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2024 Tax Return Transcript Summary

The document is a Form 1040 Tax Return Transcript for the tax period ending December 31, 2024, for a single taxpayer with the SSN ending in 2309. The taxpayer reported a total income of $9,956.00, primarily from business income, and has a total tax liability of $1,407.00, with an amount owed of $775.00. The transcript includes detailed income, adjustments, and tax information, including self-employment tax calculations.

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39 views6 pages

2024 Tax Return Transcript Summary

The document is a Form 1040 Tax Return Transcript for the tax period ending December 31, 2024, for a single taxpayer with the SSN ending in 2309. The taxpayer reported a total income of $9,956.00, primarily from business income, and has a total tax liability of $1,407.00, with an amount owed of $775.00. The transcript includes detailed income, adjustments, and tax information, including self-employment tax calculations.

Uploaded by

fphb9mmrtp
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

This Product Contains Sensitive Taxpayer Data

Form 1040 Tax Return Transcript


Request Date: 09-30-2025
Response Date: 09-30-2025
Tracking Number: 108889542547

SSN provided: XXX-XX-2309


Report for Tax Period Ending: 12-31-2024

The following items reflect the amount as shown on the return, and the amount as adjusted, if applicable. They do not show subsequent
activity on the account.
SSN: XXX-XX-2309
Spouse SSN:

FIKR ULKE
1600 S
Filing status: Single Taxpayer
Form number: 1040
Cycle posted: 20251505
Received date: 04-08-2025
Payment: $0.00
Exemption number: 01
Other dependent credit total eligible per computer: 0
Other dependent credit total eligible verified: 0
PTIN: XXX-XX-3150
Preparer EIN: XX-XXX5732

Income

Total wages: $0.00


Form W-2 wages: $0.00
Taxable interest income (Schedule B): $0.00
Tax-exempt interest: $0.00
Ordinary dividend income (Schedule B): $0.00
Qualified dividends: $0.00
Refunds of state/local taxes: $0.00
Alimony received: $0.00
Business income or loss (Schedule C): $9,956.00
Business income or loss (Schedule C) per computer: $9,956.00
Capital gain or loss (Schedule D): $0.00
Capital gains or loss (Schedule D) per computer: $0.00
Other gains or losses (Form 4797): $0.00
Total IRA distributions: $0.00
Taxable IRA distributions: $0.00
Total pensions and annuities: $0.00
Taxable pension/annuity amount: $0.00
Additional income: $9,956.00
Additional income per computer: $9,956.00
Refundable credits per computer: $632.00
Refundable education credit per computer: $0.00
Qualified business income deduction: $0.00
Rent/royalty/partnership/estate (Schedule E): $0.00
Rent/royalty/partnership/estate (Schedule E) per
computer: $0.00
Rent/royalty income/loss per computer: $0.00
Estate/trust income/loss per computer: $0.00

Page 1/6
Partnership/S-Corp income/loss per computer: $0.00
Farm income or loss (Schedule F): $0.00
Farm income or loss (Schedule F) per computer: $0.00
Unemployment compensation: $0.00
Total Social Security benefits: $0.00
Taxable Social Security benefits: $0.00
Taxable Social Security benefits per computer: $0.00
Other income: $0.00
Schedule EIC Self-employment income per computer: $9,252.00
Schedule EIC earned income per computer: $9,252.00
Schedule EIC disqualified income per computer: $0.00
Form 1099-K: $0.00
Additional child tax credit earned income: $0.00
Qualified business income deduction: $0.00
Form 8995 qualified business income deduction computer: $0.00
Form 8995 net capital gains computer: $0.00
Scholarship/Fellowship grant: $0.00
Total income: $9,956.00
Total income per computer: $9,956.00

Adjustments to Income

Educator expenses: $0.00


Educator expenses per computer: $0.00
Reservist and other business expense: $0.00
Health Savings Account deduction: $0.00
Health Savings Account deduction per computer: $0.00
Moving expenses (Form 3903): $0.00
Self-employment tax deduction: $704.00
Self-employment tax deduction per computer: $704.00
Self-employment tax deduction verified: $0.00
Keogh/SEP contribution deduction: $0.00
Self-employment health insurance deduction: $0.00
Early withdrawal of savings penalty: $0.00
Alimony paid SSN:
Alimony paid: $0.00
Repayment clean vehicle credit: $0.00
IRA deduction: $0.00
IRA deduction per computer: $0.00
Student loan interest deduction: $0.00
Student loan interest deduction per computer: $0.00
Student loan interest deduction verified: $0.00
Total other payment refundable credit per computer: $0.00
Total other payment refund verified: $0.00
Other adjustments: $0.00
Archer MSA deduction: $0.00
Archer MSA deduction per computer: $0.00
Total adjustments: $704.00
Total adjustments per computer: $704.00
Adjusted gross income: $9,252.00
Adjusted gross income per computer: $9,252.00

