2009 Tax Return sample 3 - 1:6-61 1 Department of the...

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Unformatted text preview: 1:6-61 1 Department of the Treasury—Internal Revenue Service U.S. Individual Income Tax Return For the year Jan. trDec. 31, 2007, or other tax year beginning , 2007, ending IRS Use OnlyiDo not write or staple In this space. ,20 ‘. OMB NO. 1545-0074 Your first name and initial Last name : Your social security number (See L i : : instructions A , . . . . Ste—[en‘s : 41,7 on page 12') g If a lornt return, spouses first name and initial Last name : Spouses socualsecurlty number Use the IRS L Saab Sigma; : 528: 95: (222] label. Home address (number and street). If you have a PO. box, see page 12. Apt. no. i You must enter OtherWise’ E RM : A your SSN(s) above. please print R 1.2.6.3] ' or type. E City, town or post office, state. and ZIP code. If you have a foreign address, see page 12. Checking a box below will not Presidential l : I - I l 0 - I i l ‘ u I change your tax or refund. Election Campaign } Check here if you, or your spouse if filing jointly, want $3 to go to his fund (see page 12) b You I I Spouse I I 1 3 Single 4 Head of household (with qualifying person). (See page 13.) If Fllmg Status 2 I Married filing jointly (even if only one had income) the qualifying person is a child bu not your dependent, enter Check only 3 3 Married filing separately. Enter spouse’s SSN above This Child's name here- ’ — one box. and full name here. > 5 _ Qualifying widowler) with dependent child (see page 14) 6a Z Yourself. If someone can claim you as a dependent, do not check box 6a . on Go and 6b Exemptions b If Spouse . No. of children } Boxes checked G De endents: v (3) Dependents (70% qualifying 0" 60 Who: 9 Depeigdemsb relationship to child fore ild tax ‘ "Ved With 3/0" —3— (1) First name Last name so” sew" y "um er you credit (see a e 15) 0 did not live with l you due to divorce AmiLeu Stolen; 317 l &3 l 2836 Son 2 or separation Dependents on 60 If more than four l . dependents, see [$335 Stale“ 317 1 64 : Son Y (599 Page ‘6) page 15. l ' not entered above Add numbers on d Total number of exemptions claimed , , , , , , , , , , , , , , lines above D 7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . 7 Income 8a Taxable interest. Attach Schedule B if required . . . . . . . . . . 83 O ’ Attach Fan-"(5) b Tax—exempt interest. Do not include on line 8a . . 8b W-2 here. Also 9a Ordinary dividends. Attach Schedule B if required . . . . . . . . . 93 attach Forms b Qualified dividends (see pa e 19) . . . . . . 9b W-2G and 9 1099.3 if tax 10 Taxable refunds, credits, or offsets of state and local income taxes (see page 20) . 10 was Withheld- 11 Alimony received . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D it required. If not required, check here I D 13 If you did not 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . 14 3322:5319 15a IRA distributions . 153 b Taxable amount (see page 2t) 15b . 16a Pensions and annuities 165 b Taxable amount (see page 22) 16b Enclose, but do 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17 “01 attach any 18 Farm income or (loss). Attach Schedule F . . . . . . . . . . . 18 payment. Also, , 19 p‘ease use 19 Unemployment compensatlon . . . . . . . . . . . . . . Form 1040-V. 20a Social security benefits . 203— b Taxable amount (see page 24) 20b 21 Other income. List type and amount (see page 24) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ 22 Add the amounts in the far right column for lines 7 through 21 . This is yourtotal income b _ 23 Educator expenses (see page 26) . . . . . . 23 Adjusted 24 Certain business expenses of reservists, performing artists, and Gross feeebasis government officials. Attach Form 2106 or 21067EZ 24 Income 25 Health savings account deduction. Attach Form 8889. 25 26 Moving expenses. Attach Form 3903 . . . . . 26 27 One—half of self»employment tax. Attach Schedule SE _ 27 8_,_0_L8 28 Self—employed SEP, SIMPLE, and qualified plans _ _ 28 29 Self-employed health insurance deduction (see page 26) 29 3O Penalty on early withdrawal of savings . . . . . 30 31a Alimony pald b Recipient’s SSN > # 31a 32 IRA deduction (see page 27) . . . . . . . 32 33 Student loan interest deduction (see page 30) . . . 33 34 Tuition and fees deduction. Attach Form 8917 . . . 34 35 Domestic production activities deduction. Attach Form 8903 35 36 Add lines 23 through 31a and 32 through 35 . . . . . . . . . 37 Subtract line 36 from line 22. This is your adjusted gross income . . . . D For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see page 83. Cat. No. 113203 Form 1040 (2007) 1:6-61 Form 1040 (2007) Page 2 Tax 38 Amount from line 37 (adjusted gross income) . . . . . . . . . . 38 and 39a Check El You were born before January 2, 1943, El Blind. Total boxes Credits if: El Spouse was born before January 2, 1943, I] Blind. checked V 39a Standard b if your spouse itemizes on a separate return or you were a dual-status alien, see page 31 and check here V39!) Deducmn _40 Itemized deductions (from Schedule A) or your standard deduction (see left margin) _ 40 for— — 41 Subtract line 40 from line 38 . . . . . . . . . . . . . . . . 41 _ 0 People who _ _ _ . . . checked any 42 if line 38 is $117,300 or less, multiply $3,100 by the total number of exemptions claimed on line 33: 2:143: or 6d. If line 38 is over $117,300, see the worksheet on page 33 . . . . . . . . 