[Answered] Contact Us for this Answer +1 323-412-5597 / support@studentscoursework.com Fill up f1040 formsNote: this assignment is for tax year 2019Facts FILL UP F1040 FORMS William Spicer (123-45-5789) and June Spicer (937-65-4321) have two dependent children Sophie (236-52-6587) age 9 and Carl (236-52-6588) age 7 both of whom live at home. William operates a gourmet market in Raleigh NC Bill’s Market as an accrual-basis sole proprietorship. The information on gross sales expenses and property transactions is shown below. William receives no salary and therefore there is no related FICA tax for him. The Market sold a unique piece of equipment for $13000. It had originally cost $5000 when purchased on March 5 2015; it had an adjusted basis of $3000 when sold on August 15 2019. The Market also sold a display case for $1000 on December 12 2019 that had cost $12000 when purchased on June 6 2013; it had an adjusted basis of $4000 when sold. The gains or losses on these asset sales are the same for tax and financial accounting. The business complies with all Form 1099 requirements. William is also a 10 percent shareholder in Imagineers Corporation an S corporation but takes no active role in the business. He received a Schedule K-1 from this S corporation reporting $18000 in ordinary business income. June is a general partner in The Bridal Shop Partnership. She worked 3 days a week at the shop and received a Schedule K-1 reporting a $12000 guaranteed payment and $8000 in ordinary business income. June paid $3800 for after-school and summer child care while she worked. 2019 financial results for Bill’s Market is as follows: Gross sales ($1300000 from credit card sales) 3700000 Merchandise purchases 2480000 Expenses: Advertising 40000 Charitable contributions 20000 Cleaning/maintenance 12000 Depreciation (MACRS pre-2019 purchases) 3000 Section 179 expense (2/1/19 display case) 5000 Payroll taxes 18000 Health insurance 15000* Insurance (excludes health) 18000 Interest expense 1000 Licenses/fees 4000 Meals/entertainment 10000 Office expenses 14000 Rent 120000 Salary/wages 210000 Travel 8000 Utilities 32000 *Includes $3000 for health insurance for William and his family. The following information pertains to the completion of the Spicers’ personal tax return: Interest income $ 500 Dividend income (all qualified) 1300 Unreimbursed doctor’s bills 8 Unreimbursed hospital bills 9000 Dental bills 2000 Mortgage interest 14000 Real estate taxes 7800 Contributions to their church 1500 Investment advisor fees $3659 The Spicers sold 10000 shares of ABC stock on February 2 2019 for $4000. They had purchased the stock on August 1 2010 for $18000. During 2019 the Spicers paid $300 with their 2018 North Carolina state income tax return and made $4600 in estimated payments for 2019 to NC. This amount exceeds their alternate state sales tax deduction. June is a volunteer at the children’s school two days a week tutoring at-risk students. Her total mileage for her trips to and from the school was 1200 miles. She also had unreimbursed out-of-pocket expenses for teaching materials for these students of $232. Additionally the Spicers contribute $3000 each to regular IRAs. The Spicers made 2019 Federal quarterly estimated tax payments of $17500 each quarter. All payments were made when due. Any refund that the Spicers have for 2019 is to be applied to their 2020 estimated taxes. Form 1040 and Related Forms and Schedules Form 1040: U.S. Individual Income Tax Return & Schedules 1-3 Schedule A: Itemized Deductions Schedule C: Profit or Loss from Business (Sole Proprietorship) Schedule D: Capital Gains and Losses Schedule E: Supplemental Income and Loss Schedule SE: Self-Employment Tax (2) Form 2441: Child and Dependent Care Expenses Form 4562: Depreciation and Amortization Form 4797: Sales of Business Property Form 8582: Passive Activity Loss Limitations Form 8949: Sales and Other Disposition of Capital Assets The Spicers will prepare only one joint tax return their Form 1040 along with all the required schedules and forms including the Schedule C where the income and expenses for Bill’s Market are reported. A Form 4797 is completed for the business property dispositions; the sale of the stock is entered on the Form 8949; the net gain on the equipment disposition and the gain or loss on the stock are both included on the Spicer’s Schedule D. The depreciation recapture if any is also entered on Form 4797 and is transferred directly to the Spicers’ Form 1040. Two other items are not included on the Schedule C—the health insurance for William and his family (which is deducted on page 1 of the Form 1040 as a deduction for AGI) and the charitable contribution (which is included with the Spicers’ personal charitable deductions on their Schedule A). June is allowed to deduct 14 cents per mile for the 1200 miles driven ($168) for her volunteer work along with her out-of-pocket charitable expenses of $232. Their other itemized deductions are $23800 for mortgage interest and $680 for Personal Property taxes. Their dividend income is taxed at the Capital Gain rate while the rest of their income is taxed at the regular rates.

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