Tax and Credits

65 or over: No
Blind: No
Spouse 65 or over: No
Spouse blind: No
Standard deduction per computer: $14,600.00
Additional standard deduction per computer: $0.00
Tax table income per computer: $0.00
Exemption amount per computer: $0.00
Taxable income: $0.00
Taxable income per computer: $0.00
Total positive income per computer: $9,956.00

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Tentative tax: $0.00
Tentative tax per computer: $0.00
Form 8814 additional tax amount: $0.00
Tax on income less Social Security income per computer: $0.00
Form 6251 alternative minimum tax: $0.00
Form 6251 alternative minimum tax per computer: $0.00
Foreign tax credit: $0.00
Foreign tax credit per computer: $0.00
Foreign income exclusion per computer: $0.00
Foreign income exclusion tax per computer: $0.00
Excess advance premium tax credit repayment amount: $0.00
Excess advance premium tax credit repayment verified
amount: $0.00
Child & dependent care credit: $0.00
Child & dependent care credit per computer: $0.00
Credit for elderly and disabled: $0.00
Credit for elderly and disabled per computer: $0.00
Education credit: $0.00
Education credit per computer: $0.00
Gross education credit per computer: $0.00
Retirement savings contribution credit: $0.00
Retirement savings contribution credit per computer: $0.00
Total retirement savings contribution (Form 8880
computer): $0.00
Residential clean energy credit: $0.00
Residential clean energy credit per computer: $0.00
Child and other dependent credit: $0.00
Child and other dependent credit per computer: $0.00
Adoption credit (Form 8839): $0.00
Adoption credit per computer: $0.00
Form 8396 mortgage certificate credit: $0.00
Form 8396 mortgage certificate credit per computer: $0.00
Total other non-refundable credit: $0.00
Form 3800 general business credits: $0.00
Form 3800 general business credits per computer: $0.00
Prior year minimum tax credit (Form 8801): $0.00
Prior year minimum tax credit (Form 8801) per computer: $0.00
Earlier year income repayment credit: $0.00
Clean vehicle credit: $0.00
Clean vehicle credit per computer: $0.00
Net elective payment election per computer: $0.00
Repayment pre-owned clean vehicle credit: $0.00
Form 4255 Chapter 1 tax: $0.00
Other additions to tax: $0.00
Schedule 2 part 2 Form 4255 recapture: $0.00
Energy efficient home credit verified: $0.00
Residential clean energy verified: $0.00
Other credits: $0.00
Total credits: $0.00
Total credits per computer: $0.00
Income tax after credits per computer: $0.00
Advanced manufacturing credit per computer: $0.00
Advanced manufacturing invest credit per computer: $0.00
Clean hydrogen production credit per computer: $0.00
Carbon oxide sequestration credit per computer: $0.00
Energy efficient home credit per computer: $0.00
Energy efficient home credit: $0.00
Pre-owned clean vehicle credit per computer: $0.00
Pre-owned clean vehicle credit: $0.00
Pre-owned clean vehicle verified: $0.00
New clean vehicle bus credit per computer: $0.00
New clean vehicle bus verified: $0.00
Commercial clean vehicle credit per computer: $0.00
Commercial clean vehicle verified: $0.00
Clean vehicle credit verified: $0.00

Other Taxes

Page 3/6
Self employment tax: $1,407.00
Self employment tax per computer: $1,407.00
Social Security and Medicare tax on unreported tips: $0.00
Social Security and Medicare tax on unreported tips per
computer: $0.00
Tax on qualified plans Form 5329 (PR): $0.00
Tax on qualified plans Form 5329 per computer: $0.00
Individual Retirement Account File (IRAF) tax per
computer: $0.00
Taxpayer tax figures (reduced by IRAF) per computer: $1,407.00
Individual Master File (IMF) total tax (reduced by IRAF)
per computer: $1,407.00
Total other taxes per computer: $1,407.00
Unpaid Federal Insurance Contributions Act (FICA) on
reported tips: $0.00
Form 8959 additional Medicare tax: $0.00
Form 8960 net investment income tax: $0.00
Interest on deferred tax: $0.00
Total other taxes: $1,407.00
Recapture tax (Form 8611): $0.00
Household employment taxes: $0.00
Household employment taxes per computer: $0.00
Interest due on installment: $0.00
Schedule 2 Part 1 Form 4255 recapture: $0.00
Form 4255 excessive payments: $0.00
Net elective payment election: $0.00
Excess Social Security tax withheld verified: $0.00
Excess Social Security tax withheld per computer: $0.00
Total additional taxes: $0.00
Total assessment per computer: $1,407.00
Total tax liability taxpayer figures: $1,407.00
Total tax liability taxpayer figures per computer: $1,407.00

