PeterSmucker.xlsx - DISCLAIMER-These spreadsheets are provided\"as is with no warranty of any kind expressed or implied and in no event will Glenn Reeves

PeterSmucker.xlsx - DISCLAIMER-These spreadsheets are...

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Unformatted text preview: -- DISCLAIMER -These spreadsheets are provided "as is", with no warranty of any kind, expressed or implied, and in no event will Glenn Reeves be liable for direct, indirect, incidental, or consequential damages resulting from the use of any of these spreadsheets. Glenn Reeves specifically disclaims the role of tax adviser. These spreadsheets attempt to perform the mechanics of tax preparation in accordance with IRS forms and instructions. The user must assume responsibility as to the correctness and appropriateness of any and all amounts entered and results produced. No password is needed. If you find a data entry cell to be protected, it is because it is a calculated value using input from another location in the spreadsheet. Read the instructions for that line to determine where the values are derived. However, for most calculated cells, a manual override cell is provided if you need to override the calculated value. After a while, you will figure out that the spreadsheet is completely functional without needing to unprotect it. Errors If you find an error, first check the revision date/time above against the revision number of the latest spreadsheet to be published at: If you find you're using an earlier version, review the changes made since your version to determine if the problem you've encountered has has already been fixed. If so, please download the latest version and begin again. (There is no simple way to migrate...) If you cannot determine (or you're not sure) as to whether or not the problem(s) you've found has been corrected, please do your fellow taxpayers a favor by reporting the problem to: [email protected] SUMMARY Adjusted Gross Income Taxable Income $197,470 173,470 Total Tax Total Payments/Credits Amount To be Refunded 25,712 32,524 6,812 Tax Bracket Form 1040, Line 7 Form 1040, Line 10 Form 1040, Line 11 Form 1040, Line 18 Form 1040, Line 20a 24% This spreadsheet is free. However, if you would like to show your appreciation, you may make a contribution by clicking one of the following links and sending money as indicated. PayPal (Send to: [email protected] ) Zelle (App) (Send to: [email protected] ) Google Pay (Send to: Income Tax [email protected] ) Popmoney (Send to: Income Tax [email protected] ) US Mail: Glenn Reeves (Tax Calculator) 1 Burlingwood Ct. Burlington, KS 66839-2418 Thank you for using my spreadsheet and for any money you decide to send! Federal Income Tax Spreadsheet Table of Contents Sheet Name (with hyperlink) © Glenn Reeves Title / Description Disclaimer Table of Contents Instructions W-2s Possible tax return coversheet which includes a disclaimer, important notes, and a summary. Table of contents with links to the sheets included in this spreadsheet. Important notes, general notes, and instructions to help you get started. Form W-2, Wage and Tax Statement 1099-INT Form 1099-INT, Interest Income 1099-DIV Form 1099-DIV, Dividend Income 1099-G 1099-MISC 1099-R SSA-1099 1040 Form 1099-G, Certain Government Payments Form 1099-MISC, Miscellaneous Income (Way too complicated -- included for information) Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. Form SSA-1099, Social Security Benefit Statement and IRS Notice 703, To See If Your Social Security Benefits May Be Taxable Form 1040, U.S. Individual Income Tax Return Sch. 1 Schedule 1, Additional Income and Adjustments to Income Sch. 2 Schedule 2, Tax Sch. 3 Schedule 3, Nonrefundable Credits Sch. 4 Schedule 4, Other Taxes Sch. 5 Schedule 5, Other Payments and Refundable Credits Sch. 6 Schedule 6, Foreign Address and Third Party Designee Line 4 (Annuity) Line 5 (SS Bene) Line 8 (SD Depnts) Earned Inc Calc Line 9 (QBID) QBID (Unofficial) Sch. 1, Line 10 (SALT) Line 11a (QDCG Tax) Line 12a (CTC) Line 17a (EIC) Sch. 1 Line 32 (IRA) Line 33 (Stu Loan) Simplified Method Worksheet—Lines 4a and 4b -- to determine taxable amount of retirement pension or annuity. Social Security Benefits Worksheet – Lines 5a and 5b -- to determine taxable amount of Social Security benefits. Standard Deduction Worksheet for Dependents — Line 8 Earned Income Calculator — Used as input to Standard Deduction Worksheet for Dependents — Line 8 Qualified Business Income Deduction—Simplified -- Applicable if net income is < $157,500 ($315,000 if married filing jointly) Line 9 -- Qualified Business Income Deduction — Applicable if net income is > threshold amounts State and Local Income Tax Refund Worksheet — Line 10 Qualified Dividends and Capital Gain Tax