Hi, help me please
Morgan and Maggie are married and have two dependent children. They also fully support Mary’s mother who lives with them and has no income. Their 2006 tax and other related information is as follows:
Total salaries 0,000
Bank account interest income 3,500
Municipal bond interest income 1,500
Value of employer provided medical insurance 3,500
Value of premiums for ,000 of group term life insurance provided by employer 0
Dividend income from ABC stock ,000
Loan from Morgan’s parents ,000
Gift from Morgan’s parents ,000
Gain from the sale of qualified small business stock held more than 5 years ,000
Total itemized deduction ,000
compute Morgan and Maggie’s taxable income

Assume I owned a business:
Ronda’s Crporation,( a calendar year, accrual basis taxpayer) had the following transactions during 2006, its second year of operation.
Taxable Incom-320,000
Federal Income Tax Liability-108,050
Interest Income from tax-exempt payors-4,000
Meals and Entertainment expenses-2,000
Premiums paid on key employee life insurance-2,500
Increase in cash surrender value attributable to life insurance-600
Proceeds from key employee life insurance policy-120,000
Cash surrender value of life insurance-15,000
Excess of capital losses over capital gains-11,000
MACRS deductions-24,000
Straight 179 expense elected during 2005-90,000
Organizational expenses incurred in 2005-12,000
Dividends received from domestic corporations(less than 20% owned)-20,000

I will use the LIFO inventory method and its LIFO recapture amount increased by
9,000 during 2006. I also sold property on installent during 2005.. The property was sold for 30,000 and had as adjusted basis at sale of 22,000. During 2006 , I received a 10,000
Payment on the installment sale. I elected to amoritize its qualified organizational expenses in 2005. Please help me to compute Ronda’s Corporation current Earnings and Profit.

OK, I e-filed my tax return, form 1040, using TurboTax. I’ve already received my federal and state checks. However, a couple of days ago, a relative of mine has informed me that I have land as part of a partnership and that I need to file an amendment to my tax return. He gave me form 1065 – Partner’s Share of Income, Deductions, Credits, etc. Being that I’ve filed as an independent and have no children, I figured I would try to not use a CPA and do this amendment myself. How do I go about doing this using TurboTax? Do I really need to purchase the Business software that they recommend? I’m really confused. Also, will this affect the amount of student loans that I’ll be receiving?
Boxes filled on 1065:
2 – Net rental real estate income (loss) – 361
5 – Interest income – 194
7 – Royalties – 0
17 – Alternative minimum tax items – 0
19 A & B – Distributions – 0
20 – Other information – 194

All other boxes are empty. Any help is appreciated, thank you!!
I know I prob shouldn’t have posted the financial info, it’s really not a lot of land and I have nothing to hide financially, I’m just a little upset at the relative for popping up with this so late and the fact that I didn’t know about it for so long among other things….

things like marriage status, you can deduct hobby expenses but not medical expenses (unless its over 2% of your income)
business can deduct their legal expenses even if they’re are at fault, but an individual can’t deduct theirs even if they are aquitted. You have to make a choice between taking the standard deduction which is less than half the poverty level or itemizing your deduction. The tax is progressive until you get to about a million dollars then suddenly its a flat tax. If your spouce dies you suddenly have to pay higher taxes. I could go on. I’d like to hear some horror stories of other countrys tax code.
another one i just had to add. Earned inocome is taxed but unearned isn’t
I have read the last years tax code and the year before it doesnt say anything about income from a hobby just expenses. If I’m wrong about unearned income then George Bush and Al Gore must be wrong for all there talk about raising the taxable minimum from 1 million to 2 million.
if you are refering to gambling winnings, well you still have to place a bet so its not really unearned but you can deduct your losses but only in the year you lost them.
the problem is the stupid tax code makers even list capital gains and interest income as unearned income.