Sample 1040-2015
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This tax return summary provides information for Alexander Luna's 2015 federal income tax return. It shows that Luna had $84,639 in total income, including $52,631 in business income from a sole proprietorship. Luna is claiming $18,100 in adjustments to income, resulting in $66,539 of adjusted gross income. Luna owes $3,892 in taxes and is receiving $2,500 in education credits, leaving $1,392 owed. Luna made $10,320 in total payments and is due a $8,928 refund. Schedule C details $82,000 in business income and $30,390 in expenses from Luna's sole proprietorship.
Sample 1040-2015
- 1. ACCT324-62376-Federal Tax Accounting I Income 7 Wages, salaries, tips, etc. Attach Form(s) W-2 ......................... 7 $32,000 8a Taxable interest. Attach Schedule B if required ......................... 8a $7 b Tax-exempt interest. Do not include on line 8a ......................... 8b 9a Ordinary dividends. Attach Schedule B if required ......................... 9a $0 b Qualified dividends ......................... 9b 10 Taxable refunds, credits, or offsets of state or local income taxes ......................... 10 11 Alimony received ......................... 11 12 Business income or (loss). Attach Schedule C or C-EZ ......................... 12 $52,631 13 Capital gain or (loss). Attach Schedule D if required. ......................... 13 14 Other gains or (losses). Attach Form 4797 ......................... 14 15a IRA distributions. ......................... 15a b. Taxable amount …………. 15b 16a Pension and Annuities. ......................... 16a b. Taxable amount …………. 15b 17 Rental real estate, royalties, partnerships, S Corporations, trusts, etc. Attach Schedule E ......................... 17 18 Farm gain or (loss). Attach Schedule F ......................... 18 19 Unemployment compensation ......................... 19 20a Social Security Benefits. ......................... 20a b. Taxable amount …………. 20b 21 Other Income. List type and amount ......................... 21 22 Combine the amounts in the far right column for lines 7 through 21. This is Total Income ......................... 22 $84,639 23 Educator Expenses ......................... 23 24 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 or 2106-EZ .........................24 25 Health Savings Account deduction. Attach Form 8889 ......................... 25 26 Moving Expenses. Attach Form 3903 ......................... 26 27 Deductible part of self-employment tax. Attach Schedule SE ......................... 27 28 Self-employed SEP, SIMPLE, and qualified plans ......................... 28 29 Self-employed health insurance deduction ......................... 29 30 Penalty on early withdrawal of savings ......................... 30 31a Alimony paid .........................b Recipient's SSN 31a 32 IRA Deduction ......................... 32 33 Student Loan Interest deduction ......................... 33 34 Tuition and fees. Attach Form 8917 ......................... 34 35 Domestic production activities deduction. Attach Form 8903 ......................... 35 36 Add lines 23 through 35 ......................... 36 $18,100 37 Subtract lines 36 from 22. This is Adjusted Gross Income ......................... 37 $66,539 Tax and Credits 38 Amount from line 37 (adjusted gross income) ......................... 38 $66,539 39a 39a 39b 40 Itemized deductions (from Schedule A) or your standard deduction ......................... 40 $16,907 41 Subtract line 40 from line 38 ......................... 41 $49,631 42 Exceptions. If line 38 is $152,525 or less, multiply $3,950 by line 6d. Otherwise, see instr.......................... 42 $20,000 43 Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter -0- ......................... 43 $29,631 44 Tax (see instructions) Check if any form: Form(s) 8814 Form 4972 c 44 $3,892 45 Alternative minimum tax. (see instructions). Attach Form 6251......................... 45 46 Excess advance premium tax credit repayment. Attach Form 8962 ......................... 46 47 Add lines 44, 45, and 46 ......................... 47 $3,892 48 Foreign tax credit. Attach Form 1116 if required ......................... 48 49 Credit for child and dependent care expenses. Attach Form 2441 ......................... 49 50 Education credits from Form 8863, line 19 ......................... 50 51 Retirement savings contributions credit. Attach Form 8880 ......................... 51 52 Child Tax Credit. Attach Schedule 8812, if required ......................... 52 53 Residential energy credits. Attach Form 5695 ......................... 53 54 Other credits from Form ......................... 3800 8801 54 55 Add lines 48 through 54. These are Total Credits ......................... 55 $2,500 56 Subtract line 55 from line 47. If line 55 is more than line 47, enter -0- ......................... 56 $1,392 Other Taxes 57 Self-employment tax. Attach Schedule SE ......................... 57 $0 $0 $1,500 $0 $8,000 $4,600 $5,500 $1,000 Comprehensive Tax Return Problem
