Complicated Tax Returns

1
Complicated Tax Returns

• Mike Szydlowski
• Financial Aid Director
• Woodberry Forest School
• mike_szydlowski_at_woodberry.org

2
SASFAA WINTER 2004

• Important changes for 2003 (gray paper)
• New benefits for Veterans (tan paper)

3
SASFAA Winter 2004

• The need to look beyond the Adjusted Gross Income
• Case 1 (pink colored paper)
• Case 2 (salmon colored paper)
• Case 3 (pumpkin paper)

4
The Forms

• Form 1040 lines 7 21, Income sources link to
  Schedules B, C, D, E, F, and Forms W-2, 1120S,
  1065, 4797
• Form 1040 lines 23 33, adjustments link to
  Schedule SE and Form 3903
• Form 1040 lines 36 53, exemptions, deductions
  and credits link to Schedules A and R and Forms
  1116, 2441, 3800, 6251, 8396, 8801, 8839 8863

5
The Forms continued

• Form 1040 lines 55 59, other taxes link to
  Schedules H and SE and Forms 4137 and 5329
• Form 1040 lines 61 66, payments link to
  Schedule EIC and Forms W-2 and 8812

6
SASFAA Winter 2004

• Brief discussion of S-Corp vs. Partnership
  (yellow paper)
• Form 1065 Partnership returns (blue paper)
• Form 1120S S-Corp return (green paper)

7
All Things Foreign

• Big Mac Index Economist magazine (lavender
  paper)
• Foreign Nationals (lavender paper)
• Foreign Earned Income (lavender paper)

8
Additional IRS Forms

• Form 4506 (white paper)
• Publication 520 cover and page 1 (orange paper)
• Questions?