Prepare schedule a for the zollingers

Assignment Help Taxation

Reference no: EM131074212

Task One:

Introduction:

A tax professional is called upon to prepare various types of tax returns. When a client hires a tax accountant, it is a reasonable expectation that the accountant is well-versed in current tax laws for both planning and compliance purposes.

This task will allow you to apply your tax professional knowledge to a real-world tax scenario. By completing this task, you will generate the K-1 form needed for task 2. The tax forms needed to complete this task can be found on the IRS website (see "IRS" web link below).

Requirements:

A. Complete page 1 of Form 1120S using the information in the attached "Client Organizer - TJ & Associates."

1. Insert the correct number for Gross Receipts on Line 1a.
2. Insert the correct number for Gross Profit on Line 3.
3. Insert the correct number for Total Income on Line 6.
4. Insert the correct number for Total Deductions on Line 20.
5. Insert the correct number for Ordinary Business Income (Loss) on Line 21.

B. Complete Schedule K in Form 1120S using the information in the attached "Client Organizer - TJ & Associates."

1. Insert the correct number for Ordinary Business Income (Loss) on Line 1.
2. Insert the correct number for Charitable Deductions on Line 12a.
3. Insert the correct number for Distributions on Line 16d.

C. Complete Schedule K-1 for Mr. Zollinger in Form 1120S using the information in the attached "Client Organizer - TJ & Associates."

1. Insert the correct number for Ordinary Business Income (Loss) on Line 1.
2. Insert the correct number for Other Deductions on Line 12a.
3. Insert the correct number for Items Affecting Shareholder Basis on Line 16d.

D. When you use sources, include all in-text citations and references in APA format.

Task Two

Introduction:

In this task, you will use your knowledge of tax returns to complete a complex individual federal tax return. Copies of the needed tax forms can be found on the IRS website (see "IRS" web link below). Because you will need to utilize the K-1 form generated as a part of task 1, it is recommended that you pass task 1 before completing this task.

Scenario:

Mr. and Mrs. Zollinger are married and will be filing their taxes jointly for 2013. They reside in the state of Florida. Refer to the attached "Client Organizer - Zollinger" for the information needed to proceed with this task. You will also need to use the "Schedule K-1" that you created as part of task 1.

Requirements:

A. Submit the completed Form 1040 for the 2013 Federal Income Tax Return for Mr. and Mrs. Zollinger.

Note: You can access Form 1040 online at www.irs.gov.

1. Prepare pages 1-2 of Form 1040 for the Zollingers.

a. Insert the correct number for Total Income on Line 22.
b. Insert the correct number for Adjusted Gross Income on Line 37.
c. Insert the correct number for Itemized Deductions on Line 40.
d. Insert the correct number for Exemptions on Line 42.
e. Insert the correct number for Taxable Income on Line 43.
f. Insert the correct number for Tax on Line 44.

2. Prepare Schedule A for the Zollingers.

a. Insert the correct number for Medical and Dental Expenses on Line 1.
b. Insert the correct number for Input Required on Line 2.
c. Insert the correct number for Line 3.
d. Insert the correct number for Line 4.
e. Insert the correct number for State and Local on Line 5.
f. Insert the correct number for Real Estate on Line 6.
g. Insert the correct number for Line 9.
h. Insert the correct number for Home Mortgage Interest on Line 10.
i. Insert the correct number for Line 15.
j. Insert the correct number for Gifts by Cash or Check on Line 16.
k. Insert the correct number for Line 19.
l. Insert the correct number for Total Itemized Deductions on Line 29.

3. Prepare Schedule B for the Zollingers.

a. Insert the correct number for Part I Interest Income on Line 4.
b. Insert the correct number for Part II Dividend Income on Line 6.
4. Prepare Schedule C for the Zollingers.
a. Insert the correct number for Gross Income on Line 7.
b. Insert the correct number for Total Expenses on Line 28.
c. Insert the correct number for Net Profit or (Loss) on Line 31.

5. Prepare Schedule D for the Zollingers.

a. Insert the correct number for Net Long-Term Capital Gain or (Loss) on Line 15.
b. Insert the correct number for Line 16.

6. Prepare Schedule E for the Zollingers.

a. Insert the correct number for Line 28.
b. Insert the correct number for Total Partnership and S-Corporation Income or (Loss) on Line 32.
c. Insert the correct number for Line 41.

7. Prepare Schedule SE for the Zollingers.

a. Insert the correct number for Line 3.
b. Insert the correct number for Line 4.
c. Insert the correct number for Self-Employment Tax for Line 5.
d. Insert the correct number for Deduction for one-half of Self-Employment Tax for Line 6.

Note: Peripheral information that does not affect the computation of taxable income (e.g., address, social security numbers, presidential election contribution) may be left blank. If information is not provided, assume the answer is "no."

Attachment:- Federal Income Tax Return files.rar

Reference no: EM131074212

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