Tax Return Assignment Use the following information to complete


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hello, I’m studying tax accounting, and I have the problem with the assignment. I dont know how to it, please help me. my email is k..i@yahoo.com, please let me know if you guys can help me. Thanks, 6 pages Marie Jacobson Tax Return Assignment 2014-1.docx Tax Return Assignment Use the following information to complete Marie Jacobson’s 2014 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps and please document for me those assumptions in a cover memo and refer to the applicable IRS Schedule or Form number. Any required forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. The following is a list of forms and schedules that you may need in addition to the Form 1040: Form 8949; 2106; 4562; 4684; 8582; schedules A; B; C; D; E; SE and worksheets: child tax credit; qualified dividends & capital gain tax worksheet. Facts: 1. Marie Jacobson is single and has two children from her previous marriage. Laura lives with Marie, and Marie provides more than half of her support. Jimmy lives with his father, Ben (Jimmy lived with Ben for all of 2014). Ben provides more than half of Jimmy’s support. Marie pays “alimony” of $400 per month to Ben. The payments are to continue until Jimmy reaches age 18, when they will be reduced to $150. Marie provides you with the following additional information: She uses the cash method of accounting and a calendar year for reporting. She wishes to contribute to the presidential election campaign. Marie lives at 14020 West Grove Ave, Denver, CO 84102. Marie’s birthday is May 31, 1977. Laura’s birthday is October 5, 2005. Jimmy’s birthday is December 1, 2003. Marie’s Social Security number is 007-16-4727. Laura’s Social Security number is 005-61-7232. Jimmy’s Social Security number is 004-23-3419. Ben’s Social Security number is 006-45-6333. She does not have any foreign bank accounts or trusts. 2. Marie is employed as an architect with Banner Consultants, Inc. Banner’s federal employer identification number is 79-1234466. Marie’s pay stubs indicate that she had $7,230 withheld in federal taxes, $4,987 in state taxes, $4,495 in Social Security taxes, and $1,051 in Medicare taxes. Marie earned salary of $70,000 (before subtracting her 401(k) and flexible spending plan contributions). She contributed $7,000 to her 401(k) account, and she contributed $3,600 to her flexible spending account. These are before tax deductions. 3. Banner has an extensive fringe benefits program for its employees. Banner paid $397 of whole life insurance premiums to cover Marie’s personal whole life insurance policy. Banner also paid health club dues of $900 to a nearby health club on Marie ‘s behalf. 4. Taking advantage of Banner’s educational assistance program, during the fall Marie enrolled in two graduate architecture classes at a local college. Banner paid her tuition, fees, and other course-related costs of $2,300. 5. Marie received free parking in the company’s security garage that would normally cost $200 per month. 6. Marie manages the creative design program for Banner. In recognition of her superior service during the year, Marie was awarded the Architect Conference Creative Design Award on December 15. The cash award was $500. 7. On January 15, 2014, Marie ‘s father died. From her father’s estate, she received stock valued at $30,000 (his basis was $12,000) and her father’s house valued at $90,000 (his basis in the house was $55,000). 8. Marie owns several other investments and in February 2015 received a statement from her brokerage firm reporting the interest and dividends earned on the investments for 2014. 1099 Dividends and Distributions Description Amoun t General Electric Company Gross Qualified $300 Dividends Minnesota State Bonds Gross Interest $300 Oracle, Inc. Bonds Gross Interest $700 Denver Library Bonds Gross Interest $200 Central Ban

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