Single Problem

Get Single Problem Homework Help from Experts

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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

This is the first part...
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.
Show More
Show Less
Ask Your Own Single Problem Question
Answered in 7 hours by:
10/9/2017
PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
Satisfied Customers: 5,125
Experience: I have been a business consultant and college instructor for years.
Verified

Hi from Just Answer. I'm PDtax, and can assist.

Ask Your Own Single Problem Question
Customer reply replied 10 months ago
Great

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

Ask Your Own Single Problem Question
Customer reply replied 10 months ago
No. I was told this question is closed.
Customer reply replied 10 months ago
Sorry ignore that
Customer reply replied 10 months ago
This is a separate question
Customer reply replied 10 months ago
Please complete this separately

SEE ATTACHED.

Ask Your Own Single Problem Question
Customer reply replied 10 months ago
I don't see the attachment

Please rate, with a bonus if appropriate.

I included 8949 for Sch. D support.

PDtax

Ask Your Own Single Problem Question
Customer reply replied 10 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.

Ask Your Own Single Problem Question

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

PDtax

Ask Your Own Single Problem Question

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: 5,125
Experience: I have been a business consultant and college instructor for years.
Verified
PDtax and 87 other Single Problem Specialists are ready to help you
Ask your own question now
Customer reply replied 10 months ago
I was waiting to get my grade back so I can rate you accordingly
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business tutorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, CPA firm owner, business consultant, author
Category: Single Problem
Satisfied Customers: 5,125
5,125 Satisfied Customers
Experience: I have been a business consultant and college instructor for years.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

Meet the Experts:

linda_us

linda_us

Master's Degree

787 satisfied customers

A tutor for Business, Finance, Accounts and other related topics.

Manal Elkhoshkhany

Manal Elkhoshkhany

Bachelor's Degree

530 satisfied customers

Finished my BA degree with a GPA of 4.0.

F. Naz

F. Naz

B.Com

338 satisfied customers

Have completed B.Com and CA Finalist

Mr. Gregory White

Mr. Gregory White

Master's Degree

279 satisfied customers

M.A., M.S. Education / Educational Administration

Bizhelp

Bizhelp

CPA

265 satisfied customers

BA degree and Certified Public Accountant

Dave CPA

Dave CPA

Accountant

98 satisfied customers

Sound knowledge base in accounting and finance.

