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This is the first part of a six-part problem that will allow

you to prepare the 2016...
This is the first part of a six-part problem that will allow you to prepare the 2016 taxreturn 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 orschedule indicated in the instructionsfor 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 superintendent. Lynn runs an internet business, Handy Hints, from their home that provides handyman advice. Details on their income from these activities will be provided in Chapters 4 and 5. During 2016, they received the following interest and dividends:1.Second Bank savings account interest $ 2002.Marble School district bonds 1803.Saber Corporation bonds 1,9004.Hi-Flow Corporation dividends (qualifying) 450 In addition, they sold the following investments during the year: Security Sale Date Purchase Date Sales Price Commission Paid BasisDoonbeg Inc. 03/19/16 04/12/15 $ 8,000 $40 $8,980Troon Corporation 06/12/16 09/10/13 $11,000 $250 $7,850Augusta Motors 10/10/16 04/11/14 $ 6,000 $50 $6,870 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 appropriate portions of Form 1040, Form 1040 Schedule B, and Form 1040 Schedule D.
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Answered in 7 hours by:
10/9/2017
PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
Satisfied Customers: 4,773
Experience: I have been a business consultant and college instructor for years.
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Hi from Just Answer. I'm PDtax, and can assist.

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Customer reply replied 3 months ago
Great

Is this to be added to the one I just did?

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Customer reply replied 3 months ago
No. I was told this question is closed.
Customer reply replied 3 months ago
Sorry ignore that
Customer reply replied 3 months ago
This is a separate question
Customer reply replied 3 months ago
Please complete this separately

SEE ATTACHED.

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Customer reply replied 3 months ago
I don't see the attachment

Please rate, with a bonus if appropriate.

I included 8949 for Sch. D support.

PDtax

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Customer reply replied 3 months ago
Please confirm that you did not combine my other question with this.

I did not. Only started with the same taxpayer names. Check the social security numbers. I made up numbers on the first project, and used the correct ones here.

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PDtax here, following up. Please advise if you need anything, or rate to close this one out.

PDtax

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I see you asked for me for another part of this project. I can't open it yet, but site management will fix that shortly.

I will ask you rate this question before I do more work.

PDtax

PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
Satisfied Customers: 4,773
Experience: I have been a business consultant and college instructor for years.
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PDtax and 87 other Single Problem Specialists are ready to help you
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Customer reply replied 3 months ago
I was waiting to get my grade back so I can rate you accordingly
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PDtax
PDtax
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