42_‘1,_OD_0_ who can be 43 Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41. enter —0— . 43 gleagfigefi‘a 44 Tax (see page 33). Check if any tax is from: a :I FormIs) 8814 b 30m 4972 c Formis) 8889 44 see Page 31. 45 Alternative minimum tax (see page 36). Attach Form 6251 . . . . . . . . 45 0Allothers: 46 Addlines44and45. . . . . . . . . . . . . . . . . > 46 _ sing|e or 47 Credit for child and dependent care expenses. Attach Form 2441 gleegSrfieIII/Ing 48 Credit for the elderly or the disabled. Attach Schedule R . $5,350 49 Education credits. Attach Form 8863 Married filing 50 Residential energy credits. Attach Form 5695 gLrgIIIymg 51 Foreign tax credit. Attach Form 1116 if required widow(er), 52 Child tax credit (see page 39). Attach Form 8901 if required $10700 53 Retirement savings contributions credit. Attach Form 8880. Egjgefigld 54 Credits from: a Form 8396 b Form 8859 0 Form 8839 $7350 ' 55 Other credits: a Form 3800 b Form 8801 c I: Form 56 Add lines 47 through 55. These are your total credits . . . . . . . . . 57 Subtract line 56 from line 46. It line 56 is more than line 46, enter —0- . . . . . > 57 2 2 Other 58 Self—employment tax. Attach Schedule SE . . . . . . . . . . . . 58 Taxes 59 Unreported socia security and Medicare tax from: a I: Form 4137 b I: Form 8919 . 59 60 Additional tax on IRAs, other qualified retirement plans, etc. Attacw Form 5329 if required _ 6° 61 Advance earned income credit payments from Form(s) W—2, box 9 . . . . . . 61 62 Household employment taxes. Attach Schedule H . . . . . . . . . . 62 63 Add lines 57 through 62. This is your total tax . . . . . . . . . . > 63 414762 Payments 64 Federal income tax withheld from Forms W—2 and 1099 _ 64 65 2007 estimated tax payments and amount applied from 2006 return 65 If you havea 663 Earned income credit(ElC) . . . . . . . qual‘fymg b Nontaxable combat pay election 5 Gebl I child, attach Schedule EIC. 67 Excess social security and tier 1 RRTA tax withheld (see page 59) 68 Additional child tax credit. Attach Form 8812 . 69 Amount paid with request for extension to file (see page 59) 70 Payments from: a Form 2439 b Form 4136 c 3 Form 8885 . 71 Refundable credit for prior year minimum tax from Form 8801, line 27 72 Add lines 64, 65, 66a, and 67 through 71. These are your total payments . . . V 72 Refund 73 If line 72 is more than line 63, subtract line 63 rpm line 72. This is he amount you overpaid 73 Direct deposit? 74a Amount of line 73 you want refunded to you. If Form 8888 is attached, c-iec here V 742 if: fiffifgb V b Routing number I I I V c Type: Checking Savings 74c and 74d" V d Account number I I I I 0r Form 8838- 75 Amount of line 73 you want applied to your 2008 estimated tax V I 75 I moun you owe. 0 rec Ine rorn ine . or e an s on ow 0 pay, see page Amount 76 A t S bt t I' 72f |' 63 F d t 'l h t 60 V You Owe 77 Estimated tax penalty (see page 61) . . . . - Do you want to allow ano her person to discuss this return with the IRS (see page 61)? Yes. Complete the following. No Third Party ' Designee’s Phone Persona identification De3ignee name > no. , ( ) number (PIN) y I:|:|:I:I Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. H Joifitfigum? Your signature Date Your occupation Daytime phone number See page 13. I I glaregfircopy Spouse’s signature. If a joint return, both must sign. Date Spouse’s occupation records. Preparer.s > Check if Preparers SSN or PTIN Signature self-employed I] I . , . Erepgrelr s Firm’s Pamfe (or ’ E'N : yours i sel -employed), se n y address, and ZIP code Phone no. ( ) Form 1040 (2007) 1:6-61 SCHEDULES “3 Schedule A—ltemized Deductions OMB N“ 1545007“ Form 1040 ( ) (Schedule B is on back) Department of the Treasury Attachment Internal Revenue Service > Attach to Form 1040. > See Instructions for Schedules A&B (Form 1040). Sequence No. 07 Namels) shown on Form 1040 Your social security number li-irii -‘ i..-.. Medical Caution. Do not include expenses reimbursed or paid by others. and 1 Medical and dental expenses (see page A-1) . . 1 Dental 2 En er amount from Form 1040, line 38 lii—i_ Expenses 3 Multiply line 2 by 7.5% (.075). . . . . . . 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter —0— . . . . . 4 Taxes You 5 State and local (check only one box): Paid a Ylncome taxes, or 5 L491) (See b General sales taxes ' . . . ' . . page A‘2-l 6 Real estate taxes (see page A-5) . . . . . . 6 ’ ‘ ‘ 7 Personal property taxes . . . . . . . 7 8 Other taxes. List type and amount b _______________ __ Add lines 5 throu h 8 Interest 10 Home mortgage interest and points reported to you on Form 1098 10 W YOU Paid 11 Home mortgage interest not reported to you on Form 1098. If paid (gee to the person from whom you bought the home, see page A—6 page A—5.) and show that person’s name, identifying no., and address > Note. ____________________________________________________ _ , 1 1 i: 12 Points not reported to you on Form 1098. See page A—6 not for special rules . . . . . . . . . . . deductible. 13 Qualified mortgage insurance premiums (See page A-7) . 14 Investment interest. Attach Form 4952 if required. (See page A-7.) _ _ _ . Add lines 10 through 14 Gifts to 16 Gifts by cash or check. If you made any gift of $250 or Charity more, see page A—8 . . . . . . . . lflyou made a 17 Other than by cash or check. If any gift of $250 or more, 9m 39“ 90F 3 see page A—8. You must attach Form 8283 if over $500 :29: fgrA'E's 18 Carryover from prior year . . . . . . . . pg ' 19 Add |ines16through18 . . . . . . . . . . . . . . . . 