Prepare 2012 forms 1040 and 8949
Prepare 2012 Forms 1040 and 8949
– Prepare 2012 Schedules A, B, and D
– Prepare 2012 “Social Security Benefits Worksheet”
o Located in 2012 Form 1040 instructions
Due Date: Beginning of class – October 29th
Luke and XXXXX XXXXX are married and their address is 111 S. Harrison Street, Omaha, NE 68166. Luke is employed as a dentist and Lisa is retired but runs a small business out of their home. The Jones’ personal information is as follows:
Luke and Lisa had the following income and expenses during 2012:
Gift from Luke’s Mother
Interest Income from USA Bank on savings account
Interest Income from city of Omaha bond
Dividend Income from ABC Corporation (not qualified)
Business Income from Schedule C
Life insurance proceeds (Lisa’s father past away)
Lisa’s inheritance from father’s estate
Lisa’s Social Security Benefits (from Box 5 on form SSA-1099)
Proceeds from Stock Sales*
Home mortgage interest
Gave equal cash gifts to each of their 3 grandchildren
State Income Tax Withholding
Federal Income Tax Withholding
Qualified Medical Expenses
Interest paid on credit cards
Interest on car loan
Property taxes on automobiles
Contributions to traditional IRAs
Real estate taxes on home
Tax return preparation fee
Unreimbursed employee business expenses
*The proceeds from stock sales came from two separate transactions during 2012:
– On April 12th, Luke sold 250 shares of XYZ Corporation stock for $25/share. Luke had originally bought those shares on March 5, 2003 for $30/share.
– On July 23rd, Luke sold 300 shares of MNO Corporation Stock for $40/share. Luke has originally bought those shares on January 11, 2012 for $25/share.
You work as a tax professional at UNO, LLP. The Jones’ have hired you to prepare their 2012 tax return. The firm’s address is 1040 South 102nd Street, Omaha, NE 68166 and their EIN is 14-7598461. Your PTIN is P11223355.
For Form 8949, check box A and there are no adjustments to gains or losses.
Neither Luke nor Lisa participate in employer sponsored retirement plans.
Disregard any applicable credits.
You do not have to fill out Schedule C, Form 2106 or any other form that is not listed as required for the project.