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CALIFORNIA TAX RETURN PROJECT

Problem

Robert Kliesh (Chapter 15 solutions, Problem 51)

Requirement

This heading must read exactly as shown above, “Student Learning Objectives.” Please do not edit it.

Prepare the 2016 California income tax return on the appropriate forms (Form 540, etc.). (Even if you use a software program, you must turn in manual entries on forms.) Required Forms: 540 pp. 1-5; CA; Sch. P. (Please do not complete 3801 California Passive Loss Limitations.)

Additional Information

This heading must read exactly as shown above, “Student Learning Objectives.” Please do not edit it.

(a) Copies of Kliesh’s 2016 1040, pp. 1 & 2; Schedules A, B, D, E; Forms 8949 and 6251 are available in blackboard.

(b) Changes:

• Change the address to Carmel, California; taxpayer is and has been a resident of California

• Gambling winnings are from California lottery

• Gambling losses are from California lottery

• Bond interest from city of Capitola, California

(c) Assume numerical calculations are the same for California unless otherwise indicated.

(d) California taxes paid are set forth in the problem; unless otherwise indicated, state and local income taxes deducted on the Schedule A are the total of California income taxes paid within the taxpayer’s calendar year for the calendar year.

CA tax withheld**

DMV PPT

CA estimates*

(e) Kliesh wants to contribute $5 to the prostate cancer research fund and $5 to the Libertarian party as contributions on the California Form 540. If he is unable to so contribute, any impermissible contributions should be shifted to the Rare and Endangered Species program.

(f) Do not calculate a late filing or late payment penalty, interest, estimated penalty, or next year’s estimates. Do not amend the federal return (work with the information as is.) Both federal and California overpayments, if any, to be returned to taxpayer.

Check Figures

CA TI 0 (16) Fed TI 40,850 (16)

Forms

CA forms and instructions are available at the FTB website (https://ftb.ca.gov).

** SDI, if any, was included in the total of state income taxes on the 1040 (and not excessive).

* Estimates are paid by calendar year end and do not include SDI.