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Individual Tax Return Project Robert T. and Amy A. You may prepare the tax return using tax software or use the IRS's "fill-in" forms. The forms may...

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Individual Tax Return Project Robert T. and Amy A. Bell This assignment requires the completion of a Federal Individual Income tax return. You may prepare the tax return using tax software or use the IRS’s “fill-in” forms. The forms may be found by going to www.irs.gov then to - Forms and Publications. I highly suggest using tax software to prepare the return. The forms you will need are the Year 2010 Form 1040. Use additional forms as needed. While the assignment is set up for the tax year 2010 you may use 2009 or 2010 forms/ software if necessary. Use the tax law as of December 31, 2011. The returns must be completed no later than April 25, 2012 at 1pm. You may turn in a paper copy or email the return and attachments to me at [email protected] If you email you MUST send in .pdf format. For every DAY that the return is turned in EARLIER than the due date 1 bonus point is awarded. There is a maximum of 10 bonus points available. For every day the return is late 20 points will be deducted. The return is worth a base of 90 points. This project is an individual assignment. It is NOT a group assignment. I am looking for the following (and will grade accordingly) with this assignment: 1. Correct use of the Forms. 2. Issue identification. 3. Documentation. For any judgment call you must document your position. A short summary of facts/ law/ conclusion is required. On the second page I have an example of documentation. Here is an example of what I am looking for in terms of documentation: 1.1 TAXPAYER BIOGRAPHICAL INFORMATION: Moira qualifies for 3 exemptions determined as follows: • Moira qualifies for one personal exemption. • Moira may also claim the following as dependents: Oliver Plunkett Ryan. All dependency tests have been satisfied for a qualifying child. Jane O’Dea Sullivan. She has satisfied all tests as a qualifying relative. Social Security
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benefits are not counted in the gross income test. Therefore, her gross income was limited to dividend and interest income of $1,775, which falls below the $3,650 threshold. She passed all of the other tests of dependency. • Moira cannot claim the following as dependent: Dennis Harrison Ryan. He failed multiple tests as either a qualifying child or as a qualifying relative. 3.1 Medical Expenses: The following medical-related expenses are deductible before the 7.5% of AGI limitation on Schedule A, line 1. Doctor bills for Moira $1,200 Dentist bills for Oliver $2,000 Total qualifying expenses $3,200 Funeral expenses are not deductible. TAX CASE: ACCT 3350 Fall 2012 Jeff J. a nd Ivy N. Bell (ages 42 a n d 4 1 ) a r e marr i ed and live at 4326 O r ange B l o sso m T ra il , Dallas, TX 75080 . Jeff i s t he reg ion a l m a n a g er fo r a b ud ge t m ote l c hain (Rest Inn) , while Ivy is a sel f - e mpl oy ed ar chi tec t . T h ey fil e a jo int r et urn an d use th e c ash b a sis fo r t ax pu r pos e J. 1 . Jeff r e ce i ves a y e a rl y s a l a r y of $80, 000 , plus a n ann u al bonu s , from Rest I n n . Th e a nnu a l bo n us i s d e termi n ed in D e ce mb er of e a ch year bu t n o t pa id u ntil J a n uary of th e fo llo w in g y ea r . Jeff 's b o nu s is $16, 000 for 200 9 (r ec e i ve d in 2 010 ) a nd $ 7 , 000 f o r 2 0 10 ( r e ce i ved i n 2 011). Jeff a l so i s p a i d a flat t rav e l a ll ow a nce of $ 16 , 000 p e r y ear . The a l l ow a nce is to cover hi s ex penses i n vi s it in g mote l s i n h is reg i on to c o nduct i n s p ect i o n s, c on s u l t w i th th e l oca l m an a ge r s , a nd rec ruit pote n t i a l hi r es . A lth o u gh Jeff ma i nta i ns s u bst a n ti at i o n of h i s tr ave l , h e is no t r e qui re d to acc ou n t for t h e se ex pen ses to R es t I nn. Jeff pa rti c ipa tes in hi s e mpl o y e r 's gro up h ea lth in s ur a n ce p l a n to w hi c h he co n tr ibut ed $ 3 , 60 0 i n 20 1 0 f o r m e d ica l cove r ag e. R est I nn d o es n ot p r ov i d e an y re t ir e ment benefits , but it h a s e st a b l i s h e d a § 40 1 ( k ) p l a n to e nable i t s emp l o yee s to m a ke V o lunt a r y con t rib ut ions. Jeff di d not co ntribu te to t h e pl an in 20 10 . The c om pa n y prov id e s a n off i ce for Jeff ' s u s e th a t is l oca ted a t Suit e 419 , 110 P a lm B ou l ev a r d , Dallas, TX.
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