Payments

Federal income tax withheld: $0.00


Prior year advanced credit: $0.00
Estimated tax payments: $0.00
Other payment credit: $0.00
Refundable education credit: $0.00
Refundable education credit per computer: $0.00
Refundable education credit verified: $0.00
Refundable credits: $632.00
Earned income credit: $632.00
Earned income credit per computer: $632.00
Nontaxable combat pay: $0.00
Excess Social Security & Railroad Retirement Tax Act
(RRTA) tax withheld: $0.00
Schedule 8812 additional child tax credit: $0.00
Schedule 8812 additional child tax credit per computer: $0.00
Schedule 8812 additional child tax credit verified: $0.00
Amount paid with Form 4868: $0.00
Form 2439 regulated investment company credit: $0.00
Form 4136 credit for federal tax on fuels: $0.00
Form 4136 credit for federal tax on fuels per computer: $0.00
Section 965 tax installment: $0.00
Section 965 tax liability: $0.00
Premium tax credit amount: $0.00
Premium tax credit verified amount: $0.00
Primary NAP first time home buyer installment amount: $0.00
Secondary NAP first time home buyer installment amount: $0.00
First time homebuyer credit repayment amount: $0.00
Form 5405 total homebuyers credit repayment per computer: $0.00
Small employer health insurance per computer: $0.00
Small employer health insurance per computer (2): $0.00
Total other payments refundable: $0.00

Page 4/6
Total payments: $632.00
Total payments per computer: $632.00

Refund or Amount Owed

Amount you owe: $775.00


Estimated tax credit applied to next year: $0.00
Estimated tax penalty: $0.00
Tax on income less state refund per computer: $0.00
Balance due/overpayment using taxpayer figure per
computer: $775.00
Balance due/overpayment using computer figures: $775.00
Form 8888 total refund per computer: $0.00

Third Party Designee

Third party designee ID number: X4123


Authorization indicator: Yes
Third party designee name: KHAL KHAL

Schedule C - Profit or Loss From Business (Occurrence #: 1)

Social Security Number: XXX-XX-2309


Employer ID number:
Business name:
Description of business/profession:
North American Industry Classification System (NAICS)
code: 485300
Account method: Cash
First time Schedule C filed: No
Statutory employee indicator: No

Income
Gross receipts or sales: $58,264.00
Returns and allowances: $0.00
Net gross receipts: $58,264.00
Cost of goods sold: $0.00
Schedule C Form 1099 required: No
Schedule C Form 1099 filed: None
Other income: $0.00

Expenses
Car and truck expenses: $42,487.00
Depreciation: $0.00
Insurance (other than health): $0.00
Mortgage interest: $0.00
Legal and professional services: $0.00
Repairs and maintenance: $0.00
Travel: $0.00
Meals and entertainment: $0.00
Wages: $0.00
Other expenses: $0.00
Total expenses: $48,308.00
Expense for business use of home: $0.00
Schedule C net profit or loss per computer: $9,956.00
At risk CD:
Office expense amount: $0.00
Utilities expense amount: $1,080.00
Energy efficient building deduction: $0.00

Cost of Goods Sold


Inventory at beginning of year: $0.00
Inventory at end of year: $0.00

Page 5/6
Schedule SE--Self-Employment Tax (Occurrence #: 1)

Social Security Number (SSN) of self-employed taxpayer: XXX-XX-2309


Net farm profit/loss (schedule F): $0.00
Conservation reserve program payments: $0.00
Net non-farm profit/loss: $9,956.00
Total Self-Employment income: $9,956.00
Self-Employment quarters covered: 4
Total Self-Employment tax per computer: $1,406.67
Self-Employment income computer verified: $0.00
Self-Employment income per computer: $9,194.00
Total net earnings per computer: $9,194.00

Long Form Only


Tentative church earnings: $0.00
Total Social Security & Railroad wages: $0.00
Self-Employment Social Security tax computer: $1,140.05
Self-Employment Medicare income per computer: $9,194.00
Self-Employment Medicare tax per computer: $266.62
Self-Employment option method used:
Self-Employment optional method income: $0.00

