Excess social security and tier 1 rrta tax withheld

Accounting Tax Return Assignment

Prepare the Tax Return for 2018.

Changes to Problem: The textbook has 2018 tax year information.

The following information should be helpful in your preparation of the tax return.

(1) (a) Requirement: Prepare the federal income tax return on the appropriate IRS forms. (Even if you use a software program, you must turn in manual entries on IRS forms.) Copies of those forms and instructions are available at www.irs.gov

(b) Additional Requirements: Prepare a brief top sheet summarizing the factual information in the format of the tax formula.

(2) Strategy: You might want to start with page 1 of the 1040 and manually make entries (pencil recommended). You may then need to do subsidiary forms (e.g., Schedules C). You might also want to work out the figures for the tax formula roughly first before beginning the return.

(3) Check figures:

Adjusted gross income 20,263 Itemized deductions 12,650

Taxable income 6,090

(4) Check forms: (please include in your return):

(5) Grading:

a. this manual return is 16% of the grade; i.e., 40 points, since the three exams are worth 50 points each of the 250 possible points.

b. Actual maximum, manual return, 43 points (3 points extra credit)

c. Forms: 1040 pages 1 and 2; Schedules 1, 4, 5, A, B, C, SE; Form 4562

(6) Additional helpful information:

a. Please use the sequence numbers in the upper right-hand corner of the official IRS forms for the proper order

b. Do not calculate next year’s estimates or any late filing penalty or interest.

Department of the Treasury Internal Revenue Service

Other Payments and Refundable Credits ▶ Attach to Form 1040.

▶ Go to www.irs.gov/Form1040 for instructions and the latest information.

OMB No. 1545-0074

2018 Attachment Sequence No. 05

Name(s) shown on Form 1040 Your social security number

Other Payments and Refundable Credits

65 Reserved . . . . . . . . . . . . . . . . . . . . . . . . 65 66 2018 estimated tax payments and amount applied from 2017 return . . . . 66 67a Reserved . . . . . . . . . . . . . . . . . . . . . . . . 67a

b Reserved . . . . . . . . . . . . . . . . . . . . . . . . 67b 68–69 Reserved . . . . . . . . . . . . . . . . . . . . . . . . 68–69 70 Net premium tax credit. Attach Form 8962 . . . . . . . . . . . . . 70 71 Amount paid with request for extension to file (see instructions) . . . . . . 71 72 Excess social security and tier 1 RRTA tax withheld . . . . . . . . . . 72 73 Credit for federal tax on fuels. Attach Form 4136 . . . . . . . . . . . 73 74 Credits from Form: a 2439 b Reserved c 8885 d 74 75 Add the amounts in the far right column. These are your total other payments

and refundable credits. Enter here and include on Form 1040, line 17 . . . . 75 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71482C Schedule 5 (Form 1040) 2018

Version B, Cycle 6

INTERNAL USE ONLY DRAFT AS OF October 5, 2018

SCHEDULE 5

(Form 1040)

Department of the Treasury Internal Revenue Service

Other Payments and Refundable Credits

▶ Attach to Form 1040.

▶ Go to www.irs.gov/Form1040 for instructions and the latest information.

OMB No. 1545-0074

2018

2018. Cat. Number 71482C.

Attachment

Sequence No. 05

Attachment Sequence No. 05. For Paperwork Reduction Act Notice, see your tax return instructions.

Other Payments and Refundable Credits

65

Reserved

65

66

2018 estimated tax payments and amount applied from 2017 return

66

67

a

Reserved

67a

b

Reserved

67b

68–69

Reserved

68–69

70

Net premium tax credit. Attach Form 8962

70

71

Amount paid with request for extension to file (see instructions)

71

72

Excess social security and tier 1 RRTA tax withheld

72

73

Credit for federal tax on fuels. Attach Form 4136

73

74

Credits from Form:

a

2439

b

Reserved

c

8885

d

74

75

Add the amounts in the far right column. These are your total other payments and refundable credits. Enter here and include on Form 1040, line 17

75

For Paperwork Reduction Act Notice, see your tax return instructions.

Cat. No. 71482C

Schedule 5 (Form 1040) 2018

8.2.1.3144.1.471865.466429

Other Payments and Refundable Credits

SE:W:CAR:MP

2018 Schedule 5 (Form 1040)

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