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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
Category: Multiple Problems
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Experience:  Completed by BA degree in 1988 and graduated with a GPA of 4.0
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THE SCHNAPPAUF FAMILY In 2012, Bill (53) & Joyce (51) Schnappauf

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THE SCHNAPPAUF FAMILY
In 2012, Bill (53) & Joyce (51) Schnappauf live in Wakefield, R.I. Bill is a district sales manager for USC Equipment Corporation, a Rhode Island firm that manufactures and distributes gaming equipment. Joyce is a self-employed author of children’s books. They have three children, Will (21), Dan (19), and Tom (16).
In February 2013, they provide the following basic information for preparing their 2012 federal income tax return:
1. They use the cash method of accounting and file their return on a calendar-year basis.
2. Unless otherwise stated, assume that they want to minimize the current year’s tax liability. That is, they would like to defer income when possible and take the largest deductions possible, a practice they have followed in the past.
3. Joyce’s Social Security ####-##-####
4. Bill’s Social Security ####-##-####
5. Will’s Social Security ####-##-####
6. Dan’s Social Security ####-##-####
7. Tom’s Social Security ####-##-####
8. They do not have any foreign bank accounts or foreign trusts.
9. Their address is***** Wakefield, R.I. (02879).
10. They do not wish to contribute to the presidential election campaign.
PHASE I—CHAPTERS 1–4
The first phase of the tax return problem is designed to introduce you to some of the tax forms and the supporting documentation (Forms W-2, 1099-INT, etc.) needed to complete a basic tax return. The first four chapters focus on the income aspects of individual taxation. Accordingly, this phase of the tax return focuses on the basic income concepts.
1. Bill’s W-2 is provided (Exhibit A-1). The 2012 W-2 includes his salary ($94,000), bonus ($47,000), and income from group-term life insurance coverage in excess of $50,000 ($121.44), and is reduced by his 7 percent contribution ($6,580) to USC’s qualified pension plan. The company matches Bill’s contribution to the plan.
2. They receive two 1099-INTs for interest (Exhibits A-2 and A-3), two 1099-DIVs for dividends (Exhibits A-4 and A-5), and a combined interest and dividend statement (Exhibit A-6).
3. Joyce and her brother, Bob, are co-owners of, and active participants in, a furniture restoration business. Joyce owns 30 percent, and Bob owns 70 percent of the business. The business was formed as an S corporation in 2004. During 2012, the company pays $5,000 in dividends. The basis of Joyce’s stock is $27,000.
4. They receive a 2011 federal income tax refund of $1,342 on May 12, 2012. On May 15, 2012, they receive their income tax refund from the state of Rhode Island. In January 2013, the state mails them a Form 1099-G (Exhibit A-7). Their total itemized deductions in 2011 were $22,854.
5. During 2012, Joyce is the lucky ninety-third caller to a local radio station and wins $500 in cash and a stereo system. Despite repeated calls to the radio station, she has not received a Form 1099—MISC. In announcing the prize, the radio station host said that the manufacturer’s suggested retail price for the stereo system is $625. However, Joyce has a catalog from Supersonic Electronics that advertises the system for $520.
6. They receive a Form W-2G (Exhibit A-8) for their winnings at the Yardley Casino in Connecticut.
7. On June 26, 2012, Bill receives a check for $17,400 from the United Insurance Corporation. Though he was unaware of it, he was the designated beneficiary of an insurance policy on the life of his uncle. The policy had a maturity value of $16,980, and the letter from the company stated that his uncle had paid premiums on the policy of $2,950 (Exhibit A-9).
8. Joyce is active in the school PTO. During the year, she receives an award for outstanding service to the organization. She receives a plaque and two $75 gift certificates that were donated to the PTO by local merchants.
9. To complete phase I, you will need Form 1040, Schedule B, and Schedule D.
INSTRUCTIONS: If you are using tax software to prepare the tax return or are not completing phases II and III of the problem, ignore the instructions that follow. If you are preparing the return manually, you cannot complete some of the forms used in phase I until you receive additional information provided in phase II or phase III. Therefore, as a general rule, you should only post the information to the appropriate form and not compute totals for that form. The following specific instructions will assist you in preparing Part I of the return.
a. The only form that can be totaled is Schedule B.
b. Only post the appropriate information to Schedule D. Do not total any columns.
More information is provided in phase III of the tax return problem.
c. Do not calculate total income or adjusted gross income on page 1 of Form 1040.
d. Post the appropriate information on page 2 of Form 1040, but do not total this page, compute the federal tax liability, or determine the refund or balance due.
PREPARATION AID: Tax forms and instructions can be downloaded from the IRS’s home page (http://www.irs.treas.gov). You can
Submitted: 9 months ago.
Category: Multiple Problems
Customer: replied 9 months ago.
This is the full assignment
Expert:  Manal Elkhoshkhany replied 9 months ago.