144109 Casually and Theft Losses 20 Casualty or theft loss(es). Attach Form 4684. (See page A—9.) . . . . . . 20 Job Expenses 21 Unreimbursed employee expenses—job travel, union and Benain dues, job education, etc. Attach Form 2106 or 2106—EZ Miscellaneous if required. (See page A-9.) > ______________________ ,_ 21 Deductions 22 Tax preparation fees. . . . . . . . . . 22 1 ‘ (See 23 Other expenses—investment, safe deposit box, etc. List Page A'9-) type and amount _______________________ __ __investmentsuhscnpimns ___________________ __ 23 l 24 Add lines 21 through 23 . . . . . . . . 24 25 Enter amount from Form 1040, line 38 25 26 Multiply line 25 by 2% (.02) _ _ _ _ _ . . 26 ‘ ‘ 27 Subtract line 26 from line 24. If line 26 is more than line 24, enter —0— . . . 27 O Other 28 Other—from list on page A—10. List type and amount b ______________________ __ Miscellaneous ______________________________________________________________________________ __ Deductions 28 Total 29 Is Form 1040, line 38, over $156,400 (over $78,200 it married filing separately)? Itemized No. Your deduction is not limited. Add the amounts in the far right column Deductions for lines 4 through 28. Also, enter this amount on Form 1040, line 40. p 29 26433] Yes. Your deduction may be limited. See page A-1O for the amount to enter. 30 It you elect to itemize deductions even though they are less than your standard deduction, check here > For Paperwork Reduction Act Notice, see Form 1040 instructions. Cat. No. 11330X Schedule A (Form 1040) 2007 Schedules A&B (Form 1040) 2007 Namels) shown on Form 1040. Do not enter name and social security number if shown on other side. 1:6-61 OMB No. 1545-0074 Your social security number Page 2 Schedule B—lnterest and Ordinary Dividends 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 page B-1 and list this interest first. Also, show that buyer‘s social security number and address > __C_D_’s___ Part I Interest (See page B—1 and the instructions for Form 1040, line 8a.) Note. If you received a Form 1099—INT, Form 1099—OID, or substitute statement from a brokerage firm, list the firms name as the payer and enter the total interest shown on that form. 2 Add the amounts on line 1 3 Excludable interest on series EE and | US. savings bonds issued after 1989. Attach Form 8815 . 4 Subtract line 3 from line 2. Enter the result here and on Form 1040, line 8a > #00 Attachment Sequence No. 03 Amount 3,200 Note. If line 4 is over $1,500, you must complete Part III. 5 List name of payer > _____________________________________________________ _. Part II Ordinary Dividends (See page B—1 and the instructions for 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. 6 Add the amounts on line 5. Enter the total here and on Form 1040, line 9a . > 6 3,290 Amount Note. If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; or (b) had Yes No Part III a foreign account; or (0) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. Fore'gn 73 At any time during 2007, did you have an interest in or a signature or other authority over a financial Accounts account in aforeign country, such as a bank account, securities account, or otherfinancial account? and Trusts See page B—2 for exceptions and filing requirements for Form TD F 90-221. (See b If “Yes,” enter the name of the foreign country P ___________________________________________ __ page 34) 8 During 2007, did you receive a distribution from, or were you the grantor of, or transferor to, a forei n trust? If “Yes,” ou ma have to file Form 3520. See a e B-2 For Paperwork Reduction Act Notice, see Form 1040 instructions. Schedule B (Form 1040) 2007 1:6-61 OMB NO. 1545-0074 2©07 SCHEDULE C (Form 1040) Profit or Loss From Business (Sole Proprietorship) b Partnerships, joint ventures, etc., must file Form 1065 or 1065-B. Att h t ac men > Attach to Form 1040, 1040NR, or 1041. > See Instructions for Schedule C (Form 1040). Sequence No. 09 Social security number (SSN) Department of the Treasury Internal Revenue Service (99) Name of proprietor Dale SJeLem A Principal business or profession, including product or service (see page 0-2 of the instructions] Phi/um new 0 Business name. If no separate business name, leave blank. D Employer ID number (ElN), if any . , _ 2|2!7|5|8 4|9lol4l E Business address (including suite or room no.) > SUJLQ _w0_QdyJ3_W__D_UVB _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ City, town or post office, state, and ZIP code awn F Accounting method: (1) MCash (2) Accrual (3) Other (specify) V . , . , , . , , . , . . . , . , , . , , . , . . . , . , , . , . , . . . , . H G Did you “materially participate“ in the operation of this business during 2007? If “No,” see page 0-3 for limit on losses ZrYes El No H If you started or acquired this business during 2007, check here . . . . . . . . . . . . . . . . V D Income 1 Gross receipts or sales. Caution. If this income was reported to you on Form W-2 and the “Statutory D employee" box on that form was checked, see page 0—3 and check here . . . . . V 2 Returns and allowances 3 Subtract line 2 from line 1 . . . 4 Cost of goods sold (from line 42 on page 2) 5 Gross profit. Subtract line 4 from line 3. 