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Form 1040 Tax Return

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Please see attached. Having great difficulty with various tax programs and accessing the proper IRS forms online. Thanks!

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Solution Summary

This solution is an individual tax return with emphasis on Schedules A, D, and E.

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The wash sale rules apply to sales made within 30 days of a purchase of substantially similar securities, i.e. the same stock.

I have prepared using turbotax software. It is saved in both PDF format and as a text file. The PDF will show how the return looks in reality. The text file can be used if you want to input on paper or into your own tax program. Be aware that this is turbotax 2005 and if the emphasis is on 2007 there may be some modifications necessary. The two biggest challenges that I encountered were the backing into the depreciation for the rental property. The IRS seems to be more interested in helping those with more simple returns than this. The other challenge that may not be as apparent with this return is the fact that the one stock sale is a wash sale and is excluded until the stock is disposed.

Lyle & Kaye James
11620 N. Mount Ave
New Haven, CT 22222

2005 U.S. INDIVIDUAL INCOME TAX RETURN SUMMARY

Adjusted Gross Income $ 244,725
Taxable Income $ 217,604
Total Tax $ 52,456
Total Payments $ 42,000
Payment Due IRS $ 10,688
Effective Tax Rate 21.41 %

INSTRUCTIONS FOR FILING YOUR RETURN ELECTRONICALLY

If you file electronically, make sure to follow the Electronic Filing
Instructions to complete your tax return.

Come back to TurboTax in 24 to 48 hours to check the status of your
return. TurboTax will let you know if your return has been accepted or
rejected by the IRS.

If the IRS accepts your tax return, TurboTax will walk you through the
final steps of electronic filing. It may involve printing and mailing
some electronic filing forms.(DO NOT mail a printed copy of your tax return
to the IRS. They already received an electronic copy of your tax return.)

If your return is rejected due to an error, you have two options. You must
fix the error and retransmit your return electronically, or you can mail a
printed copy of your return to the IRS. To mail your printed return, follow
the mailing instructions below.

INSTRUCTIONS FOR FILING YOUR RETURN BY MAIL

Your federal Form 1040 shows a tax due of $10,688.

Include a check or money order for this amount, payable to the
"United States Treasury." Write your social security number and
"2005 Form 1040" on the check. Enclose it with your return,
but do not staple. Please mail the return to the following IRS address
postmarked by Monday, April 17, 2006.

Internal Revenue Service Center
Kansas City, MO 64999-0102

Be sure to sign and date your return and include the proper amount
of postage on the envelope.

Continued ... See Page 2

ESTIMATED TAX PAYMENTS FOR 2006

Your return also indicates the following estimated taxes are to be paid
for 2006 using Form 1040-ES.

VOUCHER DUE DATE AMOUNT
1 04/17/2006 $ 3,926
2 06/15/2006 $ 3,926
3 09/15/2006 $ 3,926
4 01/16/2007 $ 3,926

Include a separate check or money order for each payment payable to
the "United States Treasury". Write your social security number and
2006 Form 1040-ES" on each check. Please mail your payments to
the following IRS address:

Internal Revenue Service Center

P.O. Box 970006
St. Louis, MO 63197-0006
ATTACHMENTS

Attach the first copy or Copy B of Form(s) W-2 to the front of your
Form 1040.

KEEP THESE FILING INSTRUCTIONS FOR YOUR RECORDS -- DO NOT MAIL.

Cut here

Form

1040-ES

2006 Payment

Department of the Treasury

1

Internal Revenue Service

Voucher OMB No. 1545-0074

Calendar year ' Due April 17, 2006

File only if you are making a payment of estimated tax by check or money order. Mail this
voucher with your check or money order payable to the 'United States Treasury.' Write

Amount of estimated tax you are
your social security number and '2006 Form 1040-ES' on your check or money order. Do

paying by
not send cash. Enclose, but do not staple or attach, your payment with this voucher.

check or
money order

$ 3,926.

Your first name and initial

Your last name

Your social security number

Lyle

James

111-22-3333

If joint payment, complete for spouse

O

PR

Spouse's first name and initial

Spouse's last name

Spouse's social security number

R
IT

Kaye

James

444-55-6666

N
T
Y
P
E
Address (number, street, and apartment number)
11620 N. Mount Ave
City (If a foreign address, enter city, province or state, postal code, and country.) State ZIP code
New Haven CT 22222

BAA For Privacy Act and Paperwork Reduction Act Notice, see instructions.
Cut here

Form

1040-ES

2006 Payment

Department of the Treasury

2

Internal Revenue Service

Voucher OMB No. 1545-0074

Calendar year ' Due June 15, 2006

File only if you are making a payment of estimated tax by check or money order. Mail this
voucher with your check or money order payable to the 'United States Treasury.' Write

