Question Details

Answered: - Dr, Carol Harris, CPA, is a single taxpayer and she lives


Dr, Carol Harris, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her social security number is 793-52-4335.? Carol is an Associate Professor of Accounting at a local college. Carol's earnings and withholding from the college for 2015 are:

???? Earnings???? $54,500

???? Federal income tax withheld? $7,800

???? State income tax withheld? $2,500

FICA tax of $3,379 and Medicare tax of $790.25 were also withheld from Carol's earnings.? Carol's other income includes interest of $142 from a savings account at Bank of the Carolinas and $465 of qualified dividends from Microsoft.

??? During the year, Carol paid the following amounts (all of which can be substantiated):

????????? Home mortgage interest???? $6,400

????????? Visa card interest??????? $350

????????? Auto insurance???? $750

????????? Property taxes on personal residence????$2,600

????????? Other medical expenses???? $810

????????? Charitable contributions (in cash)????? $967

Carol had the following stock market transactions, all of which were reported on form 1099-B, along with the basis of the stock sold:

Stock??????????????????????????? Acquired????????? Sold??????????????? Price?????? ???? Basis

Hammerhead C0.???????? 04/05/08????????? 10/15/15??????? $6,000?????????$3,200

Leopard Co.?????????????????02/01/15?????????? 08/03/15???????$7,000????????? $5,500

Sand Co.????????????????????? 09/12/10???????????10/15/15?????? $7,100????????? $8,500

In addition to being a professor at the local college, Carol maintains a CPA practice.

Income and expenses from this activity are:

???? Fees from CPA practice (all paid by check)???? $39,100

???? Office Rent???? $4,200

???? Supplies???? $750

???? Computer tax service???? $1,200

???? Mileage (4,108 miles)???? $2,880

???? Client meals and entertainment (total cost)???? $2,880

???? Telephone???? $975

???? Other expenses???? $1,400

Carol drove her car (placed in service on January 1, 2013) 20,000 miles in total, of which 5,000 miles were for commuting, Carol made 2015 estimated tax payments to the U.S. Treasury of $3,000 for each quarter.

REQUIRED:? Complete Carol's federal tax return for 2015.? Use form 1040, Schedule A, Schedule C, Schedule D, Form 8949, Schedule SE, and the qualified dividends and capital gains tax worksheet.? Use the attached forms.? Make realistic assumptions about any missing data.



Form

 


 

1040

 


 

2015

 


 

(99)

 


 

Department of the Treasury?Internal Revenue Service

 


 

U.S. Individual Income Tax Return

 

January 1

 


 

OMB No. 1545-0074

 


 

December 31

 


 

, 2015, ending

 


 

IRS Use Only?Do not write or staple in this space.

 


 

See separate instructions.

 


 

, 20 15

 


 

For the year Jan. 1?Dec. 31, 2015, or other tax year beginning

 

Your first name and initial

 


 

Last name

 


 

Your social security number

 


 

Carol

 


 

Harris

 


 

7 9 3 5 2 4 3 3 5

 


 

Spouse?s social security number

 


 

Last name

 


 

If a joint return, spouse?s first name and initial

 


 

Apt. no.

 


 

Home address (number and street). If you have a P.O. box, see instructions.

 


 

?

 


 

674 Yankee Street

 


 

City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).

 


 

Presidential Election Campaign

 

Check here if you, or your spouse if filing

 

jointly, want $3 to go to this fund. Checking

 

Foreign postal code

 

a box below will not change your tax or

 

refund.

 

You

 

Spouse

 


 

Durham, NC 27409

 

Foreign country name

 


 

Filing Status

 

Check only one

 

box.

 


 

Exemptions

 


 

Foreign province/state/county

 


 

1

 


 

4

 


 

Single

 

Married filing jointly (even if only one had income)

 


 

2

 

3

 


 

c

 


 

Head of household (with qualifying person). (See instructions.) If

 

the qualifying person is a child but not your dependent, enter this

 

child?s name here. ?

 


 

Married filing separately. Enter spouse?s SSN above

 

and full name here. ?

