Tax Return Preparers Receive Unit 4 Tax Return Pr
For your first tax return preparation project, you will prepare a 2018 Form 1040 and supporting schedules for a married couple with several children using the source documents and PBC information received from your “client”.
This midterm project will allow you to take a deeper dive into a typical “married filing jointly” tax return for a two-income large household with several children of a variety of ages. Whether you currently are married with many kids or have no such plans in the near future (or ever!), you will benefit from this tax return project by getting a feel for the new versions of the 2018 Form 1040 and supporting schedules. Further, this tax return will highlight the availability of several tax credits you may be able to benefit from.
You are the tax accountant for the Brits family. Your tax manager has given you the Brits’ pertinent personal information and relevant source documents and you are now ready to prepare their 2018 individual income tax return.
Your tax manager has informed you that the list of Tax Forms you have been provided is fully relevant and complete (i.e. you will need every file provided within the Tax Forms section, and you will not need to prepare any tax form not included within the Tax Forms section).
Note: Tax accounting is a team sport, and in practice, tax return preparers receive guidance and support from their managers and peers. If you find yourself spinning your wheels or simply unsure if you’re on the right track, you will be able to proactively request guidance and support from your instructor and fellow classmates using the Open Forum discussion for this Midterm Project. Your instructor may also use the Open Forum to periodically suggest helpful tips and tricks, so you should read through the open forum discussion posts as you prepare the Brits’ tax return.