Posted: February 23rd, 2017
PLEASE READ DIRECTIONS THROUGHLY!!!! The project will be mostly from the textbook, so I do not need to mail you anything. All forms must be printed from the IRS web site. I will not accept any forms from your textbook, as they might have been updated and they have draft stamped on them. You will do Comprehensive Problem One: Noah and Joan Arc’s Tax return, which can be found in Appendix D (D-2) in the back of the textbook. The following are some additions or changes which you must incorporate into this problem:
(A) Noah and Joan Arc donated a 2005 Honda Accord to a needy family in their town.
(B) For # 5 – on page D-3, you need to change the Red Co.’s Sales Price from $12,200 to $300. Three Hundred dollars is the revised amount to use for what the Arc’s received when they sold the stock.
(C) For # 6 – all the dividends received were ordinary dividends. None were qualifying dividends. So change the 1099 DIV form on page D-4 to show 0 (zero) in box 1b.
(D) Do not pay attention to the community property comment included under the dividends in #6.
(E) I am adding a #9 – Joan has been going to college for the past three years and is enrolled at least half-time each semester in an accounting degree program. Her 1098 T form showed $2,950 in tuition paid and billed in 2015. Joan paid all the tuition. She does not get reimbursed by her employer. She also paid $535 for books for her accounting courses. Also, she has never been convicted of a drug felony offense and she does not have a prior college degree.
(F) I am adding a # 10 – They bought a new car on 02/22/2015 which cost $30,000 and they paid $1,800 in sales tax.
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