Individual Income Tax Return

Problem I.7-64 using Data set A

Check figures for the various forms (check figures are not provided for every form):

Form 1040 –

· Line 11, AGI $138,623

· Line 24, Total tax 24,357

Schedule 1 –

· Line 22, Adjustments to income $11,487

Schedule A –

· Total itemized deductions $34,400

Schedule C –

· Line 28, Total expenses $23,790

Schedule D –

· Line 16 $(6,100)

Form 8949 –

· You will have one transaction on page 1 and two transactions on page 2. Remember to subtotal items on line 2 on both pages.

Form 8829 (not required) – use simplified method as directed in the problem. Note, you have to determine the amount of square footage for the home office based on the information provided.

*Remember to use the appropriate year tax forms, as directed in the assignment. Points will be deducted for incorrect forms and incorrect sequence. In addition, be sure to submit the tax forms in order as required by the IRS. You will notice a Sequence No. on the top right of each tax return form except for the Form 1040. Form 1040 is the first form in the sequence.

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