- 2. ACCT324-62376-Federal Tax Accounting I 58 Unreported Social Security and Medicare tax from Form ......................... 58 59 Additional tax on IRAs, other qualified retirement plans, etc. Attach Form 5329 if required ......................... 59 60a Household employment taxes from Schedule H ......................... 60a b First-time homebuyer credit repayment. Attach Form 5405 if required ......................... 60b 61 Health care: Individual responsibility (see instructions) Full year coverage ......................... 61 62 Taxes from ......................... 62 63 Add lines 56 through 62. This is your total tax ......................... 63 $1,392 Payments 64 Federal income tax withheld from Forms W-2 and 1099 ......................... 64 65 2014 estimated tax payments and amount applied from 2013 return ......................... 65 66a Earned income credit (EIC) ......................... 66a b Nontaxable combat pay election ......................... 66b 67 Additional child tax credit. Attach Form 8812 ......................... 67 68 American opportunity credit from Form 8863, line 8 ......................... 68 69 Net premium tax credit. Attach Form 8962 ......................... 69 70 Amount paid with request for extension to file ......................... 70 71 Excess social security and tier 1 RRTA tax withheld ......................... 71 72 Credit for federal tax on fuels. Attach Form 4136 ......................... 72 73 Credit for Form: ......................... 73 74 Add lines 64, 65, 66a and 67 through 73. These are your total payments ......................... 74 $10,320 Refunds 75 If line 74 is more than line 63, subtract line 63 from line 74. This is amount Overpaid ......................... 75 $8,928 1040 Schedule C - Profits or Losses 2015 Part I Income 1 1 $82,000 2 Returns and allowances ......................... 2 3 Subtract line 2 from line 1........................ 3 $82,000 4 Cost of goods sold (from line 42) ...................... 4 5 Gross profit. Subtract line 4 from line 3 .................... 5 $82,000 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 $82,000 Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising..... 18 Office expense (see instructions) 18 $740 9 Car and truck expenses (see instructions)..... 19 Pension and profit-sharing plans. 19 20 Rent or lease (see instructions): 10 Commissions and fees. a Vehicles, machinery, and equipment 20a 11 Contract labor (see instructions) b Other business property... 20b $11,600 12 Depletion ..... 21 Repairs and maintenance... 21 13 22 Supplies (not included in Part III). 22 23 Taxes and licenses..... 23 $450 24 Travel, meals, and entertainment: 14 a Travel......... 24a $930 b 15 Insurance (other than health) $1,400 24b 16 Interest: 25 Utilities........ 25 $4,300 a Mortgage (paid to banks, etc.) 26 Wages (less employment credits). 26 b Other...... 27a Other expenses (from line 48) .. 27a $10,970 17 Legal and professional services b Reserved for future use... 27b 28 Total expenses before expenses for business use of home. Add lines 8 through 27a......▶ 28 $30,390 29 Tentative profit or (loss). Subtract line 28 from line 7................. 29 $51,610 30 Simplified method filers only: enter the total square footage of: (a) your home: 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 ......... ▶ Depreciation and section 179 expense deduction (not included in Part III) (see instructions)..... $1,000 Employee benefit programs (other than on line 19).. Deductible meals and entertainment (see instructions). Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method (see instructions). $9,320 Comprehensive Tax Return Problem
- 3. ACCT324-62376-Federal Tax Accounting I and (b) the part of your home used for business: Use the Simplified Method Worksheet in the instructions to figure the amount to enter on line 30 ......... 30 31 Net profit or (loss). Subtract line 30 from line 29. 31 $51,610 Part III Cost of Goods Sold (see instructions 35 Inventory at beginning of year. If different from last year’s closing inventory, attach explanation... 35 $0 36 Purchases less cost of items withdrawn for personal use.............. 36 37 Cost of labor. Do not include any amounts paid to yourself.............. 37 38 Materials and supplies........................ 52 Paints 38 39 Other costs............................ 39 40 Add lines 35 through 39........................ 40 $0 41 Inventory at end of year........................ 30 Shirts 41 $0 42 Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4...... 