Amount of estimated tax you are
your social security number and '2006 Form 1040-ES' on your check or money order. Do

paying by
not send cash. Enclose, but do not staple or attach, your payment with this voucher.

check or
money order
Your first name and initial

Your last name

Your social security number

Lyle

James

111-22-3333

$ 3,926.
If joint payment, complete for spouse

O

PR

Spouse's first name and initial

Spouse's last name

Spouse's social security number

R
IT

Kaye

James

444-55-6666

NY

Address (number, street, and apartment number)

TP
E

11620 N. Mount Ave

City (If a foreign address, enter city, province or state, postal code, and country.) State ZIP code

New Haven CT 22222

BAA For Privacy Act and Paperwork Reduction Act Notice, see instructions.

Cut here

Mail the Form 1040-ES vouchers to:
Internal Revenue Service Center

P.O. Box 970006
St. Louis, MO 63197-0006
FDIA1901 12/22/05

Cut Here

Form 1040-ES

2006 Payment

Department of the Treasury

3

Internal Revenue Service

Voucher OMB No. 1545-0074

Calendar year ' Due Sept 15, 2006

File only if you are making a payment of estimated tax by check or money order. Mail this
voucher with your check or money order payable to the 'United States Treasury.' Write

Amount of estimated tax you are
your social security number and '2006 Form 1040-ES' on your check or money order. Do

paying by
not send cash. Enclose, but do not staple or attach, your payment with this voucher.

check or
money order

$ 3,926.

Your first name and initial

Your last name

Your social security number

Lyle

James

111-22-3333

If joint payment, complete for spouse

O

PR

Spouse's first name and initial

Spouse's last name

Spouse's social security number

R
IT

Kaye

James

444-55-6666

N
T
Y
P
E
Address (number, street, and apartment number)
11620 N. Mount Ave
City (If a foreign address, enter city, province or state, postal code, and country.) State ZIP code
New Haven CT 22222

BAA For Privacy Act and Paperwork Reduction Act Notice, see instructions.
Cut Here

Form

1040-ES

2006 Payment

Department of the Treasury

4

Internal Revenue Service

Voucher OMB No. 1545-0074

Calendar year ' Due Jan 16, 2007

File only if you are making a payment of estimated tax by check or money order. Mail this
voucher with your check or money order payable to the 'United States Treasury.' Write

Amount of estimated tax you are
your social security number and '2006 Form 1040-ES' on your check or money order. Do

paying by
not send cash. Enclose, but do not staple or attach, your payment with this voucher.

check or
money order
Your first name and initial

Your last name

Your social security number

Lyle

James

111-22-3333

$ 3,926.
If joint payment, complete for spouse

O

PR

Spouse's first name and initial

Spouse's last name

Spouse's social security number

R
IT

Kaye

James

444-55-6666

NY

Address (number, street, and apartment number)

TP
E

11620 N. Mount Ave

City (If a foreign address, enter city, province or state, postal code, and country.) State ZIP code

New Haven CT 22222

BAA For Privacy Act and Paperwork Reduction Act Notice, see instructions.

Cut Here

Mail the Form 1040-ES vouchers to:
Internal Revenue Service Center

P.O. Box 970006
St. Louis, MO 63197-0006
FDIA1902 12/22/05

111-22-3333

To pay your taxes using an Discover, American Express, Visa or MasterCard,
visit www.officialpayments.com or call 1-800-2PAY-TAX (1-800-272-9829).

To pay your taxes due by check, mail this form to the address listed below.

Form 1040-V (2005)

I Detach Here and Mail With Your Payment and Return I

GGGG

Department of the Treasury
Internal Revenue Service

2005 Form 1040-V Payment Voucher

Use this voucher when making a payment with Form 1040.

Do not staple this voucher or your payment to Form 1040.
Make your check or money order payable to the 'United States Treasury.'
Write your social security number (SSN) on your check or money order.

Enter the amount
of your payment 10,688.
FDIA8601 12/15/05 1030

LYLE & KAYE JAMES INTERNAL REVENUE SERVICE
11620 N. MOUNT AVE KANSAS CITY, MO 64999-0102
NEW HAVEN CT 22222

111223333 NU JAME 30 0 200512 610

Department of the Treasury ' Internal Revenue Service

Form 1040 U.S. Individual Income Tax Return 2005

(99) IRS Use Only ' Do not write or staple in this space.
For the year Jan 1 - Dec 31, 2005, or other tax year beginning , 2005, ending , 20

OMB No. 1545-0074

Your first name MI Last name

Your social security number

Label

(See instructions.)

Lyle James

111-22-3333

If a joint return, spouse's first name MI Last name

Spouse's social security numberUse the
IRS label.

Kaye James

444-55-6666

Otherwise,

Home address (number and street). If you ...

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