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Individual Tax Returns

Using the case data from the attached Case 1, complete Form 1040. Complete the attached template that has the respective tax forms and schedules required to complete the return. Complete all of the remaining parts of your respective business tax return for which there is information. Also, address any instructor feedback provided in the milestone submissions.

Some of the forms in the template for the Portfolio Project have only the front page (i.e. Form 1040 and Schedule D). You do not have to complete the second page for those forms, only the front page provided in the template. Schedule C is also not included in the template so if you are doing the option with that item, please just calculate the net income or loss and enter the amount on the appropriate line of Form 1040.

Portfolio Project Case 1


Comprehensive Tax Problem – Option 1


Taxpayer Information

Name:   John Washington

Address:   3450 Green St.

Miami, FL 54321

DOB:   5/5/1960

Filing Status:  Married

SSN:  434-20-2020

Occupation:  Engineer


Name:  Debra Washington

Address:  3450 Green St.

Miami, FL  54321

DOB:  7/7/1962

Filing Status:  Married

SSN:  411-21-4568

Occupation:  Teacher




Wages and Compensation


The following information is taken from John Washington’s 2017 Form W-2 Wage and Tax Statement:


Box 1 – Wages, tips, and other compensation80,000
Box 2 – Federal Withholding12,500
Box 17 – State Income Tax Withholding2,000



The following information is taken from Debra Washington’s 2017 Form W-2 Wage and Tax Statement:


Box 1 – Wages, tips, and other compensation42,000
Box 2 – Federal Withholding3,500
Box 17 – State Income Tax Withholding750




                Interest and Dividends


John had interest income from a savings account from Everest Bank of $500.00


Debra had dividend income of $550 from Blue Co. stock.



Capital Gains


John had the following stock transactions in 2017:

He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000


Rental Real Estate


The couple owns a rent house which he purchased on July 1, 2014.  The income and expenses of the rental real estate unit are as follows:


Rental income                                   $12,000

Property taxes                                  $1,500

Depreciation                                      $1,000

Repairs and Maintenance             $750

Insurance                                            $2,000


Other Transactions in 2017


  1. Debra had educator expenses in 2017 of $450.00
  2. John had gambling winnings of $1,000.
  3. John was the beneficiary of his mother’s life insurance policy.

His mother died in 2017 and he received $50,000 under this policy.

  1. Debra paid $700 in student loan interest.


Form 1040 Department of the TreasuryInternal Revenue Service2016
U.S. Individual Tax Form
OMB No.1545-0074IRS Use Only–Do not write or staple in this space
For the year Jan.1–Dec. 31,2016, or any other tax year beginning,2016,,20See Separate Instructions
Your first name and initialLast nameSocial Security Number
If a joint return, spouses first name and initialLast nameSpouse Social Security Number
Home address( number and street). If you have a P.O. Box, see instructionsMake Sure that the SSN(s) above
and on line 6c are correct.
City, town, or post office, state, and zip code. If you have a foreign address, also complete spaces below (see instructions).Presidential Election Campaign
Check here if you, or your spouse if filing jointly,
Foreign country nameForeign province/state/countryForeign postal codechecking this box below will not change your tax
Filing Status1. Single4.Head of Household (with qualifying person.) (See instructions.) If
Check only one box2.. married filing jointlythe qualifying person is a child but not your dependent, enter this
3. Married filing separately. Enter spouse’s SSN abovechild’s name here
and full name here.5. Qualifying Window(er) with dependent child
Exemptions6a  Yourself. If someone can claim you as a dependent, do not check box 6a]Boxes checked
b spouse]on 6a and 6b
If more than fourc. Dependents
dependents, see(1) First nameLast name(2) dependents(3) dependents(4) check if child under age 17No. of children
instructions andsocial security numberrelationship to youqualifying for tax credit seeon 6c who:
check hereinstructions.lived with you
did not live with you
due to divorce or
(see instructions)
Dependents on
6c not entered
d. Total number of Exemptions ClaimedAdd numbers on lines above
Income7Wages, salaries, tips, etc. Attach Forms (W-2)7
8aTaxable interest. Attach Schedule B if required8a
Attach Form(s)bTax-exempt interest. Do not  include on line 8a8b
W-2 here. Also9aOrdinary dividends. Attach Schedule B if required9a
attach Forms(s)bQualified dividends9b
W-2 and 1099-R10Taxable refunds, credits, or offsets state or local income taxes10
if tax was withheld.11Alimony received11
12Business income or (loss). Attach Schedule C or C-EZ12
If you did not13Capital gain or (loss). Attach Schedule D if required. If not required, check here13
get a W-2,14other gains or (losses). Attach Form 479714
see instructions15aIRA distributions15ab Taxable amount15b
16aPensions and annuities16ab Taxable amount16b
17Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E17
18Farm income or (loss). Attach Schedule F18
19Unemployment compensation19
20aSocial security benefits20ab Taxable amount20b
21other income. List type and amount21
22combine the amounts in the far right column  for lines 7 through 21. This is your total incomeThis is your total income.22
Adjusted23Educator expenses23
Gross24Certain business expenses of reservists, performing artists, and fee-basis government. Attach Form 2106 or 2106-EZ24
25Health-savings account deduction. Attach Form 888925
26Moving Expenses. Attach Form 390326
27Deductible part of self-employment tax. Attach Schedule SE27
28Self-employed SEP, SIMPLE, and qualified plans28
29Self-employed health  insurance deduction29
30Penalty on early withdrawal of savings30
31aAlimony paid b. Recipient’s SSN31a
32IRA deduction32
33Student loan interest deduction33
34Tuition and fees. Attach Form 891734
35Domestic production activities deduction. Attach Form 890335
36Add lines 23 through 3536
37Subtract line 36 from line 22. This is your adjusted gross income.37





Last Updated on October 3, 2018

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