ACCY 405 - Tax Return Assignment 1 Notes

Tax Return Assignment Overview

  • This document outlines the requirements for preparing a federal income tax return (Form 1040) by hand for Dale C. Doback, for the tax year 2024.

  • The assignment emphasizes adherence to submission formats and deadlines, the use of IRS forms, and specific personal information concerning Dale Doback.

Submission Guidelines

  • Format: Handwritten only (pencil or pen); typed submissions will not be accepted.

  • Due Date: October 24, 2025, by 11:59 PM (CST), electronic submission via Blackboard. Late submissions are not allowed.

  • Forms: Use IRS forms for the tax year 2024, which can be obtained from the IRS website.

  • Additional Information: Any additional schedules/forms/worksheets indicated by the tax return should be attached; these are referenced in the form instructions (available on the IRS website).

  • Assumptions: If required info is missing, use reasonable assumptions to complete the forms.

  • Paid Preparer Section: Write YOUR NAME in the “Preparer’s name” box in the “Paid Preparer Use Only” section on the second page of Form 1040, without providing other requested information.

Taxpayer Information

  • Name: Dale C. Doback

  • Age: 46 (at the end of 2024)

  • Social Security Number: 987-65-4321

  • Marital Status: Single, no children

  • Address: 84 Vermont Ave., Anaheim, CA 92805

  • Presidential Campaign Contribution: Declines to contribute.

  • Refund Preference: If eligible for a tax refund, Dale requests direct deposit into his checking account (Routing Number: 123456789; Account Number: 12345678910111213).

  • Foreign Accounts: No financial interest or signature authority over foreign accounts during 2024.

  • Foreign Trusts: No distributions from or financial relationships with foreign trusts during 2024.

  • Digital Asset Transactions: None during 2024.

Income Information

Employment Income

  • Source: Full-time employment

  • Position: Chief Operating Officer

  • Company: Prestige Worldwide

  • Form W-2: Attached.

Investment Income

  • Brokerage: Taxable brokerage account at Edward Jones, with Forms 1099 provided.

  • Types of Income:

    • Interest earned on corporate bonds held in the Edward Jones account.

    • Interest earned on municipal bonds held in the Edward Jones account.

    • Dividends earned on stocks held in the Edward Jones account.

Expenses

  • Deductible Expenses: Dale incurred several expenses potentially qualifying as itemized deductions but opts to use the standard deduction for 2024 as their total is less than the standard deduction amount.

Dependent Information

  • Dependent: Step-brother, Brennan Huff

  • Age: 44 (at the end of 2024)

  • Social Security Number: 567-89-1011

  • Living Situation: Brennan lived with Dale for all of 2024 and had no income.

  • Financial Responsibility: Dale paid all of Brennan's living expenses during 2024.

Alimony Payment Details

  • Divorce: Finalized on September 5, 2017.

  • Ex-Wife: Alice Doback, SSN: 234-56-7890.

  • Payment: $750/month for a total of 12 months in 2024.

Filing Extension

  • Extension Request Date: March 29, 2025.

  • Estimated Payment: $1,500 accompanying the extension request, indicating Dale anticipated owing taxes with his return.

Filing Context

  • The return is being prepared in summer or fall 2025 ahead of the extended deadline of October 15, 2025.

  • Dale is not subjected to any late filing or underpayment penalties.