 


 

6a

 

b

 


 

5

 


 

Qualifying widow(er) with dependent child

 


 

Yourself. If someone can claim you as a dependent, do not check box 6a .

 

Spouse

 

.

 

Dependents:

 


 

(1) First name

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

(2) Dependent?s

 

social security number

 


 

Last name

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

}

 


 

(4) ? if child under age 17

 

qualifying for child tax credit

 

(see instructions)

 


 

(3) Dependent?s

 

relationship to you

 


 

Dependents on 6c

 

not entered above

 


 

d

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

Total number of exemptions claimed

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

8a

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

9a

 


 

10

 

11

 


 

Qualified dividends . . . . . . . . . . .

 

9b

 

Taxable refunds, credits, or offsets of state and local income taxes

 

Alimony received . . . . . . . . . . . . . . .

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

10

 

11

 


 

12

 

13

 

14

 


 

Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . .

 

Capital gain or (loss). Attach Schedule D if required. If not required, check here ?

 

Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . .

 


 

.

 


 

12

 

13

 

14

 


 

15a

 

16a

 

17

 


 

IRA distributions .

 

15a

 

b Taxable amount

 

. . .

 

Pensions and annuities 16a

 

b Taxable amount

 

. . .

 

Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E

 


 

15b

 

16b

 

17

 


 

Farm income or (loss). Attach Schedule F .

 

Unemployment compensation . . . .

 

Social security benefits 20a

 


 

18

 

19

 

20b

 


 

Other income. List type and amount

 

Combine the amounts in the far right column for lines 7 through 21. This is your total income

 


 

23

 


 

Educator expenses

 


 

24

 


 

Certain business expenses of reservists, performing artists, and

 

fee-basis government officials. Attach Form 2106 or 2106-EZ

 


 

25

 


 

Health savings account deduction. Attach Form 8889

 


 

.

 


 

24

 

25

 


 

Moving expenses. Attach Form 3903 . . . . . .

 

Deductible part of self-employment tax. Attach Schedule SE .

 

Self-employed SEP, SIMPLE, and qualified plans

 

. .

 


 

26

 

27

 

28

 


 

29

 

30

 

31a

 


 

Self-employed health insurance deduction

 

Penalty on early withdrawal of savings . .

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

32

 

33

 

34

 


 

Alimony paid b Recipient?s SSN ?

 

IRA deduction . . . . . . .

 

Student loan interest deduction . .

 

Tuition and fees. Attach Form 8917 .

 


 

29

 

30

 

31a

 


 

.

 

.

 

.

 


 

.

 

.

 

.

 


 

.

 

.

 

.

 


 

.

 

.

 

.

 


 

32

 

33

 

34

 


 

35

 

36

 

37

 


 

Domestic production activities deduction. Attach Form 8903

 

35

 

Add lines 23 through 35 . . . . . . . . . . . . .

 

Subtract line 36 from line 22. This is your adjusted gross income

 


 

7

 


 

Wages, salaries, tips, etc. Attach Form(s) W-2

 


 

.

 


 

.

 


 

.

 


 

.

 


 

8a

 

b

 

9a

 


 

Taxable interest. Attach Schedule B if required .

 

Tax-exempt interest. Do not include on line 8a .

 

Ordinary dividends. Attach Schedule B if required

 


 

.

 

.

 

.

 


 

.

 

.

 

.

 


 

.

 


 

b

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 

.

 

.

 


 

.

 


 

.

 

.

 

.

 


 

.

 

.

 


 

.

 


 

.

 

.

 


 

.

 


 

.

 

.

 


 

.

 


 

.

 

.

 


 

.

 


 

. . . . . .

 

. . . . . .

 

b Taxable amount

 


 

.

 

.

 

.

 


 

.

 

.

 

.

 


 

.

 


 

.

 

.

 

.

 

?

 


 

.

 


 

.

 


 

Add numbers on

 

lines above ?

 


 

7

 


 

.

 

8b

 

. .

 


 

26

 

27

 

28

 


 

Adjusted

 

Gross

 

Income

 


 

.

 


 

21

 

22

 


 

If you did not

 

get a W-2,

 

see instructions.

