Tax 4001 Summer 2012 TAX RETURN PROBLEM
Please use the following information to complete Paul and Judy Vance's 2011 federal Income Tax return. If information is missing, use reasonable assumptions to fill in the gaps. You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 2106-EZ, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, and Form 8863. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.
• Paul and Judy would like to take advantage on their return of any educational expenses paid for their children.
• The Vances do not want to contribute to the presidential election campaign.
• The Vances live atXXXXX Cincinnati, OH 45211.
• Paul's birthday is XXXXX and his Social Security number isNNN-NN-NNNN
• Judy's birthday is XXXXX and her Social Security number isNNN-NN-NNNN
• Vince's birthday is XXXXX and his Social Security number isNNN-NN-NNNN
• Joan's birthday is XXXXX and her Social Security number isNNN-NN-NNNN
• Jennifer's birthday is XXXXX and her Social Security number isNNN-NN-NNNN
Contributions to employee benefit plans
Fine for overbilling State of Ohio for work performed on welfare patient
Insurance on office contents
Interest on money borrowed to refurbish office
Miscellaneous office expense
Utilities and telephone
(to be computed)
during the year:
Prescription medicine and drugs (net of insurance reimbursement)
Doctor and hospital bills (net of insurance reimbursement)
Penalty for underpayment of last year's state income tax
Real estate taxes on personal residence
Interest on home mortgage (paid to Home State Savings & Loan)
Interest on credit cards (consumer purchases)
Cash contribution to St. Matthew's church
Payroll deductions for Judy's contributions to the United Way
Professional dues (Judy) )
Professional Subscriptions (Judy)
Fee for preparation of 2010 tax return paid April 14, 2011
10. The Vances made timely estimated federal income tax payments of $1,500 each quarter during 20 II. They also maqe estimated state income tax payments of $300 each quarter and estimated city income tax payments of $160 each quarter. The Vances made all fourth-quarter payments on December 31, 2011. They would like to receive a refund for any overpayments.
Hello and thank you for coming to our website. We appreciate the opportunity to help you with your questions. The 1040 forms for your problem are attached. Please let me know if you have any questions.
I can't find the attached forms. Where are they?
I'm sorry, but I'm having trouble attaching the forms. Let me try again.
I also need all these other various forms with Form 1040. Where are those?Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 2106-EZ, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, and Form 8863.
Sorry. As I read your original question, it sounded like you only needed the Form 1040. Let me scan the other forms and I'll post them.
Will the forms be attached soon?
I attached two more forms and then tried to post them before I added any more. They must be taking up too much space. Let me try posting them a different way. Also, you won't need any 4562 forms. As I read the information in your question, you're not depreciating any listed equipment, you aren't depreciating any equipment purchased new this year, and you've been depreciating the rental home. You only need to file Form 4562 for new equipment or listed equipment. The forms that you will need for this problem are Schedule A, B, C, D, E,SE , and Forms 8949, 2106, 4797, 4952, and 8863.
My professor stated I have to have form 4562 for the dental practice and form 4562 for the rental property. You had to use the MACRS depreciation on the estate. Since the property was a rental, you need to calculate all depreciaiton that has been used from prior years. So you I do need those forms.
You need to use MACRS to do depreciation for both rental and the dentist's furniture.
The dentist's furniture isn't listed in the dental practice expenses, so part of the question is missing. In the case of a real tax return, the 4562 form for the rental home would have been filed the first year that the home was rented. You only have to file the Form 4562 the first year that depreciation is claimed on new equipment or a Section 179 expense is taken for new equipment. After the first year, you use the depreciation worksheet to calculate the amount of depreciation which is reported on Schedule C for the dental office and Schedule E for the rental home. I used MACRS to calculate the previous years' depreciation on the rental home, but normally you wouldn't have to file any information with the tax return. You only have to file Form 4562 every year if you are depreciating listed property. You can prove this by going to www.irs.gov and looking up the instructions for Form 4562, on the first page under "Who must file".
I can't find any way to attach the other forms so that you can get to them. The only software that I have available to do tax returns this time of year can only produce printed forms and the images are taking up too much space.
Since I can't attach the additional forms, if you would like, I will opt out of this question and reopen it to other experts. There may be another expert that can give you the supporting forms in a format that can be posted. Please let me know if you would like me to withdraw. Thanks.
Yes, please opt out of this question and reopen it to other experts.Thank you.
I would like you to withdraw at this time, so other experts may help me.
It seems my status is that i am waiting for you to reply. Do I have to give you a bad rating in order to opt you out. What should I do so other experts may answer my question?
Relist: Incomplete answer.
Please opt out and reopen this question to other experts please.
Relist: Incomplete answer.Incomplete answer and was not able to attach forms or send forms to me for my question that I asked.
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Yes I have been waiting for an answer since yesterday please assist me right away because this expert was not able to help me.
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Okay I understand but my status says waiting for an "awaiting expert to reply." So please find me an expert to help me right away.
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Can you email me the other forms maybe I can get the forms that way. I really need the other forms. Try to use m.box.com to upload the files and sent me the other forms I requested.
Please use m.box.com to post the other forms here or email me the forms I requested.
Relist: Incomplete answer.I was not given an answer at all.