MyVirtualCPA

MyVirtualCPA

Master's Degree

96 satisfied customers

Master's Degree in Accounting with excellent math and reasoning skills

< Previous | Next >

Related Single Problem Questions
You are to submit the tax return which is generated by
You are to submit the tax return which is generated by Appendix A, Phases One and Two. Phase Two builds on Phase One. Pay close attention, because some of the new information in Phase Two may change t… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
MP Part 2 You are to submit the tax return which is
MP Part 2You are to submit the tax return which is generated by Appendix A, Phases One and Two. Phase Two builds on Phase One. Pay close attention, because some of the new information in Phase Two may… read more
Dr. Donna Kakonge
Dr. Donna Kakonge
Doctor of Education
201 satisfied customers
Lesson 5 (84) This is the second part of a six part problem
Lesson 5 (84)This is the second part of a six part problem that will allow you to prepare the 2016 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask … read more
Dr. Donna Kakonge
Dr. Donna Kakonge
Doctor of Education
201 satisfied customers
You are to submit the tax return which is generated by
You are to submit the tax return which is generated by Appendix A, Phases One and Two. Phase Two builds on Phase One. Pay close attention, because some of the new information in Phase Two may change t… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
This is the second part of a six part problem that will
This is the second part of a six part problem that will allow you to prepare the 2015 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepar… read more
PDtax
PDtax
CPA firm owner, business consultant, author
Master's Degree
5,125 satisfied customers
This is the final part of a six part problem that allows you
This is the final part of a six part problem that allows you to prepare the 2016 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepare a p… read more
PDtax
PDtax
CPA firm owner, business consultant, author
Master's Degree
5,125 satisfied customers
This is the fifth part of a six part problem that will allow
This is the fifth part of a six part problem that will allow you to prepare the 2016 Tax Return tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you… read more
PDtax
PDtax
CPA firm owner, business consultant, author
Master's Degree
5,125 satisfied customers
This is the fourth part of a six part problem that will
This is the fourth part of a six part problem that will allow you to prepare the 2016 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepar… read more
PDtax
PDtax
CPA firm owner, business consultant, author
Master's Degree
5,125 satisfied customers
CAN I SEND THE FILE THAT I NEED TO BE DONE. I WANT TO BE
JA: The Expert will know how to help. Please tell me more, so we can help you best. Customer: CAN I SEND THE FILE THAT I NEED TO BE DONE JA: Is there anything else the Expert should be aware of? Custo… read more
Dr. Donna Kakonge
Dr. Donna Kakonge
Doctor of Education
201 satisfied customers
This is the fourth part of a six part problem that will
This is the fourth part of a six part problem that will allow you to prepare the 2016 tax return for Laurie and Lynn Norris. As with the previous parts, this part of the problem will ask you to prepar… read more
PDtax
PDtax
CPA firm owner, business consultant, author
Master's Degree
5,125 satisfied customers
I need to prepare a tax return assignment, Use the following
Use the following information to complete Esme and Tarquin McDonald's 2016 federal income tax return.You will 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 vet practice), Form 4562 (for the rental property), Form 4797, Form 8863, and Form 8949.Please use type into the PDF forms from the IRS website- link to be found on Blackboard. No handwritten forms will be accepted.1. Esme and Tarquin McDonald are married and file a joint return. Tarquin is self-employed as a vet, and Esme is a college professor. The have three children: Hamish, Fergus and Martha. The McDonalds provide you with the following additional information: • The McDonalds do not want to contribute to the presidential election campaign. • The McDonalds live at***** Midlothian, Virginia 55211. • Tarquin's birthday is ***** and his Social Security number is###-##-#### • Esme's birthday is ***** and her Social Security number is###-##-#### • Hamish's birthday is ***** and his Social Security number is###-##-#### • Fergus' birthday is ***** and his Social Security number is###-##-#### • Martha's birthday is ***** and her Social Security number is###-##-#### • The McDonalds do not have any foreign bank accounts or trusts.The McDonalds received $800 of interest from State Savings Bank on a joint account. They received interest of $1,000 on Virginia City municipal bonds they bought in January with the proceeds of a loan from Third National Bank of Midlothian . They paid interest of $1,100 on the loan. Tarquin received a dividend of $540 on GMC stock he owns. Esme received a dividend of $390 on Apple stock she owns. They received a dividend of $865 on jointly owned stock in Walmart. All of the dividends received in 2016 are qualified dividends. The McDonalds sold 200 shares of Starbucks Corporation stock on September 3, 2016, for $42 a share (minus a $50 commission). They received the stock from Tarquin's father on June 25, 1980, as a wedding present. His father originally purchased the stock for $10 per share on January 1, 1967. The stock was valued at $14.50 per share on the date of the gift. No gift tax was paid on the gift. Esme is a lecturer at Hollins University, where she earned $30,000. The university withheld federal income tax of $3,375, state income tax of $900, city income tax of $375, $1,860 of Social Security tax, and $435 of Medicare tax. She also worked part of the year for Dillards. Dillards paid her $10,000 in salary, and withheld federal income tax of $1,125, state income tax of $300, city income tax of $125, Social Security tax of $620, and Medicare tax of $145. Esme is required by Hollins University to visit several high schools in the area to evaluate her students who are doing their practice teaching. However, she is not reimbursed for the expenses she incurs in doing this. During the spring semester (January through April 2016), she drove her personal automobile 6,800 miles in fulfilling this obligation. Esme drove an additional 6,700 personal miles during 2016. She has been using the car since June 30, 2015. Esme uses the standard mileage method to calculate her car expenses. She does not take depreciation on this vehicle.Tarquin's business is called “Tarquin McDonald, DVM” His business is located at***** Midlothian, Virginia 55211, and his employer identification number is 71-2222222. In June, Tarquin decided to refurbish his office. This project was completed and the assets placed in service on July 1. His expenditures included $8,000 for new pet-proof waiting room furniture, $6,000 for new surgical suite equipment (seven-year recovery period), and $2,000 for a new office computer. Tarquin elected to compute his cost recovery allowance using MACRS. He wants to use §179 immediate expensing for the furniture and computer, … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
INDIVIDUAL TAX RETURN PROBLEM Required:You may need the
INDIVIDUAL TAX RETURN PROBLEM Required: 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… read more
PDtax
PDtax
CPA firm owner, business consultant, author
Master's Degree
5,125 satisfied customers
I:5-67 Tax Form/Return Preparation Problems (Ch. 5) Spence
I:5-67 Tax Form/Return Preparation Problems (Ch. 5) Spence Duck (SSN XXX-XX-XXXX) is single and his eight-year-old son, Mitch, lives with him nine months of the year in a rented condominium atXXXXXin … read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
Question is for Manal Elkhoshkhany I copied the beginning
Question is for Manal Elkhoshkhany I copied the beginning portion of the problem. But then attached the rest. I would like to turn this is by Wednesday if possible please. I see you helped another stu… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
Hi Danielle, I am looking to solve a problem essentially like
Hi Danielle, I am looking to solve a problem essentially like the one I'm viewing, with a slightly changed parameters… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
***** *****, SSN:***-**-**** , is a single taxpayer and is
***** *****, SSN:***-**-**** , is a single taxpayer and is employed as a secretary by state University of Florida. She has the following items pertaining to her income tax return for the current year:… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,684 satisfied customers
PLEASE PROVIDE ALL FORMS AND EXPLANATIONS REQUESTED. Needed
PLEASE PROVIDE ALL FORMS AND EXPLANATIONS REQUESTED. Needed by March 4 The forms can be located through http://www.irs.gov/. 1) Form 1040 2) Form 1040 Schedule A 3) Form 1040 Schedule B 4) Form 1040 S… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
Book Title: Prentice Halls Federal Taxation I:12-56 At
Book Title: Prentice Hall's Federal Taxation I:12-56 At the beginning of 2012, Donna Harp was employed as a cinematographer by Farah Movie, Inc., a motion picture company in Los Angeles, California. I… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Bachelor's Degree
530 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x