6 7 Other income, including federal and s ate gasoline or fuel tax credit or refund (see page 0—3). GI'OSS income. Add lines 5 and 6 Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising . . . . . 8 18 Office expense 9 Car and truck expenses (see 19 Pension and profit—sharing plans _ page 0-4) . . . . . . 9 20 Rent or lease (see page 0—5): 10 Commissions and fees _ 10 3 Vehicles, machinery, and equipment ' f f 7 11 Contract labor (see page 0-4) 11 b Other business property. 7 12 Depletion . . . . . 12 21 Repairs and maintenance 22 Supplies (not included in Part III) ‘ i i l 23 Taxes and licenses . 24 Travel, meals, and entertainment: 13 Depreciation and section 179 expense deduction (not included in Part III) (see an El a El page 0-4) . . . . . 13 44.5.0.0 a Travel a _ 14 Employee benefit programs b Deductible meals and a (other than on line 19). 14 entertainment (see page 0-6) 15 Insurance (other than health) . 15 . . 25 Utilities a O 16 Interest: 26 Wages (less employment credits) m ' ‘ 0 _ a Mortgage (Paid to banKS, etc-i . 163 lag—0.0 27 Other expenses (from line 48 on I b Other . . . . . . 16b page2). 27 ' ’ 17 Legal and professional services . . . . . . 17 28 Total expenses before expenses for business use of home. Add lines 8 through 27 in columns . b m : ; 0 29 Tentative profit (loss). Subtract line 28 from line 7 _ a ‘ ‘ 30 Expenses for business use of your home. Attach Form 8829 m 31 Net profit or (loss). Subtract line 30 from line 29. l 0 If a profit, enter on both Form 1040, line 12, and Schedule SE, line 2, or on Form 1040NR, line 13 (statutory employees, see page 0—7). Estates and trusts, enter on Form 1041, line 3. ‘ ‘ o If a loss, you must go to line 32. 32 If you have a loss, check the box that describes your investment in this activity (see page C—7). 0 If you checked 32a, enter the loss on both Form 1040, line 12, and Schedule SE, line 2, or on 323 All investment is at risk. Form 1040NR, line 13 (statutory employees, see page 077). Estates and trusts, enter on Form 1041, 32b : some investment is not line 3. at risk. 0 If you checked 32b, you must attach Form 6198. Your loss may be limited. For Paperwork Reduction Act Notice, see page 0-8 of the instructions. Cat. No. 11334P Schedule 0 (Form 1040) 2007 1:6-61 Schedule C (Form 1040) 2007 Page 2 Cost of Goods Sold (see page 0—7) 33 Method(s) used to value closing inventory: a El Cost b El Lower of cost or market c Other (attach explanation) 34 Was there any change in determining quantities, costs, or valuations between opening and closing inventory? If "Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . D Yes El No 35 Inventory at beginning of year. If different from last year’s closing inventory, attach explanation . 35 36 Purchases less cost of items withdrawn for personal use . . . . . . . . . . . 36 37 Cost of labor. Do not include any amounts paid to yourself . . . . . . . . . . . 37 38 Materials and supplies . . . . . . . . . . . . . . . . . . . . 38 39 Other costs . . . . . . . . . . . . . . . . . . . . . . 39 40 Add lines 35 through 39 . . . . . . . . . . . . . . . . . . . 4° 41 Inventory at end of year . . . . . . . . . . . . . . . . . . . 41 42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on page 1, line 4 . 42 Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for line 13 on page 0-4 to find out if you must file Form 4562. 43 When did you place your vehicle in service for business purposes? (month, day, year) > _ _ _ _ _ __/_ _ _ _ _ _ _ __/_ ___ _ 44 Of the total number of miles you drove your vehicle during 2007, enter the number of miles you used your vehicle for: a Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ b Commuting (see instructions) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ c Other _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ 45 Do you (or your spouse) have another vehicle available for personal use?. . . . . . . . . . . Yes D No 46 Was your vehicle available for personal use during off-duty hours? . . . . . . . . . . . — Yes D NO 473 Do you have evidence to support your deduction? . . . . . . . . . . . . . . . . Yes El No b If “Yes,” is the evidence written? , , Yes D No Other Expenses. List below business expenses not included on lines 8—26 or line 30. __ _ _fo ice. magazine. subsattptions _________________________________________________________ __ ____Me_dicaJ_jo_utnals _________________________________________________________________________ __ __ _ Safe deposit _box _________________________________________________________________________ __ EEEE ____Tax _prerzaraflantaes _____________________________________________________________________ __ 48 Total other expenses. Enter here and on page 1, line 27 Schedule C (Form 1040) 2007 1:6-61 OMB No. 1545-0074 2007 Attachment Sequence No. 17 SCHEDULE SE (Form 1040) Department of the Treasury Internal Revenue Service Self-Employment Tax > Attach to Form 1040. > See Instructions for Schedule SE (Form 1040). Name of person with self-employment income (as shown on Form 1040) Social security number of person Who Must File Schedule SE You must file Schedule SE if: 0 You had net earnings from self—employment from other than church employee income (line 4 of Short Schedule SE or line 4c of Long Schedule SE) of $400 or more, or 0 You had church employee income of $108.28 or more. Income from services you performed as a minister or a member of a religious order is not church employee income (see page SE-1). Note. Even if you had a loss or a small amount of income from self—employment, it may be to your benefit to file Schedule SE and use either “optional method” in Part II of Long Schedule SE (see page SE-4). Exception. If your only self—employment income was from earnings as a minister, member of a religious order, or Christian Science practitioner and you filed Form 4361 and received IRS approval not to be taxed on those earnings, do notfile Schedule SE. Instead, write “Exempt—Form 4361" on Form 1040, line 58. May I Use Short Schedule SE or Must I Use Long Schedule SE? Note. Use this flowchart only if you must file Schedule SE. If unsure, see Who Must File Schedule SE, above. Are you a minister, member 01 a religious order, or Christian Science practitioner who received IRS approval not to be taxed on earnings from these sources, but you owe self-employment tax on other earnings? Are you usrng one of the optional methods to figure your net Did You receiVe tips S‘Uble‘?t t0 SOCial SeCUFiTY 0' MGdicare tax earnings (see page 354)? that you did not report to your employer? Did you report any wages on Form 8919. Uncollected Social Security and Medicare Tax on Wages? W-2 of $108.28 or more? No You may use Short Schedule SE below You must use Long Schedule SE on page 2 Section A—Short Schedule SE. Caution. Read above to see if you can use Short Schedule SE. Was the total of your wages and tips subject to social security or railroad retirement tax plus your net earnings from self-employment more than $97,500? Did you receive church employee income reported on Form 1 Net farm profit or (loss) from Schedule F, line 36, and farm partnerships, Schedule K—1 (Form 1065), box 14, code A . 2 Net profit or (loss) from Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1 (Form 1065), box 14, code A (other than farming); and Schedule K—1 (Form 1065—8), box 9, code J1. Ministers and members of religious orders, see page SE—1 for amounts to report on this line. See page 1 SE—3forotherincometoreport. . . . . . . . . . . . . . . . . . z—M-lflS— 3 Combinelines1and2. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 141,345 4 Net earnings from self-employment. Multiply line 3 by 92.35% (.9235). If less than $400, do not file this schedule; you do not owe self-employment tax . . . . . . . . > 4 130,913 5 Self-employment tax. If the amount on line 4 is: 0 $97,500 or less, multiply line 4 by 15.3% (.153). Enter the result here and on Form 1040, line 58. 0 More than $97,500, multiply line 4 by 2.9% (.029). Then, add $12,090 to the result. Enter the total here and on Form 1040, line 58 . . . 6 Deduction for one-half of self-employment tax. Multiply line 5 by 50% (.5). Enter the result here and on Form 1040, line 27 _ For Paperwork Reduction Act Notice, see Form 1040 instructions. Cat. No. 11358Z Schedule SE (Form 1040) 2007 1:7-63 Department of the Treasury—Internal Revenue Service U.S. Individual Income Tax Return For the year Jan. 17Dec. 31, 2007, or other tax year beginning 1040 2©07 , 2007, ending IRS Use OnlyiDo not write or staple In this space. .20 ‘. OMB NO. 1545-0074 Your first name and initial Last name : Your social security number (See L I : : instructions A , . . . . J‘o'n‘e's : 21.5 on page 12') g If a lornt return, spouses first name and initial Last name : Spouses soctalsecurity number Use the IRS L Lam : label. Home address (number and street). If you have a PO. box, see page 12. Apt. no. i You must enter Other‘ms‘?’ E ' w A your SSle) above. please print R JJLPJLH fly or type. E City, town or post office, state. and ZIP code. If you have a foreign address, see page 12. Checking a box below will not presidentid . change your tax or refund. Election Campaign } Ch ck here if you, or your spouse if filing jointly, want $3 to go to his fund (see page 12) b You I I Spouse 1 3 Single 4 Head of household (with qualifying person). (See page 13.) If Filing Status 2 I Married filing jointly (even if only one had income) the qualifying person is a child bu not your dependent, enter Check only 3 :1 Married filing separately. Enter spouse’s SSN above This Child's name here- ’ — one box. and full name here. > 5 _ Qualifying widowler) with dependent child (see page 14) I 6a 2r Yourself. If someone can Claim you as a dependent, do not check box Ba . . Efi’gzsacnffié'ged Exemptions b Spouse . . . . . . . . . . J . . No. of children D d t : r (3) Dependents (4) i qualifying 0" 6° Whm c ep.en en 5 soggsgzflfiyinfirzber relationship to cliild forc ild tax ' lived With you _3_ (1) First name Last name you credit (see a e15) 0 did not live with 713 1 : 5—5—5—5 jg you due to_ divorce If more than four 2’ 39:63:33?) dependents, see Dependents on 60 page 15. not entered above Add numbers on d Total number of exemptions claimed , lines above D 7 Wages, salaries, tips, etc. Attach Form(s) W-2 7 Income 8a Taxable interest. Attach Schedule B if required . . . . . 83 O ’ Attach Fan-"(5) b Tax—exempt interest. Do not include on line 8a 8b W-2 here. Also 9a Ordinary dividends. Attach Schedule B if required . . . . . 93 O O . attach Forms b Qualified dividends (see page 19) 9b W-2G and 1099.3 if tax 10 Taxable refunds, credits, or offsets of state and local income taxes (see page 20) 10 was Withheld- 11 Alimony received . