I'ax mtum : Assuming Jay and joAnn have this same business that they run as an S corporation, prepare their joint Federal income tax return for 2016. Attached is the copy of the S corporation K1 for each of them and W2. Assume that they have no dependents, do not have any other income or itemized deductions. Don't forget to include a standard deduction and personal exemptions. You should complete a Schedule E {page 2}, Form 4562, and a Form 1040. Note: In computing the income distributed on this K1. the salaries were subtracted but the section 179 depreciation was not subtracted and reported separately. The amount of the ofcer's health insurance was deducted by the corporation, included in the W2 wages and indicated on box 12 of the W2. Therefore, each K1 reflects half of the business net income and half the 10,000 section 1'39 depreciation. - Attachmentl - Attachment2 - Attachment 3