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This is the first part of a six part problem that will allow you to prepare the 2016 tax return for Laurie and Lynn Norris. Each part of the problem will ask you to prepare a portion of their tax return. You should complete the appropriate portion of each form or schedule indicated in the instructions for each problem. The following basic information is provided for preparing their 2016 tax return:
1. Lynn and Laurie use the cash method of accounting and file their return on a calendar-year basis. Unless otherwise stated, assume that the Norrises want to minimize the current year’s tax liability.
2. Lynn is 43 years old. Laurie is 38 years old. 3. Lynn’s Social Security number is###-##-#### 4. Laurie’s Social Security number is###-##-#### 5. Josh’s Social Security number is###-##-#### 6. Julie’s Social Security number is###-##-#### 7. They do not have any foreign bank accounts. 8. Lynn and Laurie do not wish to contribute to the presidential election campaign. 9. Their home address is***** Santa Fe, Colorado (81252).
Lynn and Laurie are married and have two children, Josh (15 years old) and Julie (19 years old). Laurie works for Fox Corporation as a drilling superinten- dent. Lynn runs an internet business, Handy Hints, from their home that pro- vides handyman advice. Details on their income from these activities will be provided in Chapters 4 and 5.
3-53
During 2016, they received the following interest and dividends:
Second Bank savings account interest $200
Marble School district bonds $180
Saber Corporation bonds $1,900
Hi-Flow Corporation dividends (qualifying) $450
In addition, they sold the following investments during the year:
Security
Doonbeg Inc.
Troon Corporation
Augusta MotorsSale Date
03/19/16
06/12/16
10/10/16Purchase Date
04/12/15
09/10/13
04/11/14Sales Price
$ 8,000
$11,000
$ 6,000Commission Paid
$ 40
$250
$ 50Basis
$8,980
$7,850
$6,870Integrative Tax Return
The Form 1099 Lynn and Laurie received from their broker indicated total sales of $24,660 (i.e., sales were reported net of commissions).
Required: Based on the information provided above, only fill out the appropri- ate portions of Form 1040, Form 1040 Schedule B, and Form 1040 Schedule D.
Submitted: 7 months ago.Category: Multiple Problems
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11/25/2017
Business Tutor: taxmanrog, CPA, MA, MST replied 7 months ago
taxmanrog
taxmanrog, CPA, MA, MST
Category: Multiple Problems
Satisfied Customers: 1,139
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

I can do this problem, but it will take me some time. Can you bear with me?

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Customer reply replied 7 months ago
thank you for your help.
Business Tutor: taxmanrog, CPA, MA, MST replied 7 months ago

The return requires a Form 8949 as well as a Sch D. Do you want that as well?

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Customer reply replied 7 months ago
please
Business Tutor: taxmanrog, CPA, MA, MST replied 7 months ago

Here is the problem so far.

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Business Tutor: taxmanrog, CPA, MA, MST replied 7 months ago

Please don't forget to rate me, as this is how problems are closed.

Thanks!

Roger

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Customer reply replied 7 months ago
You said "here is the problem so far". Could you please confirm that the problem has been completely solved?
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