TAX RETURN PROJECTS – APPENDIX A IN THE TEXT
ACC 421 - Tax Return Projects Guidelines – Appendix A in the Text
Everyone will prepare the 2010 tax return for the Schnappauf family. It will be prepared in three phases as outlined in the textbook appendix A. Some parts of Phase II and III may be eliminated (see the attached supplement for items eliminated in Phase II and Phase III for items eliminated from those phases.
Tax preparation will be completed using 2010 H&R Block At Home software which comes with the text; or, if you have a used text, 2010 H&R Block At Home can be purchased as a CD or downloaded from . You will need the 2010 Premium version. You can also find it on Amazon and other similar sites such as eBay or most retail outlets that sell computers and software. See below about 2010 software.
Other Software
If you have access to some other tax software, and it will print and save the tax return as PDF files, then you can use it instead of H&R Block At Home. If you have 2010 software you can use it; however, you must treat the data as 2010 data and any ages or purchase dates as one year later.
Files Names
When turning in each project submit the tax file to your instructor using the course module Dropbox. When you save the tax file for each project or phase, do so with the file name: yourfirstnameyourlastnamePhase I (or II or III). Do not save it as Schnappauf. H&R Block At Home will automatically save tax files in My Documents in a file folder named H&R Block At Home, and the file name will have an extension.T10.
Phase I inputs only income and federal and state income tax withholding data, mainly from actual forms that the taxpayers have received from the income payers. You will only input the information listed in Phase I data in the Tax Problem Appendix A of your text, which includes exhibits A-1 through A-9. Phase I is due no later than Sunday 11:59 PM EST/EDT in Module 4.
Phase II will add itemized deductions and schedule C income for Joyce’s business. Before starting Phase II take your saved file for phase I, open it and save as yourfirstnameyourlastnamephase2. Make any correction as per the feedback you get on your Phase I grading. Phase II will input Joyce’s income and deductions for her business and itemized deductions for the couple. Her royalty income goes on Schedule C as does her business deductions. She has a home office which will go on Form 8829 (which can be accessed from Schedule C). On that form list all home expenses as indirect, there should be not be expenses listed as direct.
Itemized deductions will go on Schedule A. Some data items in Phase II will be eliminated, see supplement for Phase II at the end of this document. Phase II will add Exhibits A-10 through A-14. Phase II is due Sunday 11:59 PM EST/EDT in Module 6. Before you input Phase III data, open the file established for Phase II and save it as: yourfirstnameyourlastnamephase3. Make any correction as per the feedback you get on your Phase II grading.
Phase III will exclude items in the supplement below. It will include exhibit A-16 which goes with item 5. Depreciation for new equipment goes on Schedule C for Joyce’s business and the sale of old assets goes on Form 4797 part III. Joyce’s Subchapter S corporation information will go on Schedule E. Phase III is due Sunday 11:59 PM EST/EDT in Module 7.
Hints for Using H&R Block At Home Software:
It is best not to use the interview mode of preparation because it is time consuming. Because you complete this project in phases, the interview information changes and this mode becomes less useful. However, some people find it helpful. To complete a return, go the very top menu at the top left of the software and use the forms’ drop down menu, and open the Form 1040. On this form you can access a line where some input information goes. When you can’t input data (usually grey background) right click the mouse for choices, click "Jump to related" which normally has some input worksheet for that line. Often the input is from a form like a W-2 or a 1099 which is easy to access in the forms menu. In most cases you cannot put the item directly on that line. Forms like these are allowed in multiples so that you can enter multiple W-2s (allow there is only one for this taxpayer) or 1099s.
Other lines like the drug, doctor, etc on schedule A for medical expenses allow you to right click the mouse and add an itemized list of items that go in that category. Use these itemized lists when available and there are multiple items since it aids in grading you and lets me know what you entered. The same is true for many expenses on the Schedule C for Joyce’s business. When you have multiple items of income or expense make sure to use this schedule to list each items individually. Some line items have a special input form that summarizes inputs like that for Other Income on page one of the Form 1040; again right click and Jump to related for a form that list common items that go on that line of the return. Doing so allows you to be able to review and see what you included for that line rather than creating a separate schedule and only showing the total for a line.
Form Schedule C – some items with which to familiarize yourself:
• Car expenses have special input forms to use and depreciation for the car is listed using the input forms and not the regular depreciation input line.
• Her royalties are not part of Schedule E but are income linked to her Schedule C. There are input forms for the Form 1099-Misc that report the royalty and on the input form is a link to the Schedule C.
• When you access home office, use the quick zoom to Form 8829 and use that for input of the expense connected to the home office. On that form all items are listed as indirect, none should be listed as direct. For depreciation of the home you will access a depreciation worksheet on the Form 8829.
As the class progresses and students ask questions about using the software, the instructor will forward demonstrations to the entire class. If you are using some other software, the instructor may not be able to help you.
Supplement for Completing Phase II
Phase II data input for Tax preparation Project II
1. Info on Joyce’s sole proprietorship for Schedule C; royalties are Schedule C income and do not go on Schedule E.
2. Info for Joyce’s Schedule C.
3. Home office expenses for Schedule C, see Phase II instruction for Form 8829 (all input goes into the indirect expense, none in direct expense column).
4. Skip this item.
5. Do all but skip last sentence with info on Coverdell Education.
6. Skip this item.
7. Skip this item.
8. Info for medical itemized deductions.
9. Info for taxes itemized deductions.
10. Info for interest itemized deductions.
11. Do all but skip donate property to the Salvation Army.
12. Info for miscellaneous itemized deductions.
13. Info for estimated tax payments for federal and state income taxes.
14. Skip this item.
15. Info about Joyce’s business, don’t need Salvation Army info, will not have Forms 4684, 8283, nor 8863; can have 2106 (which is not listed and not necessarily required).
Phase III
1. Skip item 1.
2. Skip item 2.
3. Skip Exhibit A-15.
4. Item 6 info not needed.
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