 


 

.

 


 

18

 

19

 

20a

 


 

Attach Form(s)

 

W-2 here. Also

 

attach Forms

 

W-2G and

 

1099-R if tax

 

was withheld.

 


 

Boxes checked

 

on 6a and 6b

 

No. of children

 

on 6c who:

 

? lived with you

 

? did not live with

 

you due to divorce

 

or separation

 

(see instructions)

 


 

If more than four

 

dependents, see

 

instructions and

 

check here ?

 


 

Income

 


 

Make sure the SSN(s) above

 

and on line 6c are correct.

 


 

21

 

22

 


 

23

 


 

.

 

.

 


 

For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

?

 


 

36

 

37

 


 

Cat. No. 11320B

 


 

Form

 


 

1040

 


 

(2015)

 


 

Page 2

 


 

Form 1040 (2015)

 


 

38

 


 

Amount from line 37 (adjusted gross income)

 


 

Tax and

 

Credits

 


 

39a

 


 

Check

 

if:

 


 

Standard

 

Deduction

 

for?

 

? People who

 

check any

 

box on line

 

39a or 39b or

 

who can be

 

claimed as a

 

dependent,

 

see

 

instructions.

 

? All others:

 

Single or

 

Married filing

 

separately,

 

$6,300

 

Married filing

 

jointly or

 

Qualifying

 

widow(er),

 

$12,600

 

Head of

 

household,

 

$9,250

 


 

.

 


 

.

 


 

Other

 

Taxes

 


 

58

 

59

 

60a

 


 

Unreported social security and Medicare tax from Form:

 


 

a

 


 

b

 

61

 


 

First-time homebuyer credit repayment. Attach Form 5405 if required

 


 

62

 

63

 


 

Form 8960 c

 

Taxes from: a

 

Form 8959 b

 

Add lines 56 through 62. This is your total tax . .

 


 

Payments

 

If you have a

 

qualifying

 

child, attach

 

Schedule EIC.

 


 

Sign

 

Here

 


 

Paid

 

Preparer

 

Use Only

 


 

.

 


 

You were born before January 2, 1951,

 

Spouse was born before January 2, 1951,

 


 

.

 


 

.

 


 

Blind.

 

Blind.

 


 

.

 


 

}

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

38

 


 

.

 


 

Total boxes

 

checked ? 39a

 

39b

 

.

 

.

 


 

42

 

43

 


 

Exemptions. If line 38 is $154,950 or less, multiply $4,000 by the number on line 6d. Otherwise, see instructions

 

Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter -0- . .

 

Form 4972 c

 

Tax (see instructions). Check if any from: a

 

Form(s) 8814 b

 


 

44

 

45

 

46

 

47

 

48

 

49

 

50

 

51

 

52

 

53

 

54

 

55

 

56

 

57

 


 

64

 

65

 

66a

 

b

 

67

 

68

 

69

 

70

 

71

 

72

 


 

75

 

76a

 


 

Alternative minimum tax (see instructions). Attach Form 6251 .

 

Excess advance premium tax credit repayment. Attach Form 8962

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

48

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

52

 

Residential energy credits. Attach Form 5695 . . . .

 

53

 

3800 b

 

8801 c

 

Other credits from Form: a

 

54

 

Add lines 48 through 54. These are your total credits . . . . .

 

Subtract line 55 from line 47. If line 55 is more than line 47, enter -0-

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

Self-employment tax. Attach Schedule SE

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 

.

 


 

.

 


 

Add lines 44, 45, and 46

 

. . . . . . .

 

Foreign tax credit. Attach Form 1116 if required .

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

?

 


 

.

 


 

.

 


 

.

 


 

.

 


 

Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required

 


 

.

 


 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

. . .

 

Instructions; enter code(s)

 

. . . . . . . . . .

 

64

 

Federal income tax withheld from Forms W-2 and 1099 . .

 

2015 estimated tax payments and amount applied from 2014 return

 

65

 

Earned income credit (EIC) . . . . . . . . . . 66a

 


 

.

 


 

.

 


 

.

