Assignment 5 Comprehensive Tax Return To complete this assignment, read the information below and then complete the 2018 individual Federal income tax return for Kevin and Jim by hand (this means hand written numbers in the forms). You will need the following forms: 1040, Schedules A and B and Form 8283, if necessary. You should use 2018 tax forms and rates (you must use the tax rate tables to find the tax due). Last year they filed as married filing jointly This assignment may be completed individually, or with one other student. If completed with another student, please put both students' names on the assignment and turn in one document. If you have extenuating circumstances, please let me know with ample time before the deadline so we can make alternate arrangements. This assignment must scanned and submitted to the class dropbox on D2L prior to the due date. Outside of extenuating circumstances, late projects will have 5% deducted from the grade for each day beyond the due date, up to a maximum of 20% deduction. Projects will not be accepted after December 7th, at which point final grades will be calculated. In addition to the tax forms, also include a formal memo (typed) to the taxpayers in which you explain very generally how you computed their tax, any assumptions you made or questions you would have liked to know the answers to, and any planning advice you would recommend going forward. The memo can be in any format and should be less than a page long, but more than a few sentences. This is the type of email or letter that would accompany your final deliverable to the client. FACTS This is information relating to Kevin and Jim Jones for 2018. Kevin and Jim are married and have 2 adopted children, Aubrynne (a girl) and Bryson (a boy). They live at 236 9'11 Ave., New York, NY 10011 Kevin is a lawyer who works for a law firm. Jim works part time in a genetic research lab. The Jones' Social Security numbers and ages are as follows: Kevin 111-11-1111 32 Jim 222-22-2222 28 Aubrynne 333-33-3333 5 Bryson 444-44-4444 3 Receipts Kevin's salary $94,000 Jim's salary 33,000 Municipal bond interest 2,400 Interest on C.D.s at Universal Savings 3,100 *Qualified dividend on GM stock 1,600 *Qualified dividends should be reported as both qualified and ordinary on the tax forms