Form 8867 - Paid Preparer's Earned Income Credit Checklist

Incorrect information American Opportunity Tax Credit


(AOTC):
Form 8867 certification: Yes box checked
Earned Income Credit (EIC) claimed: Yes box checked
Child Tax Credit (CTC) Additional Child Tax Credit
(ACTC) claimed: Neither box checked
AOTC claimed: Neither box checked
Head of household filing status claimed: Neither box checked

Form 8995 - A/8995 Qualified Business Income Deduction

Qualified business income component: $1,510.00


Real Estate Investment Trust (REIT) and Publicly Traded
Partnership (PTP) component: $0.00
Form 8995 net capital gains: $0.00
Form 8995 domestic production deduction: $0.00
Qualified business net loss carryforward: $1,704.00
Qualified REIT dividends and PTP loss carryforward: $0.00
Total qualified business loss carryforward: $0.00
Total REIT dividends loss carryforward: $0.00
Total qualified business income or loss: $9,252.00
Qualified REIT dividends and PTP income or loss: $0.00

This Product Contains Sensitive Taxpayer Data

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Common questions

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The taxpayer has a refundable earned income credit of $632, which reduces the self-employment tax liability from $1,407 to an amount owed of $775 . If additional credits, such as a child tax credit or education credits were applicable, these could further reduce the amount owed or possibly result in a refund, changing their tax outcome from a liability to possibly a zero balance or refund. The absence of other refundable credits shows that their effective tax strategies are limited to already declared credits .

The self-employment tax is calculated at $1,407.00, which is a significant portion of the taxpayer's total tax liability. This figure emerges from the $9,956 business income and is consistent across all forms . No other income taxes or credits adjust this value, indicating the self-employment tax is the primary factor contributing to the taxpayer's liability. Other taxes, such as income tax, are not applicable here due to the adjusted gross income falling under the taxable threshold after the standard deduction .

The taxpayer made a self-employment tax deduction of $704, which is the sole adjustment to reduce the total income, resulting in an adjusted gross income (AGI) of $9,252.00 . Given the significant expenses related to self-employment, the effectiveness of the deductions is limited by the nature of allowable adjustments; hence, the AGI remained closely linked to the business income reported. Other possible deductions, such as retirement contributions or health insurance, were not utilized in this report .

If the taxpayer qualified for additional credits, such as education or child tax credits, these could significantly reduce the taxpayer’s liability or potentially create a refund scenario. Given the current structure where $775 is owed due to self-employment tax liability, additional credits could cancel out this amount entirely or possibly exceed it, resulting in a refund . This would illustrate an effective use of tax credits in reducing personal tax burdens or enhancing cash flow through refunds.

The taxpayer's business reported a net profit of $9,956.00 from a total gross receipt of $58,264.00. However, they also incurred $48,308.00 in expenses, primarily due to car and truck expenses. Despite this, the taxpayer's total income remains $9,956.00, which matches the business income, indicating no other income sources were declared. Their self-employment income contributes directly to their total income, as reflected in their tax documents .

Reporting zero additional taxable income types suggests reliance solely on business income and indicates limited diversification of income sources. This could affect the taxpayer's financial health assessment by highlighting potential vulnerability to business performance fluctuations. Diversifying income streams typically offers more financial stability, reducing risk exposure compared with depending entirely on self-employment income, particularly in unstable markets or economic downturns .

Business expenses in Schedule C are critical in calculating the net income for a sole proprietor because they are deducted from gross receipts to determine net profit or loss. The taxpayer had car and truck expenses totaling $42,487 and other expenses rounding up to a total of $48,308, reducing their gross receipts of $58,264 to a net profit of $9,956. By accurately reporting these expenses, the sole proprietor lowers their taxable self-employment income .

Utility expenses account for $1,080 of the total business expenses reported, contributing toward the $48,308 in total Schedule C expenses. These expenses, like others, are subtracted from gross receipts to calculate net business income, directly affecting the net profit reported. Accurate utility expense reporting ensures the true cost of running the business is reflected and tax liabilities align with actual financial performance .

The standard deduction of $14,600 completely absorbs the adjusted gross income of $9,252, resulting in a taxable income of $0 and effectively eliminating traditional income tax liability. This substantially lowers the taxpayer's overall tax burden, as they would otherwise owe additional taxes if their taxable income had exceeded the standard deduction threshold .

The absence of state or local tax refunds on the taxpayer's return simplifies the financial landscape by eliminating additional potential sources of taxable income often seen from such refunds. Consequently, self-employment income becomes the predominant factor shaping the tax return structure. This scenario emphasizes accurate self-employment income reporting and associated tax calculations to ensure compliance and optimal tax situation management .

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