| [Name] | ||||
| 2005 Year-End Tax Planning: Planning Input | ||||
| [Date] | ||||
| You do not need to enter anything into shaded cells. | CONFIDENTIAL | |||
| Filing Status and Exemptions | 2004 | 2005 | ||
| Filing status | Married Filing Separately | Married Filing Separately | ||
| If married filing separately, live with spouse at any time during year? | No | Yes | ||
| Taxpayer's age at end of year | 37 | 38 | ||
| Spouse's age at end of year | 36 | 37 | ||
| Taxpayer, spouse, or both blind? | No | No | ||
| Number of dependents | 1 | 1 | ||
| Number of dependents eligible for child tax credit | 1 | 1 | ||
| Income | ||||
| Wages, salaries, tips, etc. | $42,000 | $42,000 | ||
| Tax-exempt interest | $0 | |||
| Taxable interest and ordinary dividends | 25 | 25 | ||
| Qualified dividends | $0 | |||
| Taxable state refunds | 0 | |||
| Business income (or loss) | 57,000 | 57,000 | ||
| Capital gain (or loss) | (3,000) | (3,000) | ||
| Other gains (or losses) | 0 | |||
| Taxable IRA and pension distributions | 0 | |||
| Rental real estate, royalties, partnerships, S corporations, etc. | (2,016) | (2,016) | ||
| Unemployment compensation | 0 | |||
| Social Security benefits: Total | $0 | |||
| Social Security benefits: Taxable | 0 | 0 | ||
| Other income | 0 | |||
| Total income | $94,009 | $94,009 | ||
| Adjustments to Income | ||||
| Taxpayer's traditional IRA contribution | $0 | |||
| Taxpayer covered by retirement plan? | No | No | ||
| Spouse's traditional IRA contribution | $0 | |||
| Spouse covered by retirement plan? | No | No | ||
| IRA deduction | $0 | $0 | ||
| Tuition and fees paid | $4,000 | $4,000 | ||
| Tuition and fees deduction | 0 | 0 | ||
| Health savings account deduction | 3,000 | 3,000 | ||
| Moving expenses | 0 | |||
| One-half of self-employment tax | 4,090 | 4,090 | ||
| Self-employed health insurance deduction | 0 | |||
| Self-employed SEP, SIMPLE, and qualified plans | 0 | |||
| Other adjustments | 0 | |||
| Total adjustments | 7,090 | 7,090 | ||
| Adjusted gross income | $86,919 | $86,919 | ||
| Standard deduction | $4,850 | $5,000 | ||
| Itemized Deductions | ||||
| Medical and dental expenses: Total | $5,544 | $5,544 | ||
| Medical and dental expenses: Deductible | 0 | 0 | ||
| Real estate taxes | 0 | 0 | ||
| State and local taxes | 5,000 | 5,000 | ||
| Other taxes | 0 | |||
| Home mortgage interest and points | 6,987 | 6,987 | ||
| Investment interest | 0 | |||
| Gifts to charity | 0 | |||
| Casualty or theft loss(es) | 0 | |||
| Miscellaneous deductions not subject to 2% limitation | 0 | |||
| Miscellaneous deductions subject to 2% limitation: Total | 350 | 350 | ||
| Miscellaneous deductions subject to 2% limitation: Deductible | 0 | 0 | ||
| Total itemized deductions | $11,987 | $11,987 | ||
| Allowed itemized deductions | 11,520 | 11,569 | ||
| Itemized or standard deduction | 11,520 | 11,569 | ||
| Exemptions | 6,200 | 6,400 | ||
| Taxable income | $69,199 | $68,950 | ||
| Tax | ||||
| Income tax | 14,354 | 14,172 | ||
| Self-employment tax | 8,180 | 8,180 | ||
| Total tax | $22,534 | $22,352 | ||
| Credits | ||||
| Foreign tax credit | $0 | |||
| Credit for child and dependent care expenses | $0 | |||
| Credit for the elderly or the disabled | $0 | |||
| Education credits | $0 | |||
| Retirement savings contributions credit | $0 | |||
| Child tax credit | $0 | $0 | ||
| Other credits | 1,301 | 1,301 | ||
| Total credits | $1,301 | $1,301 | ||
| Tax after credits | $21,233 | $21,051 | ||
| Payments | ||||
| Withholding | 0 | |||
| Estimated tax payments | 0 | |||
| Total payments | 0 | 0 | ||
| Refund (balance due) | ($21,233) | ($21,051) | ||