 


 

.

 


 

.

 


 

b

 


 

4137

 

.

 


 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

Full-year coverage

 


 

Health care: individual responsibility (see instructions)

 


 

Nontaxable combat pay election

 

66b

 

Additional child tax credit. Attach Schedule 8812 .

 


 

.

 


 

.

 


 

?

 


 

.

 


 

.

 


 

.

 


 

.

 


 

8919

 


 

Household employment taxes from Schedule H

 


 

.

 


 

.

 

.

 


 

40

 

41

 

42

 

43

 

44

 

45

 

46

 

47

 


 

49

 

50

 

51

 


 

Credit for child and dependent care expenses. Attach Form 2441

 


 

Education credits from Form 8863, line 19 . . . . .

 

Retirement savings contributions credit. Attach Form 8880

 

Child tax credit. Attach Schedule 8812, if required . . .

 


 

.

 


 

.

 


 

.

 


 

.

 

.

 

.

 


 

.

 

.

 

.

 


 

55

 

56

 

57

 

58

 

59

 

60a

 

60b

 

61

 

62

 


 

.

 


 

?

 


 

63

 


 

.

 


 

?

 


 

74

 


 

67

 


 

American opportunity credit from Form 8863, line 8 .

 

Net premium tax credit. Attach Form 8962 . . . .

 

Amount paid with request for extension to file . . .

 


 

68

 

69

 

70

 


 

.

 


 

71

 

72

 

Credits from Form: a

 

2439 b

 

Reserved c

 

8885 d

 

73

 

Add lines 64, 65, 66a, and 67 through 73. These are your total payments .

 

Excess social security and tier 1 RRTA tax withheld

 


 

Credit for federal tax on fuels. Attach Form 4136

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 

.

 


 

.

 


 

.

 


 

.

 


 

If line 74 is more than line 63, subtract line 63 from line 74. This is the amount you overpaid

 


 

75

 


 

Amount of line 75 you want refunded to you. If Form 8888 is attached, check here

 


 

76a

 


 

.

 


 

?

 


 

b

 

d

 


 

? c Type:

 

Routing number

 

Checking

 

Savings

 

Account number

 

Amount of line 75 you want applied to your 2016 estimated tax ? 77

 

77

 

78

 

Amount you owe. Subtract line 74 from line 63. For details on how to pay, see instructions ? 78

 

79

 

Estimated tax penalty (see instructions) . . . . . . .

 

79

 

Do you want to allow another person to discuss this return with the IRS (see instructions)?

 

Yes. Complete below.

 


 

No

 


 

Personal identification

 

?

 

number (PIN)

 


 

Phone

 

no. ?

 


 

Designee?s

 

name ?

 


 

Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief,

 

they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

 


 

Your signature

 


 

Date

 


 

Your occupation

 


 

Daytime phone number

 


 

Spouse?s signature. If a joint return, both must sign.

 


 

Date

 


 

Spouse?s occupation

 


 

If the IRS sent you an Identity Protection

 

PIN, enter it

 

here (see inst.)

 

PTIN

 

Check

 

if

 

self-employed

 


 

?

 


 

Joint return? See

 

instructions.

 

Keep a copy for

 

your records.

 


 

.

 


 

Itemized deductions (from Schedule A) or your standard deduction (see left margin)

 

Subtract line 40 from line 38

 

. . . . . . . . . . . . . . . . .

 


 

?

 


 

Third Party

 

Designee

 


 

.

 


 

40

 

41

 


 

Direct deposit?

 

See

 

?

 

instructions.

 


 

Amount

 

You Owe

 


 

.

 


 

If your spouse itemizes on a separate return or you were a dual-status alien, check here ?

 


 

b

 


 

73

 

74

 


 

Refund

 


 

{

 


 

.

 


 

Print/Type preparer?s name

 


 

Firm?s name

 


 

Preparer?s signature

 


 

Date

 


 

?

 


 

Firm's EIN

 


 

Firm?s address ?

 


 

Phone no.

 


 

www.irs.gov/form1040

 


 

?

 


 

Form 1040 (2015)

 


 

 


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