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . 12 13 Capital gain or (loss). Attach Schedule D it required. If not required, check here I D 13 If you did not 14 Other gains or (losses). Attach Form 4797 . . . . . . . . 14 3322:5319 15a IRA distributions 153 b Taxable amount (see page 21) 15b . 16a Pensions and annuities 165 b Taxable amount (see page 22) 16b Enclose, but do 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 17 “01 attach any 18 Farm income or (loss). Attach Schedule F . 18 payment. Also, , 19 p‘ease use 19 Unemployment compensatlon Form 1040-V. 20a Social security benefits 203— b Taxable amount (see page 24) 20b 21 Other income. List type and amount (see page 24) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ 21 22 Add the amounts in the far right column for lines 7 through 21 . This is yourtotal income b 22 t , 0 j _ 23 Educator expenses (see page 26) 23 Adjusted . . . . . 24 Certain busmess expenses of reserVIsts, performing artists, and Gross feeebasis government officials. Attach Form 2106 or 21067EZ 24 25 eat saVIngs account e uctlon. ttac orm . Income H lh ' d d ' A h F 8889 25 26 Moving expenses. Attach Form 3903 . . . . 26 27 One—half of self»employment tax. Attach Schedule SE . 27 2s Self—employed SEP, SIMPLE, and qualified plans _ 28 29 Self-employed health insurance deduction (see page 26) 29 3O Penalty on early withdrawal of savings . . . 30 31a Alimony pald b Recipient’s SSN > # 31a 32 IRA deduction (see page 27) . . 32 33 Student loan interest deduction (see page 30) . 33 34 Tuition and fees deduction. Attach Form 8917 . 34 35 Domestic production activities deduction. Attach Form 8903 35 36 Add lines 23 through 31a and 32 through 35 . . . . . 36 37 Subtract line 36 from line 22. This is your adjusted gross income > 37 m For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see page 83. Cat. No. 113203 Form 1040 (2007) 1:7-63 Form 1040 (2007) Page 2 Tax 38 Amount from line 37 (adjusted gross income) . . . . . . . . . . 38 and 39a Check El You were born before January 2, 1943, El Blind. Total boxes Credits if: El Spouse was born before January 2, 1943, I] Blind. checked V 39a Standard b if your spouse itemizes on a separate return or you were a dual-status alien, see page 31 and check here V39!) Deducmn _40 Itemized deductions (from Schedule A) or your standard deduction (see left margin) _ 40 for— — 41 Subtract line 40 from line 38 . . . . . . . . . . . . . . . . 41 _ 0 People who _ _ _ . . . checked any 42 if line 38 is $117,300 or less, multiply $3,100 by the total number of exemptions claimed on line 33: 2:143: or 6d. If line 38 is over $117,300, see the worksheet on page 33 . . . . . . . . 42_‘1,_OD_0_ who can be 43 Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41. enter —0— . 43 gfgg‘figefi‘a 44 Tax (see page 33). Check if any tax is from: a :l Formts) 8814 b 30m 4972 c Formis) 8889 44 2,203 599 Page 31- 45 Alternative minimum tax (see page 36). Attach Form 6251 . . . . . . . . 45 0Allothers: 46 Addlines44and45. . . . . . . . . . . . . . . . . > 46 ' - _ sing|e or 47 Credit for child and dependent care expenses. Attach Form 2441 gleegSrfieIII/Ing 48 Credit for the elderly or the disabled. Attach Schedule R . $5,350 49 Education credits. Attach Form 8863 Married filing 50 Residential energy credits. Attach Form 5695 gLrgIIIymg 51 Foreign tax credit. Attach Form 1116 if required widow(er), 52 Child tax credit (see page 39). Attach Form 8901 if required $10700 53 Retirement savings contributions credit. Attach Form 8880. Head Of 54 Credits from: a Form 8396 b Form 8859 0 Form 8839 household, $7350 55 Other credits: a Form 3800 b Form 8801 c I: Form 56 Add lines 47 through 55. These are your total credits . . . . . . . . . 56_3_,_0_0_0_ 57 Subtract line 56 from line 46. It line 56 is more than line 46, enter —0- . . . . . > 57 2 Other 58 Self—employment tax. Attach Schedule SE . . . . . . . . . . . . 58 Taxes 59 Unreported socia security and Medicare tax from: a I: Form 4137 b I: Form 8919 . 59 60 Additional tax on IRAs, other qualified retirement plans, etc. Attacw Form 5329 if required _ 6° 61 Advance earned income credit payments from Form(s) W—2, box 9 . . . . . . 61 62 Household employment taxes. Attach Schedule H . . . . . . . . . . 62 63 Add lines 57 through 62. This is your total tax . . . . . . . . . . > 63 642613 Payments 64 Federal income tax withheld from Forms W—2 and 1099 _ 64 65 2007 estimated tax payments and amount applied from 2006 return If you have a 663 Earned income credit (EIC) . . . . . . . qual‘fymg b Nontaxable combat pay election 5 65b I I child, attach Schedule EIC. 67 Excess social security and tier 1 RRTA tax withheld (see page 59) 68 Additional child tax credit. Attach Form 8812 . 69 Amount paid with request for extension to file (see page 59) 70 Payments from: a Form 2439 b Form 4136 c 3 Form 8885 . 71 Refundable credit for prior year minimum tax from Form 8801, line 27 72 Add lines 64, 65, 66a, and 67 through 71. These are your total payments . . . V 72 M00 73 If line 72 is more than line 63, subtract line 63 rpm line 72. This is he amount you overpaid 73 e un Direct deposit? 