INDIVIDUAL TAX RETURN #$3$

Linsay Adams

Required

Use the following information to complete Linsay Adams' $2023$ federal income tax return If information is missing, use reasonable assumptions to fill in the gaps. You may need the following forms and schedules to complete the assignment: Form $1040,$ Schedule $1,$ Schedule $2,$ Schedule C$,$ Schedule SE$,$ Schedule E$,$ Form $8995$ and possibly others. The forms, schedules, and instructions can be found in the Blackboard course under instructor resources or at the IRS Web site $($wevirsupx$).$ The instructions for the forms can be helpful and can be found on the IRS website. Also, use Form Finder in the TR Checkpoint library for additional line by line instructions.

Facts:

Linsay Adams $($unmarried$)$ is employed as a nurse practitioner at the main office of Canal Street Crisis Center. Linsay lives in a home she purchased $15$ years ago with her father Harold Adams for the entire year. Harold is disabled and receives $$3,950$ of income each year housesitting for neighbors. Harold is able to save these funds because Linsay provides all of Harold's support. Linsay also supports her $19-$year$-$old son Connor. Connor is a full$-$time student and in his first year at UTEP.

Linsay provided the following additional information:

The Adams' live at $388$ Spotted Yucca Dr$,$ El Paso, TX $79904.$

Linsay's birthday is $2/26/1974$ and her Social Security number is $452-71-7054.$

Harold's birthday is $10/30/1950$ and his Social Security number is $455-89-2882.$

Connor's birthday is $2/12/2004$ and his Social Security number is $442-92-2227$

Linsay does not have any foreign bank accounts or trusts, nor did she have any transactions with virtual currency.

A $$500$ nonrefundable credit for other dependents is available for each qualifying dependent over the age of $17($line $19$ Form $1040).$ You will NOT need to use Schedule $8812.$

Linsay received a Form W$-2$ Canal Street Crisis Center $($her employer$)$ that is attached.

Linsay did some accounting$/$bookkeeping work on the side for some extra eamings. See the $1099-$NEC attached for the bookkeeping income she had from the Fellini Film Cafe. She also had some expenses associated with this side business. She did not pay any contract labor that would require her to file form $1099$ and she uses the cash method of accounting for this business.

The expenses are as follows:

$\backslash$table$[[$Office Expense,$$2,030$