.00 0.0% 0.00 0.00 0.00 0.00 ---0.00 0.00 ---0.00 Page 18 ## 1099-R Information from Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Mary G. Soup Payer #1 Payer #2 Payer #3 Payer #4 Payer #5 Enter "IRA" or "P/A" for (Pension/Annuity) >>> 1 Gross distribution 2a Taxable amount 3 Capital gain (not included in box 2a) 4 Federal income tax withheld 5 Employee contributions / Insurance premiums / Designated Roth IRA contributions 6 Net unrealized appreciation in employer's securities 7 Distribution code(s) (Code D only) 8 Other 9a Your percentage of total distribution 9b Total employee contributions 10 Amount allocable to IRR within 5 years 11 1st year of desig. Roth contrib. 12 State tax withheld 13 State/payer's state no. 14 State distribution 15 Local tax withheld 16 Name of locality 17 Local distribution Only bolded amounts are used in this spreadsheet. Payer #6 Payer #7 Payer #8 Payer #9 Total Total Pension IRAs / Annunities IRA P/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ---- 0.00 0.00 ## ## 0.00 0.0% 0.00 0.00 0.00 0.00 ---0.00 0.00 ---0.00 ## ...
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