74a Amount of line 73 you want refunded to you. If Form 8888 is attached, c-iec here V 74a :6: Fl?g:75?b V b Routing number I I I V c Type: Checking Savings n | i , 74c and 74d. V d Account number I I I I 0r Form 8838- 75 Amount of line 73 cu want applied to your 2008 estimated tax V 75 y Amount 76 Amount you owe. Subtract line 72 from line 63. For details on how to pay, see page 60 V 76 You Owe 77 Estimated tax penalty (see page 61) . . . . . . 77 Third Party Do you want to allow ano her person to discuss this return with the IRS (see page 61)? Yes. Complete the following. No ' Designee’s Phone Persona identification De3ignee name > no. , r ) number (PIN) y I:|:|:I:I Sign Under penalties of perjury, I declare that l have examined this return and accompanying schedules and statements, and to the best of my knowledge and H belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. .ere Your signature Date Your occupation Daytime phone number J0int return? See page 13. I I glaregfircopy Spouse’s signature. If a joint return, both must sign. Date Spouse’s occupation records. PreparerB > Date Check if Preparers SSN or PTIN Pre arerls S'gnature self-employed I] U I Firm’s Pamlfe (or I d) ’ EIN I yours i se -emp oye , se n y address, and ZIP code Phone no. ( ) Form 1040 (2007) 1:7-63 SCHEDULES “3 Schedule A—ltemized Deductions OMB N“ 1545007“ F 1040 ( °rm ) (Schedule B is on back) Department of the Treasury Attachment Internal Revenue Service > Attach to Form 1040. > See Instructions for Schedules A&B (Form 1040). Sequence No. 07 Name(s) shown on Form 1040 Your social security number " tfiul‘ ol‘i' Medical Caution. Do not include expenses reimbursed or paid by others. and 1 Medical and dental expenses (see page A-1) . . #410.» Dental 2 En er amount from Form 1040, line 38 i_i_i_0_6410_0_i_2 Expenses 3 Multiply line 2 by 7.5% (.075). . . . . . . 3 1 0 i 4 Subtract line 3 from line 1. It line 3 is more than line 1, enter —0— . . . . . 4 0 Taxes You 5 State and local (check only one box): Paid a Ylncome taxes, or 5 L101) (See b General sales taxes ' . . . ' . . page A‘2-) 6 Real estate taxes (see page A-5) . . . . . . 6 ' ‘ 7 Personal property taxes . . . . . . . . 7 3_0_0 8 Other taxes. List type and amount b _______________ ._ Add lines 5 throu h 8 Interest 10 Home mortgage interest and points reported to you on Form 1098 10 YOU Paid 11 Home mortgage interest not reported to you on Form 1098. If paid (gee to the person from whom you bought the home, see page A—6 page A—5.) and show that person’s name, identifying no., and address > Note. ____________________________________________________ _ . 1 1 i: 12 Points not reported to you on Form 1098. See page A—6 not for special rules . . . . . . . . . . . deductible. 13 Qualified mortgage insurance premiums (See page A-7) . 14 Investment interest. Attach Form 4952 if required. (See page A-7.) _ . . . Add lines 10 through 14 Gifts to 16 Gifts by cash or check. If you made any gift of $250 or Charity more, see page A—8 . . . . . . . . lflyou made a 17 Other than by cash or check. If any gift of $250 or more, 9m and 90‘ 3 see page A—8. You must attach Form 8283 if over $500 benef'tfor't' 18 Carryover from prior year . see page A‘s" 19 Add lines 16 through 18 W Casualty and Theft Losses 20 Casualty or theft loss(es). Attach Form 4684. (See page A—9.) . . . . . . 20 Job Expenses 21 Unreimbursed employee expenses—job travel, union and Benain dues, job education, etc. Attach Form 2106 or 2106—EZ Miscellaneous if required. (See page A-9.) > ______________________ ._ 21 Deductions 22 Tax preparation fees. . . . . . . . . . 22 (See 23 Other expenses—investment, safe deposit box, etc. List Page A'9-) type and amount b ________________________________ __ ____________________________________________________ __ 23 24 Add lines 21 through 23 . . . . . . . . 24 25 Enter amount from Form 1040, line 38 25 _ 26 Multiply line 25 by 2% (.02) _ _ _ . . . . 26 27 Subtract line 26 from line 24. If line 26 is more than line 24, enter —0— . . . 27 Other 28 Other—from list on page A—10. List type and amount b ______________________ __ Miscellaneous ______________________________________________________________________________ __ Deductions 28 Total 29 Is Form 1040, line 38, over $156,400 (over $78,200 if married filing separately)? Itemized E, No. Your deduction is not limited. Add the amounts in the far right column Deductions for lines 4 through 28. Also, enter this amount on Form 1040, line 40. p 29 Yes. Your deduction may be limited. See page A-1O for the amount to enter. 30 It you elect to itemize deductions even though they are less than your standard deduction, check here > For Paperwork Reduction Act Notice, see Form 1040 instructions. Cat. No. 11330X Schedule A (Form 1040) 2007 Schedules A&B (Form 1040) 2007 Namefs) shown on Form 1040. Do not enter name and social security number if shown on other side. I:7-63 OMB No. 1545-0074 Your social security number Page 2 Part I Interest (See page 8—1 and the instructions for Form 1040, line 8a.) Note. If you received a Form 1099—INT, Form 1099—OID, or substitute statement from a brokerage firm, list the firms name as the payer and enter the total interest shown on that form. Part II Ordinary Dividends (See page 8—1 and the instructions for Form 1040, line 9a.) Note. If you received a Form 1099—DIV or substitute statement from a brokerage firm, list the firm’s name as the payer and enter the ordinary dividends shown on that form. Schedule B—lnterest and Ordinary Dividends 1 List name of payer. If any interest is from a seller—financed mortgage and the buyer used the property as a personal residence, see page 8-1 and list this interest first. Also, show that buyer‘s social security number and address > __(2ll_:_tlnivgrsal_$avin_gs ________ __ 2 Addtheamountsonline1 . . . . . . . . . . . 