complete the 2018 federal income tax return utilize the tax rates and attachments found in the tax project file 1

Federal Income Tax Return – Form 1040

Update on the Moore Family – Ben and Krista were divorced on November 1, 2018. Your assignment is to prepare Ben’s federal income tax return, Form 1040 for the year ended December 31, 2018. Please utilize the facts below and the information included in the Tax Project file to complete this assignment. We will be using the 2018 federal income tax forms.

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Ben Moore Tax Facts:

  • Ben is now renting a condo at 2 Janney Avenue, Harrisburg, PA 19917.
  • As part of the final divorce decree on Nov 1, the following items have been resolved:
    • Krista is the sole owner of the primary residence.
    • Krista is the sole owner of the rental property.
    • Krista has shared custody of Demi but will take all tax deductions for Demi.
      • Demi was born on April 7, 2018, Demi. Social Security#: 135-90-1122.
    • Benjamin is still employed by AraMark Company, Inc. He is a project manager in their Harrisburg office. His W-2 is included in the Tax Project File.
    • Investment Income:
      • Dividend Income from XYZ Company, Inc. is included in the Tax Project File.
      • He sold a stock in 2018. The information is below:
        • 100 shares of GE Company – Purchased May 10, 2008 at $45/share – Sold May 1, 2018 for $29/share
      • Ben is paying $500 per month in Alimony and $250 per month in child support to Krista.
      • Ben started selling nutritional supplements to gyms at nights and weekends for additional income. He decided not to incorporate and is considered a sole proprietor. The information for his new business is below:

Muscle Man Inc Commissions

48,000.00

EXPENSES

Tolls

958.00

Parking

560.00

Travel (Hotel & Airfare)

2,937.00

Cell phone

713.00

Meals and Entertainment

920.00

Office Supplies

1,350.00

Proposal Printing

9,125.00

Mileage

14,279 miles

  • Ben would like to maximize all retirements options and tax credits possible.

Requirements:

  1. Complete the 2018 Federal Income Tax Return for Ben Moore. Attach all supplemental schedules to complete your federal income tax return. Please utilize the tax rates found in the Tax Project File.