Tax accounting complete 2016 federal income tax return

Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Joseph and Diana Cohen live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Cohens have three children Rebecca (age 18), Alan (age 15), and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify as Joseph and Diana’s federal income tax dependents. The Cohens plan to file a joint tax return. The Cohens provided the following information: Joseph’s social security number is 598-94-2583 Diana’s social security number is 301-52-2942 Rebecca’s social security number is 887-44-8710 Alan’s social security number is 810-42-9092 David’s social security number is 855-11-3021 The Cohen’s mailing address is 85 North Maple Drive, Pleasantville, New Jersey 08233 Joseph Cohen reported the following the following information relating to his employment during the year: Employer Gross Wages Federal Income Tax Withholding State Income Tax Withholding Alternative Energy $118,325 $29,230 $15,000 The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold. The entire Cohen family was covered by minimum essential health insurance during each month in 2016. The insurance was provided by Joseph’s employer, Alternative Energy. Diana Cohen received the following revenue during the year (she uses the cash method of accounting). Consulting revenue reported to her on a Form 1099-MISC, Box 7 High-end Retail$32,000 Jensen’s Health Products$8,500 Strategic Solutions$3,750 Board of director compensation reported to her on a Form 1099-MISC, Box 7 Natural Sunshine, Inc.$6,500 During the year, Diana paid the following business expenses: Consultant-related: Airfare$2,900 Hotel$1,450 Meals$390 Parking$320 Diana drove 290 business miles for her consulting-related activities (she has documentation to verify) Board of Director-related: Meals$125 Hotel$225 Diana drove 315 business miles for her board of director activities (she has documentation to verify) Neither of Diana’s business activities required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Cohen drove a 2014 Lexus purchased on January 1, 2014 for all her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes. The Cohens also received the following during the year: Interest income from First Bank of New Jersey$320 Interest income from Patterson, New Jersey School District$200 Interest income from U.S. Treasury Bond$350 Interest income from General Mills corporate bond$400 Qualified dividend income from Rio Tinto$1,500 Qualified dividend income from Microsoft$750 Qualified dividend income from Cooper Tire$200 Qualified dividend income from Cardinal Health$425 Qualified dividend income from Union Pacific$140 Qualified dividend income from Procter

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