Worksheet—Line 11a Child Tax Credit and Credit for Other Dependents Worksheet -- Line 12a (From Publication 972) Line 17a — Earned Income Credit Worksheet — Spreadsheet provides assistance in completing this. IRA Deduction Worksheet — Schedule 1, Line 32 Student Loan Interest Deduction Worksheet — Schedulle 1, Line 33 Sch. A Schedule A, Itemized Deductions Sch. B Schedule B, Interest and Ordinary Dividends Sch. C Schedule C, Profit or Loss from Business (Two Schedule C's are included) Sch. D Schedule D, Capital Gains and Losses Sch. D WS Schedule D Worksheets - Capital Loss Carryover Worksheet—Schedule D, Lines 6 and 14 - 28% Rate Gain Worksheet—Schedule D, Line 18 - Schedule D Tax Worksheet Sch. E Schedule E, Supplemental Income and Loss Sch. F Schedule F, Profit or Loss from Farming Sch. R Schedule R, Credit for the Elderly or the Disabled Sch. SE Schedule SE, Self-Employement Tax (Two Schedule SE's are included) 1116 Form 1116, Foreign Tax Credit 2210 Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441 Form 2441, Child and Dependent Care Expenses 2555 Form 2555, Foreign Earned Income 6251 Form 6251, Alternative Minimum Tax—Individuals 8283 Form 8283, Noncash Charitable Contributions 8812 Form 8812, Additional Child Tax Credit 8889 Form 8889, Health Savings Accounts 8949A Form 8949, Sales and Other Dispositions of Capital Assets 8949B Form 8949, Sales and Other Dispositions of Capital Assets 8949C Form 8949, Sales and Other Dispositions of Capital Assets 8949D Form 8949, Sales and Other Dispositions of Capital Assets 8959 Form 8959, Additional Medicare Tax 8960 Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts 8962 Form 8962, Premium Tax Credit EIC Table Earned Income Credit (EIC) Table (From Form 1040, General Instructions) Tax Table Tax Table (From Form 1040, General Instructions) Changes Changes made to this spreadsheet since it's first publication this tax year 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. NOTE: To clear data from an override cell, highlight it and then press the <Delete> key. Do not press the <space> bar because, although it is invisible, the <space> character is treated the same as any visible character. 3. To check a checkbox, simply type an 'X' (any character will work) in the box and press <Enter>. NOTE: To clear an 'X' from an checkbox, highlight it and then press the <Delete> key. Do not press the <space> bar because, although it is invisible, the <space> character is treated the same as any visible character. 4. Prior to printing, to remove colors from all forms and worksheets, place an 'X' in Cell AJ2 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 all of the information required for Form 1040, Page 1. 2. Enter your birthdate and, if filing Married - Filing Jointly, enter your spouse's birthdate to the right of the Form 1040. 4. Click on the tab labeled 'W-2s' and enter any employment income reported to you on Form W-2. 5. Click on the tab labeled '1099-INT' and enter any interest income reported to you on Form 1099-INT. (Interest income information will automatically appear on Schedule B, Line 1.) 6. Click on the tab labeled '1099-DIV' and enter any dividend income reported on Form 1099-DIV. (Dividend income information will automatically appear on Schedule B, Line 5.) 7. Click on the tab labeled '1099-R' and enter any IRA/pension/annuity income reported to you on Form 1099-R. 8. Click on the tab labeled 'SSA-1099' and enter any Social Security income reported to you on Form 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 9 (QBID)") to determine if additional information needs to be entered. HINT: Recommend regularly checking and saving your spreadsheet. 10. Review every tab to determine it's applicability to your tax return and make sure each sheet is completed. NOTE: At any time, you may change the tab color by right-mouse clicking on the tab. Also, at any time, you may click and drag sheet tabs to be arranged in any order you desire. Doing so will not affect the function of the spreadsheet. 11. Recommend printing your return and reviewing the printed copy against actual IRS forms and instructions. 