42 $0 Part IV Part V Other Expenses. List below business expenses not included on lines 8–26 or line 30. $7,300 $2,100 $1,200 $370 48 Total other expenses. Enter here and on line 27a................ 48 $10,970 SE Self-Employment Tax 2015 1a Net farm profit or (loss) from Schedule F ......................... 1a b If you received social security retirement or disability benefits ......................... 1b 2 2 $51,610 3 Combine lines 1a, 1b, and 2 ............................ 3 $51,610 4 4 $0 5 5 $0 6 6 $0 8863 Education Credits (American Opportunity and Lifetime Learning Credits) 2015 1 After completing Part III for each student, enter total all amounts from all Parts III, line 30 ......................... 1 $2,500 2 Enter: $180,000 if married jointly, $90,000 single, head of household, or qualifying widow(er) .........................2 3 Enter amount Form 1040, line 38, or Form 1040A, line 22 ......................... 3 4 Subtract line 3 from line 2. If zero or less, stop; you cannot take any education credit .........................4 5 Enter: $20,000 if married jointly, $10,000 single, head of household, or qualifying widow(er) .........................5 6 WAITING ROOM EXPENSES (COFFEE AND SUBSCRIPTIONS Net profit or (loss) from Schedule C, line 31; Schedule C-EZ, line 3; Schedule K-1 (Form 1065), box 14, code A………….see instructions for other income report. Multiply line 3 by 92.35% (.9235). If less than $400, you do not owe self-employment tax, do not file this schedule unless you have an amount on line 1b ………………………….. Deduction for one-half of self-employment tax. Multiply line 5 by 50% (.50). Enter the result here and on Form 1040, line 27, or Form 1040NR, line 27 $90,000 $66,539 $23,461 $10,000 Information on Your Vehicle. Complete this part only if you are claiming car or truck expenses on line 9 and are not required to file Form 4562 for this business. See the instructions for line 13 to find out if you must file Form 4562. TOSHIBA COPIER LAPTOP COMPUTER NIKON CAMERA If line 4 is: *Equal to or more than line 5, enter 1.000 on line 6 *Less than line 5, divide line 4 by line 5. Enter the result as a decimal (rounded to at least three places)………… Self-Employment Tax. If the amount on line 4 is: *$117,000 or less, multiply line 4 by 15.3% (.153). Enter the result here and on Form 1040, line 57, or Form 1040NR, line 55 Comprehensive Tax Return Problem
- 4. ACCT324-62376-Federal Tax Accounting I 6 1.000 7 7 $2,500 8 8 $1,000 Part II Nonrefundable Education Credits 9 Subtract line 8 from line 7. Enter here and on line 2 of the Credit Limit Worksheet (see instructions)......................... 9 $1,500 10 10 $9,107 11 Enter the smaller of line 10 or $10,000......................... 11 $9,107 12 Multiply line 11 by 20% (.20)......................... 12 $1,821 13 Enter: $130,000 if married filing jointly; $65,000 if single, head of household, or qualifying widow(er) .............13 14 Enter the amount from Form 1040, line 38, or Form 1040A, line 22. If youare filing Form 2555, 2555-EZ, or 4563, or you are excluding income fromPue14 15 Subtract line 14 from line 13. If zero or less, skip lines 16 and 17, enter -0- on line 18, and go to line 19 ...............15 16 Enter: $20,000 if married filing jointly; $10,000 if single, head of household, or qualifying widow(er) .................16 17 17 0.441 18 18 $804 19 19 $1,500 Part III Student and Educational Institution Information American Opportunity Credit 27 Adjusted qualified education expenses (see instructions). Do not enter more than $4,000 ......................... 27 $4,000 28 Subtract $2,000 from line 27. If zero or less, enter -0- ......................... 28 $2,000 29 Multiply line 28 by 25% (.25)......................... 29 $500 30 30 $2,500 Lifetime Learning Credit 31 31 $9,107 8917 2015 1 (a) Student’s name (as shown on page 1 of your tax return) First Name and Initial Last Name Social Security $27,423 Scholarships or Grants ($13,096) Enrbridge Assistance ($5,220) 2 Add the amounts on line 1, column (c), and enter the total............. 2 $9,107 3 Enter the amount from Form 1040, line 22, or Form 1040A, line 15 3 4 Enter the total from either: • Form 1040, lines 23 through 33, plus any write-in adjustments entered on the dotted line next to Form 1040, line 36, or • Form 1040A, lines 16 thro4 5 5 $64,587 6 6 $4,000 Also enter this amount on Form 1040, line 34, or Form 1040A, line 19. $5 Subtract line 4 from line 3.