Taxpayer Information: Name: Bryan Jones Address: 1200 Main St. Green Bay, Wiscon
ID: 2339958 • Letter: T
Question
Taxpayer Information:
Name: Bryan Jones
Address: 1200 Main St.
Green Bay, Wisconsin 12345
DOB: 5/6/1976
Filing Status: Single
SSN: 500-10-2000
Occupation: Staff Accountant
INCOME INFORMATION:
Wages and Compensation
The following information is taken from Bryan Jone’s 2017 Form W-2 Wage and Tax Statement:
Box 1 – Wages, tips, and other compensation
52,000
Box 2 – Federal Withholding
8,750
Box 17 – State Income Tax Withholding
1,000
Interest and Dividends
Bryan has some Certificates of Deposits are Main Street bank which yielded 3,750 in interest in
2017. In addition, Bryan has interest income from municipal bonds in the amount of 1,250.
Also, Bryan received $2100 in qualified dividends from Plum Electronic Co.
Profit/Loss from Business
Bryan has a part-time accounting services business. In 2017, his income and expenses are as f follows:
Service Revenue 7,000
Office Expense 500
Advertising 750
Capital Gains
Bryan had the following stock transactions in 2017:
He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2016, which he purchased on April 1, 2014 for 25,000. In addition, he sold 750 shares of Velocity Inc. for $10,000 on September 1, 2016, which he purchased on December 1, 2015 for $5,000.
Rental Real Estate
Bryan owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit for 2017 are as follows:
Rental income $12,000
Property taxes $1,500
Depreciation $1,000
Repairs and Maintenance $750
Insurance $2,000
Other Transactions in 2017
1. Bryan received a gift of $4,000 from his brother.
2. Bryan paid $3,000 for the year in alimony to his ex-wife, per divorce decree.
3. Bryan had gambling winnings of $1,000.
4. Bryan was the beneficiary of his mother’s life insurance policy.
His mother died in 2017 and he received $50,000 under this policy.
Box 1 – Wages, tips, and other compensation
52,000
Box 2 – Federal Withholding
8,750
Box 17 – State Income Tax Withholding
1,000
A57x f For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N D E F GH I 1SCHEDULE B OMB No. 1545-0074 (Form 1040A or 1040) Departeat of the Treasury intemal Keyenue Service (99) Interest and Ordinary Dividends - Attach to Form 1040A or 1040. Information about Schedule B (Form 1040A or 1040) and its instructions is at www.irs.gowscheduleb otnedirin 2016 Attackment Sequence No. 08 Nama(s) shown in notum Your social seaurity nember 4 Partl 1 List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see instructions on back and list this interest firsl. Also, show that bayer's secial security number and address Amount Interest 5 (See instructions on 6 hack and the 7 instructions tor Form 8 10404 or Farm 9 1040, 11 Note. M you received a Form2 Add the amounts on line 1 3 Excludable interest on series EE and I US. savings bonds issued after 1989. Attach Form 8815 14 15 1099-0D, substiute statement 4 Subtract ine 3 from line 2. Enter the result here and on Form 1040A, or Form 1040, line 8a 10 a brokerage firm, list the m's name as he payer and enter shown on that form. 20 21 Note. If line 4 is over $1,500 you must complete Part lll 5 List name of payer . 23 24 25 26 27 28 29 30 31 32 6 Add the amounts on line 5. Enter the total here and on Fom 1040A, or Fom 1040, line 9a 34 35 36 37 38 39Explanation / Answer
Form 1040 Department of the Treasury––Internal Revenue Service (99) 2017 U.S. Individual Income Tax Return OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space. For the year Jan. 1--Dec. 31, 2017, or other tax year beginning ,2017, ending See separate instructions. Your first name and initial Last name Your social security number Bryan Jones 500-10-2000 If joint return, spouse's name & initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Make sure the SSN(s) above and on line 6c are correct. 1200 Main St. Green Bay, City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Presidential Election Campaign Wisconsin 12345 Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or Foreign country name Foreign province/state/county Foreign postal code refund. You Spouse Filing Status 1 x Single 4 Head of household (with qualifying person). (See instructions.) 2 Married filing joint return (even if only one had income) If the qualifying person is a child but not your dependent, enter Check only one 3 Married filing separate return. Enter spouse's SSN above this child’s name here. box. and full name here. 5 Qualifying widow(er) (see instructions) Boxes checked on 6a and 6b. 6a X Yourself. If someone can claim you as a dependent, do not check box 6a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 No. of children on 6c who: Exemptions b Spouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . c Dependents: (2) Dependent's (3) Dependent's (4) if child under age 17 • lived with you social security relationship to qualifying for child tax credit • did not live with If more than four (1) First name Last name number you (see instructions) you due to divorce or separation (see instructions) dependents, see 0 instructions and 0 check here. 0 Dependents on 6c not entered above 0 Add numbers on lines above d Total number of exemptions claimed . