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Individual Income Tax Return

Individual Income Tax Return

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The purpose of this assignment is to complete a tax return for your clients. The option you complete will be determined by the instructor.  

Option 1 (Data Set A):

To begin this assignment, complete Problem I:7-64 in your textbook. Use the following additional information to complete the tax return:

If the taxpayers have a refund, have the entire amount refunded.

For Schedule D:

  • Assume the STCL was from Apple stock originally purchased on 1/10/20 for $11,000 and sold on 4/27/20 for $3,200.
  • Assume the LTCG was from the sale of Google, Inc. stock originally purchased on 6/2/15 for $6,100 and sold on 5/15/20 for $11,000.
  • Assume the LTCL was from the sale of Intel, Inc. stock originally purchased on 3/20/17 for $40,200 and sold on 12/3/20 for $37,000.

Assume the charitable donation of GE stock was to the March of Dimes. It was donated on 5/12/20 and was originally purchased on 4/10/13.

Schedule C:

  • Dan uses the cash method.
  • The Dan’s house is 3,000 square feet.
  • The vehicle was placed in service on 3/31/18.
  • Answer “yes” to items 45-47b on page 2.

Use the 2020 tax forms from the IRS website located in the Topic 4 resources. 

General Requirements

 For this assignment you will need to submit the following tax forms as a single document:

  • Form 1040
  • Schedule 1, Form 1040
  • Schedule 2, Form 1040
  • Schedule 3, Form 1040 (Schedule 3 is not applicable in 2020)
  • Schedule A, Form 1040
  • Schedule B, Form 1040
  • Schedule C, Form 1040
  • Schedule D, Form 1040
  • Form 8949, Form 1040
  • Schedule SE, Form 1040
  • Form 8283, Form 1040
  • Form 8995, Form 1040

Refer to the resource, “Tax Rate Schedules 2020 and Other Items,” located in the Class Resources.

Utilize the “Tax Return Figures for 2020 Tax Forms – Data Set A” or “Tax Return Figures for 2020 Tax Forms – Data Set B” resources to check your work on this topic assignment. The data set should match the option your instructor assigned you. Refer to the resource “Topic 4 Tax Return Tutorial” for assistance with this assignment. 

This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

When submitting the tax return project to the digital classroom, the tax return should be a single document. Refer to the instructions on how to compress a file provided in the Class Resources. Do not scan and submit the completed tax forms individually or it may cause a delay in grading. Name the PDF file LastnameFirstinitial.ACC460.TR1, where the TR1 refers to the Tax Return 1 assignment.

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