* If the result is more than $80,000 ($160,000 if married filing jointly), stop; you cannot take the deduction for tuition and fees............. Tuition and fees deduction. s the amount on line 5 more than $65,000 ($130,000 if married filing jointly)? Yes. Enter smaller of line 2, or $2,000. No. Enter smaller of line 2, or $4,000. Tuition and Fees Deduction ALEXANDER Luna (c) Adjusted qualified expenses (see instructions) $64,592 If line 28 is zero, enter the amount from line 27. Otherwise, add $2,00 to the amount on line 29 and enter the result. Skip line 31. Include the total of all amounts from Part III, line 30 of Part I, line 1………… Adjusted qualified education expenses (see instructions). Include the total of all amounts from all Parts III, line 31, on Part II, line 10………… $66,539 ($1,539) $10,000 If line 15 is: *Equal to or more than line 16, enter 1.000 on line 17 *Less than line 16, divide line 15 by line 16. Enter the result as a decimal (rounded to at least three places)………… Multiply line 12 by line 17. Enter here and on line 1 of the Credit Limit Worksheet………… Multiply line 1 by line 6. Caution: If you were under age 24 at the end of the year and meet the conditions described, you cannot take the refundable American opportunity credit; skip line 8, enter the amount from line Refundable American opportunity credit. Multiply line 7 by 40% (.40). Enter amount here and on Form 1040, line 68, or Form 1040A, line 44. Then go to line 9 below………… Nonrefundable education credits. Enter the amount from line 7 of the Credit Limit Worksheet (see instructions) here and on Form 1040, line 50………… After completing Part III for each student, enter the total of all amounts from all Parts III, line 31. If zero, skip lines 11 through 17, enter -0- on line 18, and go to line 19………… $65,000 If line 4 is: *Equal to or more than line 5, enter 1.000 on line 6 *Less than line 5, divide line 4 by line 5. Enter the result as a decimal (rounded to at least three places)………… Comprehensive Tax Return Problem
- 5. ACCT324-62376-Federal Tax Accounting I 1040 Schedule A - Itemized Deductions 2015 1 1 2 Enter amount from Form 1040, line 38 . . 2 3 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0-............................................. 4 $0 5 State and local (check only one box):................................ 5 6 Real estate taxes (see instructions).................................. 6 7 Personal property taxes ............................................. 7 8 Other taxes. List type and amount ▶.................................. 8 9 Add lines 5 through 8................................................................. 9 $5,200 10 Home mortgage interest and points reported to you on Form 1098 ................. 10 11 11 12 12 13 Mortgage insurance premiums (see instructions)...................... 13 14 Investment interest. Attach Form 4952 if required. (See instructions.) 14 15 Add lines 10 through 14..................................................................................... 15 $11,707 16 16 17 17 18 Carryover from prior year........................................... 18 19 Add lines 16 through 18.......................................................................... 19 $0 20 Casualty or theft loss(es). Attach Form 4684. (See instructions.).................... 20 21 21 22 Tax preparation fees................................... 22 23 23 24 Add lines 21 through 23............................................... 24 25 Enter amount from Form 1040, line 38 . . 25 26 Multiply line 25 by 2% (.02).......................................................... 26 27 Subtract line 26 from line 24. If line 26 is more than line 24, enter -0-............................................................................... 27 $0 28 Casualty or theft loss(es). Attach Form 4684. (See instructions.).................... 28 29 29 16,907Is Form 1040, line 38, over $154,950? Unreimbursed employee expenses—job travel, union dues, job education, etc. Attach Form 2106 or 2106-EZ if required. (See instructions.) ▶ Taxes You Paid $837 $4,363 Interest You Paid $3,619 Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person’s name, identifying no., and address ▶ Points not reported to you on Form 1098. See instructions for special rules................................................ $8,088 Gifts to Charity Gifts by cash or check. If you made any gift of $250 or more, see instructions............................................... Other than by cash or check. If any gift of $250 or more, see instructions. You must attach Form 8283 if over $500................................................. Casualty and Theft Losses Medical and Dental Expenses Caution: Do not include expenses reimbursed or paid by others. Medical and dental expenses (see instructions)................................ Multiply line 2 by 10% (.10). But if either you or your spouse was born before January 2, 1951, multiply line 2 by 7.5% (.075) instead ................................ $0 $0 Other Miscellaneous Deductions Total Itemized Deductions Job Expenses and Certain Miscellaneous Deductions Other expenses—investment, safe deposit box, etc. List type and amount ▶ $0 Comprehensive Tax Return Problem