HelloThank you for requesting me to answer your question. Please advise your deadlineRegards,
Customer: replied 9 months ago.
Attached is the full assignment. Thank you for your help.
Customer: replied 9 months ago.
Assignment is currently past due. Therefore, the sooner the better. Preferably by Tuesday (5/3/16) afternoon or early evening.
Expert:  Manal Elkhoshkhany replied 9 months ago.
Ok, I will send you the solutions as soon as I can, but which forms are you required to use? For which year I mean? I am not sure if you know that Just Answer offers a “Premium Service” where I can help you through email. Since this is an additional service, it involves an additional charge (but since I agree with your offer, I can charge you the lowest possible charge for this service - $5). If interested, I can make you an offer. Please advise.
Customer: replied 9 months ago.
Preparing 2012 Tax Return -
Phase I - Form 1040, Schedule B, D
Phase II - Schedule A, C, SE, Forms 4562, 4684, 8283, 8606, 8829, 8863
Phase III - Schedule E, Forms 4562, 8582
Customer: replied 9 months ago.
It appeared as though you had already worked this assignment for another individual. Therefore, I assumed it would be an easy process, just a matter of submitting the correct year Tax Forms and Schedules, and recalculating figures to correspond to the Tax Year of 2012. Thank you for your assistance and hard work. You are appreciated.
Expert:  Manal Elkhoshkhany replied 9 months ago.
Yes exactly "just a matter of submitting the correct year Tax Forms and Schedules, and recalculating figures to correspond to the Tax Year of 2012" that is why I was checking :)Are you interested in the "premium Service"? Shall I send you an offer?
Customer: replied 9 months ago.
My apologies, but I do not understand the "Premium Service" or what difference it makes whether we correspond through this site or through email, or the reason behind the additional $5 fee. However, if all goes well, I would like to make an additional contribution/tip to you for helping me. You truly are appreciated.
Expert:  Manal Elkhoshkhany replied 9 months ago.
The benefit of communicating through email is that the communication is more private and secure, no one else would be able to download the solution except you that is all. I am not offering it simply for an additional $5 :)Many students prefer email help which is why I am checking with you that is all :)Sure, I will simply post the solution here
Expert:  Manal Elkhoshkhany replied 9 months ago.
Hello againPlease click on the following link to download the solutions:https://app.box.com/s/y2b5t2zdgbyfzrokt9jgulolww3162xu If you have any questions, please do not hesitate to ask; if all is clear, please rate the service P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For Manal Elkhoshkhany" at the beginning of your post. Should you choose to do this, please try to allow me at least 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will (Also please notify me at least 48 hours in advance) . Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions. Thank you
Customer: replied 9 months ago.
Oh my Lord!! I had no idea there was so much! My apologies! Thank you so much! You are a blessing! I will get back with you.
Expert:  Manal Elkhoshkhany replied 9 months ago.
It is a very long problem yes :) Why apologies? :) This is my job :)Sure. I see you have downloaded the forms so I will remove the files and wait for any questions you might have. Hello againPlease click on the following link to download the solutions:https://app.box.com/s/y2b5t2zdgbyfzrokt9jgulolww3162xu If you have any questions, please do not hesitate to ask; if all is clear, please rate the service P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For Manal Elkhoshkhany" at the beginning of your post. Should you choose to do this, please try to allow me at least 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will (Also please notify me at least 48 hours in advance) . Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions. Thank you
Customer: replied 9 months ago.
OMG! Help!!! I downloaded the files and somehow they erased!!! They are not in my system and I cannot redownload them from this site, it say they have been blocked or deleted or something of that sort!! What do I do???
Expert:  Manal Elkhoshkhany replied 9 months ago.
I had deleted them from the server because as you can see it really is a long problem and I did not want the files available for everyone to download :) (That is the main reason I had offered email help). I have re-uploaded them for you but please make sure to save them once downloaded so that I can delete the files. Please click on the following link:https://app.box.com/s/ifd7xd00bats543o80poo3appozhbeasIf you have any questions, please do not hesitate to ask; if all is clear, please rate the service
Customer: replied 9 months ago.
Thank you so much! I don't understand what happened! You truly are a blessing!
Expert:  Manal Elkhoshkhany replied 9 months ago.
No problem at all All the best
Expert:  Manal Elkhoshkhany replied 9 months ago.
Hello again Tammy,Have you reviewed the solution? Do you have any questions?
Expert:  Manal Elkhoshkhany replied 9 months ago.
Hello?
Customer: replied 9 months ago.
I got the information, thank you so much. I have been undergoing some major stress, which is why I have not written in a few. I still do not understand what happened when I lost all the files. I will get back with you in the next week or two and let you know how everything went.
Thanks again for all your help! You truly are a Blessing!!
Expert:  Manal Elkhoshkhany replied 9 months ago.
Thank you, ***** ***** need to rate the solution please if you do not have any questions. Thank you

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