Professional Documents
Culture Documents
Directions
Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario.
Note: When entering Social Security numbers (SSNs) or Employer Identification
Numbers (EINs), replace the Xs as directed, or with any four digits of your choice.
Interview Notes
Quincy retired and began receiving retirement income on March 1, 2016. No
distributions were received prior to his retirement. Quincy did not select a joint
survivor annuity for these payments.
Quincy brought last years tax return. It includes a capital loss carryover worksheet.
Quincy and Marian want to file a joint return. They provided all the cost of keeping
up the home and all of the support for their son Lucas.
Quincy had Medicare Part A and Part B health coverage all year. Marian and Lucas
did not have health insurance at all for 2016.
Marian and Lucas do not qualify for any health insurance coverage exemptions.
Lucas has no filing requirement.
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ABC INVESTMENTS
1a
1b
2a
2b
2c
2d
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4
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7
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9
10
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12
13
14
2 Royalties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
4 Federal Income Tax Withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
8 Substitute Payments in Lieu of Dividends or Interest. . . . . . . . . . . . . . . 0.00
16 State Tax Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
17 State/ Payers State No.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18 State Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
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ABC INVESTMENTS
FORM 1099-B* 2016 Proceeds from Broker and Barter Exchange Transactions
Copy B for Recipient OMB NO. 1545-0715
1a Date of
Sale or
Exchange
1b Date of
Acquisition
1e Quantity
Sold
(IRS Form 1099-B box numbers are shown below in bold type)
2a Sales Price
of Stocks ,
Bonds, etc. (a)
3 Cost or
Gain / Loss (-)
Other Basis (b)
5 Wash Sale
Loss Disallowed
4 Federal Income
Tax Withheld
13
State
15 State Tax
Withheld
TOTALS
2,875.00
1,500.00
2,875.00
1,500.00
1,375.00
FORM 1099-B* 2016 Proceeds from Broker and Barter Exchange Transactions
Copy B for Recipient OMB NO. 1545-0715
1a Date of
Sale or
Exchange
1b Date of
Acquisition
1e Quantity
Sold
(IRS Form 1099-B box numbers are shown below in bold type)
2a Sales Price
of Stocks ,
Bonds, etc. (a)
3 Cost or
Gain / Loss (-)
Other Basis (b)
5 Wash Sale
Loss Disallowed
4 Federal Income
Tax Withheld
13
State
15 State Tax
Withheld
TOTALS
3,000.00
2,234.00
3,000.00
2,234.00
766.00
This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty
or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported.
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