Tax Return Project ACCT407 Fall 2013 (Due at 10:45am Dec. 2nd) Required: ? Use the following information to complete Phillip and Claire Dunphy’s 2013 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Ignore the alternative minimum tax for this problem. ? Any required forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. ? You need to staple and hand in the forms in the proper order with a printed cover sheet (8% of the grade will be based on the document organization and clearance). The forms will include 1040, Schedule C, D, SE, 4562, 8949 (do not need to prepare form 4797) ? This project is time consuming. Please do not wait until the last minutes. Your solutions must be the result of your own work, not a copy of another student’s solutions. ? The number of Form 1040 line 14 is $81,687. The numbers on Schedule D lines 11 and 19 are $197,882 and $126,033 respectively. ? Check numbers: ? Schedule C Line 31: $69,749 Facts: 1. Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent children. All three children live at home with Phillip and Claire for the entire year. The Dunphys provide you with the following additional information: ? The Dunphys do not want to contribute to the presidential election campaign. ? The Dunphys live at 3701 Brighton Avenue, Los Angeles, CA 90018. ? Phillip’s birthday is 11/5/1966 and his Social Security number is 321-44-5766. ? Claire’s birthday is 5/12/1969 and her Social Security number is 567-77-1258. ? Haley’s birthday is 11/6/2000 and her Social Security number is 621-18-7592. ? Alex’s birthday is 2/1/2002 and her Social Security number is 621-92-8751. ? Luke’s birthday is 12/12/2006 and his Social Security number is 621-99-9926. ? The Dunphys do not have any foreign bank…
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