Harold conducts a business with the following results for the year:

Harold conducts a business with the following results for the year:

Revenue$20,000Depreciation on car3,960Operating expenses of car3,100Rent6,000Wages8,200Amortization of intangibles680

Harold estimates that due to a depressed real estate market, the value of land owned by the business declined by $5,200.

a. Harold’s business has a net loss 

 of $ which is reported for AGI 

 on his tax return.

b. If the activity was a hobby, Harold will report $ as income and deduct $ as expenses.

c. Using a Form 1040 and a Schedule A, show the amounts that would be entered on these forms for the information presented, assuming that the activity is a hobby.

Form 1040Department of the Treasury—Internal Revenue Service (99)

U.S. Individual Income Tax Return2016

OMB No. 1545-0074IRS Use OnlyFor the year Jan. 1-Dec. 31, 2016, or other tax year beginning, 2016, ending, 20See separate instructions.Your first name and initial 

HaroldLast name

PetersYour social security number

123-45-6789If a joint return, spouse’s first name and initial

Last name

Spouse’s social security number

Home address (number and street). If you have a P.O. box, see instructions.

Apt. no.▲ Make sure the SSN(s) above and on line 6c are correct.City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions).

Presidential Election Campaign

Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund.☐ You    ☐ Spouse

Foreign country name

Foreign province/state/country

Foreign postal code

Filing status1☐Single2☐Married filing jointly (even if only one had income)3☐Married filing separately. Enter spouse’s SSN above and full name here. ▶4☐Head of household (with qualifying person). (See instructions.) If the qualifying person is a child but not your dependent, enter this child’s name here. ▶5☐Qualifying widow(er) with dependent childExemptions6a☐ Yourself. If someone can claim you as a dependent, do not check box 6aBoxes checked on 6a and 6bb☐ Spouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .No. of children on 6c who:

• lived with youcDependents:(2)Dependent’s social security number(3)Dependent’s relationship to you(4) ✔ If child under age 17 qualifying for child tax credit (see instructions)

(1)First

name

Last

name• did not live with you due to divorce or separation (see instructions)If more than four dependents, see instructions and check here ▶ ☐☐☐Dependents on 6c not entered above

Add numbers on lines above ▶dTotal number of exemptions claimed . . . . . . . . . . . . . . Income

Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld.

If you did not get a W-2, see instructions. 7Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 8aTaxable interest. Attach Schedule B if required . . . . . . . . . . . . . . . . . . . . . . . . . . . .8a bTax-exempt interest. Do not include on line 8a . . . . . . . . .8b 9aOrdinary dividends. Attach Schedule B if required . . . . . . . . . . . . . . . . . . . . . . . . . .9a bQualified dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9b10Taxable refunds, credits, or offsets of state and local income taxes . . . . . . . . . . . .1011Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1112Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . . . . . . .1213Capital gain or (loss). Attach Schedule D if required. If not required, check here ▶ ☐1314Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1415aIRA distributions . . . . . .15abTaxable amount . .15b16aPensions and annuities .16abTaxable amount . .16b17Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E1718Farm income or (loss). Attach Schedule F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1819Unemployment compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1920aSocial security benefits20abTaxable amount . .20b21Other income. List type and amount 

2122Combine the amounts in the far right column for lines 7 through 21. This is your total income ▶ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Adjusted

Gross

Income23Educator expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . .2324Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 or 2106-EZ .2425Health savings account deduction. Attach Form 8889 . . . .2526Moving expenses. Attach Form 3903 . . . . . . . . . . . . . . . .2627Deductible part of self-employment tax. Attach Schedule SE2728Self-employed SEP, SIMPLE, and qualified plans . . . . . . . .2829Self-employed health insurance deduction . . . . . . . . . . . . .2930Penalty on early withdrawal of savings . . . . . . . . . . . . . . . .3031aAlimony paid   b Recipient’s SSN ▶31a32IRA deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3233Student loan interest deduction . . . . . . . . . . . . . . . . . . . . .3334Tuition and fees. Attach Form 8917 . . . . . . . . . . . . . . . . . .3435Domestic production activities deduction. Attach Form 89033536Add lines 23 through 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3637Subtract line 36 from line 22. This is your adjusted gross income . . . . . . . . . . .▶37For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.Cat. No. 11320BForm 1040 (2016)

SCHEDULE A

(Form 1040)

Department of the Treasury Internal Revenue Service (99)Itemized Deductions▶ Information about Schedule A and its separate instructions is at www.irs.gov/schedulea.

▶ Attach to Form 1040.

OMB No. 1545-00742016

Attachment

Sequence No. 07

Name(s) shown on Form 1040

Harold PetersYour social security number123-45-6789

Caution. Do not include expenses reimbursed or paid by others.Medical

and

Dental

Expenses 1Medical and dental expenses (see instructions) . . . . . . . . . . .1 2Enter amount from Form 1040, line 382 3Multiply line 2 by 10% (0.10). But if either you or your spouse was born before January 2, 1952, multiply line 2 by 7.5% (0.075) instead 3 4Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . . . . . . . . . . . . . . . .4Taxes You Paid 5State and local (check only one box):a  ☐ Income taxes, or. . . . . . . . . . . . . . . . .5b  ☐ General sales taxes 6Real estate taxes (see instructions) . . . . . . . . . . . . . . . . . . . . .6 7Personal property taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 8Other taxes. List type and amount ▶ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 8 9Add lines 5 through 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Interest You Paid

Note:

Your mortgage interest deduction may be limited (see instructions).10Home mortgage interest and points reported to you on Form 10981011Home mortgage interest not reported to you on Form 1098. If paid to the person from whom you bought the home, see instructions and show that person’s name, identifying no., and address ▶ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _1112Points not reported to you on Form 1098. See instructions for special rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1213Mortgage insurance premiums (see instructions) . . . . . . . . . . . . .1314Investment interest. Attach Form 4952 if required. (See instructions.)1415Add lines 10 through 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15Gifts to Charity

If you made a gift and got a benefit for it, see instructions.16Gifts by cash or check. If you made any gift of $250 or more,see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1617Other than by cash or check. If any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 . . . . . .1718Carryover from prior year . . . . . . . . . . . . . . . . . . . . . . . . . . .1819Add lines 16 through 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19Casualty and Theft Losses20Casualty or theft loss(es). Attach Form 4684. (See instructions.) . . . . . . . . . . . . . . . . . . . . .20Job Expenses and Certain Miscellaneous Deductions21Unreimbursed employee expenses—job travel, union dues, job education, etc. Attach Form 2106 or 2106-EZ if required.(See instructions.) ▶2122Tax preparation fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2223Other expenses—investment, safe deposit box, etc. List type and amount ▶ 

2324Add lines 21 through 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . .2425Enter amount from Form 1040, line 382526Multiply line 25 by 2% (0.02) . . . . . . . . . . . . . . . . . . . .. . . . .2627Subtract line 26 from line 24. If line 26 is more than line 24, enter -0- . . . . . . . . . . . . . .27Other Miscellaneous Deductions28Other—from list in instructions. List type and amount ▶ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _28Total Itemized Deductions29Is Form 1040, line 38, over $155,650?☐No. Your deduction is not limited. Add the amounts in the far right column for lines 4 through 28. Also, enter this amount on Form 1040, line 40.. . . .☐Yes. Your deduction may be limited. See the Itemized Deductions Worksheet in the instructions to figure the amount to enter.2930If you elect to itemize deductions even though they are less than your standard deduction, check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶☐For Paperwork Reduction Act Notice, see Form 1040 instructions.Cat. No. 17145CSchedule A (Form 1040) 2016







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