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(Solved) - Use the following information to complete Phillip and Claire Dunphy's 2015 federal income tax return. If information is missing, use reasonable...


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You need to complete Individual Tax Return Problem 4 from appendix C. It starts in the middle of page page C-5 and ends at the very top of page C-7. However, you need to modify the problem in the following ways:

  1. I want you to IGNORE the assets sold at the end of Facts 4. By ignore the assets sold in Facts 4, I mean do not do anything with them. Don't sell them, and don't depreciate them. Act as if they do not exist. You DO have to deal with the assets purchased by the company from Facts 4.
  2. Ignore Facts 5
  3. Ignore Facts 6
  4. In Fact 7, change the amount of estimated federal payments from $20,000 a quarter to $10,000 a quarter
  5. You can also ignore the phase-out threshold for any personal and dependent exemptions allowed on line 42 of the 1040.

Also note that this problem from the textbook is a tax year 2015 return. The forms I have uploaded are 2016 forms. Just like with the previous tax return, pretend all of the information provided is for tax year 2016.

You need to complete and submit all of the attached forms (1040, 4562, Sch C and Sch SE). You can ignore any other form the tax return asks you to prepare. That does not mean you may not have to do calculations covered on a form I'm not asking for, I simply don't need you to fully fill out a form and submit it.Screen Shot 2017-04-16 at 2.38.11 PM.pngScreen Shot 2017-04-16 at 2.38.44 PM.png

 


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