3 Excludable interest on series EE and | US. savings bonds issued after 1989. Attachment Sequence No. 03 Amount 3,190 AttachForm8815. . . . . . . . . . . . . . . . . 3 4 Subtract line 3 from line 2. Enter the result here and on Form 1040, line 8a b 4 Note. If line 4 is over $1,500, you must complete Part III. Amount 5 List name of payer > _ __ ____________________________________________________ _. — __GM__(quz_cash_dJiudend _____________________________________________ __ 1.1300 5 6 Add the amounts on line 5. Enter the total here and on Form 1040, line 9a . > 6 L_6_0_0 Note. If line 6 is over $1,500, you must complete Part III. Part III Foreign Accounts and Trusts (See page 8-2.) You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; or (b) had a foreign account; or (0) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. Yes No 73 At any time during 2007, did you have an interest in or a signature or other authority over a financial account in a foreign country, such as a bank account, securities account, or other financial account? See page 8—2 for exceptions and filing requirements for Form TD F 90-221 b If “Yes,” enter the name of the foreign country P ___________________________________________ __ 8 During 2007, did you receive a distribution from, or were you the grantor of, or transferor to, a forei n trust? If “Yes,” ou ma have to file Form 3520. See a e 8-2 For Paperwork Reduction Act Notice, see Form 1040 instructions. Schedule B (Form 1040) 2007 1:7-63 Noncash Charitable Contributions y Attach to your tax return if you claimed a total deduction of over $500 for all contributed property. > See separate instructions. Form 8283 (Flev. December 2006) Department of the Treasury Internal Revenue Service OMB No. 1545-0908 Attachment Sequence No. Name(s) shown on your Income tax return Identifying number Note. Figure the amount of your contribution deduction before completing this form. See your tax return instructions. Section A. Donated Property of $5,000 or Less and Certain Publicly Traded Securities— List in this section only items (or groups of similar items) for which you claimed a deduction of $5,000 or less. Also, list certain publicly traded securities even if the deduction is more than $5,000 (see instructions). Information on Donated Property—If you need more space, attach a statement. (b) Description of donated property (For a donated vehicle, enter the year, make. model, condition, and mileage, and attach Form 1098-0 it required.) 1 (a) Name and address 01 the donee organization A Lakeville Community College Lakeville, MN Bela lradet, [ML publicly traded stock B c D E (c) Date of the (d) Date acquired (e) How acquired (f) Donor‘s cost (9) Fair market value (h) Method used to determine contribution by donor (mo., yr.) by donor or adjusted basis (see instructions) the fair market value A 101) 101) waded quote B C D E Part II Partial Interests and Restricted Use Property—Complete lines 2a through 2e if you gave less than an entire interest in a property listed in Part I. Complete lines 3a through 30 if conditions were placed on a contribution listed in Part I; also attach the required statement (see instructions). 2a Enter the letter from Part I that identifies the property for which you gave less than an entire interest > If Part II applies to more than one property, attach a separate statement. b Total amount claimed as a deduction for the property listed in Part I: (1) For this tax year >— (2) For any prior tax years >—. 0 Name and address of each organization to which any such contribution was made in a prior year (complete only if differen from the donee organization above): Name of charitable organization (donee) Address (number, street, and room or suite no.) City or town. state, and ZIP code d For tangible property, enter the place where the property is located or kept > e Name of any person, other than the donee organization, having actual possession of the property > 3a Is there a restriction, either temporary or permanent, on the donee’s right to use or dispose of the donated Yes—No property? b Did you give to anyone (other than the donee organization or another organization participating with the donee organization in cooperative fundraising) the right to the income from the donated property or to the possession of the property, including the right to vote donated securities, to acquire the property by purchase or otherwise, or to designate the person having such income, possession, or right to acquire? . o Is there a restriction limitin the donated property for a particular use? For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 62299J Form 8283 (Rev. 12-2006) ...
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This note was uploaded on 02/25/2010 for the course ACCT 5330 taught by Professor Bob during the Spring '10 term at University of Arizona- Tucson.

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2009 Tax Return sample 3 - 1:6-61 1 Department of the...

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