| [Name] |
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|
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| 2005 Year-End Tax
Planning: Planning
Input |
|
|
|
|
| [Date] |
|
|
|
|
|
|
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|
| You do not need to
enter anything into shaded
cells. |
|
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|
CONFIDENTIAL |
| Filing Status and
Exemptions |
2004 |
2005 |
| Filing
status |
Married Filing
Separately |
Married Filing
Separately |
| If married
filing separately, live with spouse at any time
during year? |
No |
Yes |
| Taxpayer's age
at end of year |
37 |
38 |
| Spouse's age at
end of year |
36 |
37 |
| Taxpayer,
spouse, or both blind? |
No |
No |
| Number of
dependents |
1 |
1 |
| Number of
dependents eligible for child tax
credit |
1 |
1 |
| |
| Income |
| Wages,
salaries, tips, etc. |
|
$42,000 |
|
$42,000
|
| Tax-exempt
interest |
|
|
$0 |
|
| Taxable interest and
ordinary dividends |
|
25 |
|
25 |
| Qualified
dividends |
|
|
$0 |
|
| Taxable state
refunds |
|
|
|
0 |
| Business income (or
loss) |
|
57,000 |
|
57,000
|
| Capital gain (or
loss) |
|
(3,000) |
|
(3,000) |
| Other gains (or
losses) |
|
|
|
0 |
| Taxable IRA and pension
distributions |
|
|
|
0 |
| Rental real estate,
royalties, partnerships, S corporations,
etc. |
|
(2,016) |
|
(2,016) |
| Unemployment
compensation |
|
|
|
0 |
| Social Security benefits:
Total |
|
|
$0 |
|
| Social Security benefits:
Taxable |
|
0 |
|
0
|
| Other income |
|
|
|
0 |
| Total
income |
|
$94,009
|
|
$94,009
|
|
|
|
|
|
| Adjustments to
Income |
| Taxpayer's traditional
IRA contribution |
|
|
$0 |
|
| Taxpayer covered by
retirement plan? |
No |
|
No |
|
| Spouse's traditional IRA
contribution |
|
|
$0 |
|
| Spouse covered by
retirement plan? |
No |
|
No |
|
| IRA deduction |
|
$0 |
|
$0 |
| Tuition and fees
paid |
$4,000 |
|
$4,000 |
|
| Tuition and fees
deduction |
|
0 |
|
0 |
| Health savings account
deduction |
|
3,000 |
|
3,000 |
| Moving
expenses |
|
|
|
0 |
| One-half of
self-employment tax |
|
4,090 |
|
4,090 |
| Self-employed health
insurance deduction |
|
|
|
0 |
| Self-employed SEP,
SIMPLE, and qualified plans |
|
|
|
0 |
| Other
adjustments |
|
|
|
0 |
| Total
adjustments |
|
7,090 |
|
7,090 |
| Adjusted gross
income |
|
$86,919
|
|
$86,919
|
| Standard
deduction |
$4,850
|
|
$5,000
|
|
| Itemized
Deductions |
| Medical and dental
expenses: Total |
$5,544 |
|
$5,544 |
|
| Medical and dental
expenses: Deductible |
|
0
|
|
0
|
| Real estate
taxes |
|
0 |
|
0 |
| State and local
taxes |
|
5,000 |
|
5,000 |
| Other taxes |
|
|
|
0 |
| Home mortgage interest
and points |
|
6,987 |
|
6,987 |
| Investment
interest |
|
|
|
0 |
| Gifts to
charity |
|
|
|
0 |
| Casualty or theft
loss(es) |
|
|
|
0 |
| Miscellaneous deductions
not subject to 2% limitation |
|
|
|
0 |
| Miscellaneous deductions
subject to 2% limitation: Total |
350 |
|
350 |
|
| Miscellaneous deductions
subject to 2% limitation: Deductible |
|
0
|
|
0
|
| Total itemized
deductions |
|
$11,987
|
|
$11,987
|
| Allowed itemized
deductions |
|
11,520
|
|
11,569
|
| Itemized or standard
deduction |
|
11,520
|
|
11,569
|
| Exemptions |
|
6,200
|
|
6,400
|
| Taxable
income |
|
$69,199 |
|
$68,950
|
|
|
|
|
|
| Tax |
| Income tax |
14,354 |
|
14,172 |
|
| Self-employment
tax |
8,180
|
|
8,180
|
|
| Total
tax |
|
$22,534
|
|
$22,352
|
| Credits |
| Foreign tax
credit |
|
|
$0 |
|
| Credit for child and
dependent care expenses |
|
|
$0 |
|
| Credit for the elderly or
the disabled |
|
|
$0 |
|
| Education
credits |
|
|
$0 |
|
| Retirement savings
contributions credit |
|
|
$0 |
|
| Child tax
credit |
$0
|
|
$0
|
|
| Other credits |
1,301 |
|
1,301 |
|
| Total
credits |
|
$1,301
|
|
$1,301
|
| Tax after
credits |
|
$21,233
|
|
$21,051
|
| Payments |
| Withholding |
|
|
0 |
|
| Estimated tax
payments |
|
|
0 |
|
| Total
payments |
|
0
|
|
0
|
| Refund (balance
due) |
|
($21,233) |
|
($21,051) |
|
|
|
|
|
|
|
|