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 1 Income 7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . 7 52,000 8 a Taxable interest. Attach Schedule B if required. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8a 5,000 Attach Form(s) b Tax-exempt interest. Do not include on line 8a . . . . . . . . . 8b 0 W-2 here. Also 9 a Ordinary dividends. Attach Schedule B if required. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9a 0 attach Forms b Qualified dividends . . . . . . . . . . . . . . . . . . . . . . 9b 2,100 W-2G and 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1099-R if tax 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 was withheld. 12 Business income or (loss). Attach Schedule C or C-EZ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 5,750 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here. #### 13 (3,000) If you did not 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 get a W-2, 15 a IRA distributions 15a 0 b Taxable amount . . . . . 15b 0 see instructions. 16 a Pensions and annuities 16a 0 b Taxable amount . . . . . 16b 0 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E. 17 6,750 18 Farm income or (loss). Attach Schedule F. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 0 19 Unemployment compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 a Social security benefits 20a 0 b Taxable amount . . . . . . . 20b 0 21 Other income. List type and amount. 21 0 22 Combine the amounts in the far right column for lines 7 through 21. This is your total income 22 66,500 23 Educator expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Adjusted 24 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 or 2106-EZ 24 Gross 25 Health savings account deduction. Attach Form 8889 . . . . . . . . . . 25 0 Income 26 Moving expenses. Attach Form 3903 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 Deductible part of self-employment tax. Attach Schedule SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 0 28 Self-employed SEP, SIMPLE, and qualified plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 Self-employed health insurance deduction . . . . . . . . . . . . 29 30 Penalty on early withdrawal of savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 0 31 a Alimony paid b Recipient's SSN 31a Enter your birthdate 32 IRA deduction . . . . . . . . . . . . . . . . . . 32 in Cell AL11, etc. 33 Student loan interest deduction . . . . . . . . . . . . . . . 33 (See above.) 34 Tuition and fees. Attach Form 8917 . . . . . . . . . . . . . . . 34 35 Domestic production activities deduction. Attach Form 8903 35 36 Add lines 23 through 35 . . . . . . . . . . . . . . . 36 0 37 Subtract line 36 from line 22. This is your adjusted gross income. . . . . . 37 66,500 Bryan Jones Employer #1 Wages, tips, other compensation 52,000.00 Federal income tax withheld 8,750.00 Social security wages Social security tax withheld 1,000.00 Bryan Jones Payer #1 Payer #2 PAYER's name Muncipal bonds COD PAYER's Federal ID number Account number Interest income 1,250.00 3,750.00 Information from Form 1099-DIV, Dividends and Distributions Bryan Jones Payer #1 Payer #2 PAYER's name Plum electric co PAYER's Federal ID number Account number 1a Total ordinary dividends 1b Qualified dividends 2,100.00 SCHEDULE C Profit or Loss from Business OMB No. 1545-0074 (Form 1040) (Sole Proprietorship) 2017 Department of the Treasury Internal Revenue Service (99) Go to www.irs.gov/ScheduleC for instructions and the latest information. Attachment Attach to Form 1040, 1040NR, or 1041; partnerships generally must file Form 1065. Sequence No. 09 Name of Proprietor Social security number (SSN) A Principal business or profession, including product or service (see instructions) B Enter code from instructions C Business name. If no separate business name, leave blank. D Employer ID number (EIN), see instructions E Business address (including suite/room no.) 4 City, town or post office, state, and ZIP code F Accounting method: (1) Cash (2) x Accrual (3) Other (specify) G Did you 'materially participate' in the operation of this business during 2017? If 'No,' see instructions for loss limits. Yes No H If you started or acquired this business during 2017, check here . . . . . . . . . . . . . . . . . . . . . I Did you make any payments in 2017 that would require you to file Form(s) 1099? (see instructions) . . . . . . . Yes No J If "Yes," did you or will you file all required Forms 1099? . . . . . . . . . . . . . . . . . . . . . . . . . Yes No Part I Income 1 Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W-2 and the “Statutory employee” box on that form was checked . . . . . . . . . . . . . . 1 7,000 2 Returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1,250 3 Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5,750 4 Cost of goods sold (from line 42) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 0 5 Gross profit. Subtract line 4 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5,750 6 Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) . . . . . . . . . . . 6 7 Gross income. Add lines 5 and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
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