12. Transfer results to an electronic filing service or hard copies of the forms. Table of Contents W-2s Information from Form W-2, Wage and Tax Statement Peter Smucker 1 2 3 4 5 6 7 8 9 10 11 12a 12b 12c 12d 13 14 14 14 16 17 18 19 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 Employer #2 Maximum SS Tax Earnings: Employer #3 Employer #4 $128,400.00 Employer #5 SS Tax Rate: Employer #6 31,825.00 3,524.00 31,825.00 1,973.15 41,825.00 606.46 6.2% Total 31,825.00 3,524.00 31,825.00 1,973.15 41,825.00 606.46 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 Max. SS Tax: Excess $7,960.80 per person Used at: Sch. SE, Line 8a 0.00 Only bolded amounts are used in this spreadsheet. Sch. SE, Line 8a Information from Form W-2, Wage and Tax Statement Rachel Sucker 1 2 3 4 5 6 7 8 9 10 11 12a 12b 12c 12d 13 14 14 14 16 17 18 19 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 Employer #2 Employer #3 Employer #4 164,645.00 29,000.00 127,200.00 7,886.40 179,645.00 2,604.85 Employer #5 Employer #6 Total 164,645.00 29,000.00 127,200.00 7,886.40 179,645.00 2,604.85 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 4 Excess Used at: Sch. SE, Line 8a 0.00 Only bolded amounts are used in this spreadsheet. Sch. SE, Line 8a W-2s TOTALs 1 2 3 4 5 6 7 8 9 10 11 12a 12b 12c 12d 13 14 14 14 16 17 18 19 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 196,470.00 32,524.00 159,025.00 9,859.55 221,470.00 3,211.31 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 TOTALs (Rounded) 196,470 32,524 159,025 9,860 221,470 3,211 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Used at: Excess Soc. Sec. Tax Withheld Used at: Form 1040, Line 1. Form 1040, Line 16. Only bolded amounts are used in this spreadsheet. Sch. SE, Line 8a Line 12a, Child Tax Credit W/S, Line 11 W/S, Line 6; Form 8812, Line 9 W/S, Line 1 0 Sch. 5 (Form 1040), Line 72 Form 8959, Who Must File, Criterion 3; Form 8959, Additional Medicare Tax, Line 1 Line 12a, Child Tax Credit Worksheet, Line 11 Worksheet, Line 6; Form 8812, Line 9 Worksheet, Line 1; Form 8959, Additional Medicare Tax, Line 19 Form 2441, Part III, Line 12 Form 8959, Additional Medicare Tax, Who Must File, Criterion 2 and 4; Line 14 Form 8959, Additional Medicare Tax, Line 23 Sch. A, Line 5 Sch. A, Line 5 Page 5 1099-INT Information from Form 1099-INT, Interest Income Peter Smucker and Rachel Sucker Payer #1 Payer #2 Payer #3 Payer #4 Payer #5 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 Line 3 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 1,000.00 N 500.00 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 Only bolded amounts are used in this spreadsheet. Peter Smucker and Rachel Sucker 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 Line 3 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. Page 6 1099-INT Information from Form 1099-INT, Interest Income Peter Smucker and Rachel Sucker Payer #11 Payer #12 Payer #13 Payer #14 Payer #15 Total Used at: 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 Line 3 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 1,000.00 0.00 0.00 N N N N Sch. B, Line 1 Form 1040, Sch. 1, Line 30 Sch. B, Line 1 (If line 3A is "Y") N 0.00 0.00 0.00 Form 1040, Line 16 Consideration (by you) in Sch. A, Line 9 Sch. 3, Line 48 OR Form 1116 (Cell A8) ---500.00 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 Form 1040, Line 2a Form 6251, Line 2g Sch. B, Line 1 ------------0.00 Page 7 Sch. A, Line 5a and Form 8960, Line 9b 1099-DIV Information from Form 1099-DIV, Dividends and Distributions Peter Smucker & Rachel Sucker Payer #1 Payer #2 Payer #3 Payer #4 Payer #5 Payer #6 Payer #7 Payer #8 Payer #9 Payer #10 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 Section 199A dividends 6 Investment expenses 7 Foreign tax paid 8 Foreign country or U.S. possession 9 Cash liquidation distributions 10 Noncash liquidation distributions 11 Exempt-interest dividends 12 Specified private activity bond interest dividends 13 State 14 State identification no. 15 State tax withheld Only bolded amounts are used in this spreadsheet. Peter Smucker & Rachel Sucker 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 Section 199A dividends 6 Investment expenses 7 Foreign tax paid 8 Foreign country or U.S. possession 9 Cash liquidation distributions 10 Noncash liquidation distributions 11 Exempt-interest dividends 12 Specified private activity bond interest dividends 13 State 14 State identification no. 15 State tax withheld Only bolded amounts are used in this spreadsheet. Page 8 1099-DIV Peter Smucker & Rachel Sucker Payer #11 Payer #12 Payer #13 Payer #14 Payer #15 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 2d Collectibles (28%) gain 3 Nondividend distributions 4 Federal income tax withheld 5 Section 199A dividends 6 Investment expenses 7 Foreign tax paid 8 Foreign country or U.S. possession 9 Cash liquidation distributions 10 Noncash liquidation distributions 11 Exempt-interest dividends 12 Specified private activity bond interest dividends 13 State 14 State identification no. 15 State tax withheld Only bolded amounts are used in this spreadsheet. Peter Smucker & Rachel Sucker Used at: 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2d Collectibles (28%) gain 3 Nondividend distributions 4 Fede...
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  • Fall '16
  • Taxation in the United States

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