Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following:WagesFederal withholdingSocial security wagesSocial security withholdingMedicare withholdingState withholding$ 56,5005,10056,5003,503819-0-In 2022, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest.She is an active participant. Kia's shares of ARLP income and losses for the year per her K-1 were as follows:InterestDividends (qualified)Capital gains (long-term)Rental loss$ 35290700(8,300)ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities.Prepare Form 1040 for Kia Lopez for 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582. Use theappropriate Tax Tables and Tax Rate Schedules.Note: Input all the values as positive numbers. However, losses should be indicated by a minus sign. Instructions can be found oncertain cells within the forms. Round your intermediate computations and final answers to the nearest whole dollar amount. Donot skip rows while entering in Passive Income and Loss in Schedule E PG2.

Form IRS 1040 is used by US taxpayers to an file their income tax return.…

Prepare Form 1040 for Kia Lopez for 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582. Use the appropriate Tax Tables and Tax Rate Schedules. Note: Input all the values as positive numbers. However, losses should be indicated by a minus sign. Instructions can be found on certain cells within the forms. Round your intermediate computations and final answers to the nearest whole dollar amount. Do not skip rows while entering in Passive Income and Loss in Schedule E PG2.

Prepare Form 1040 for Kia Lopez for 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582. Use the appropriate Tax Tables and Tax Rate Schedules. Note: Input all the values as positive numbers. However, losses should be indicated by a minus sign. Instructions can be found on certain cells within the forms. Round your intermediate computations and final answers to the nearest whole dollar amount. Do not skip rows while entering in Passive Income and Loss in Schedule E PG2.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter2: Working With The Tax Law

Section: Chapter Questions

Problem 36P

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Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 5,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding -0- In 2022, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows: Interest $ 35 Dividends (qualified) 290 Capital gains (long-term) 700 Rental loss (8,300) ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582.
Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 6,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding -0- In 2016, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows: Interest $ 35Dividends (qualified) 290Capital gains (long-term) 700Rental loss (8,300)ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2016. The taxpayer had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582. (Input all the values as positive numbers. However losses should be indicated by a minus sign.) Use the…
• Cynthia is an electrician, age 29, and single. • Cynthia has investment income and has a consolidated broker’s statement.• Cynthia began a cleaning service business in 2020. She was paid on Form 1099-NEC for 2021. She also received additional cash receipts of $400 not reported on the Form 1099-NEC. • Cynthia uses the cash method of accounting. She uses business code 561720.• Cynthia has receipts for the following expenses:- $350 for cleaning supplies- $225 for business cards - $450 for a mop, broom, and vacuum cleaner - $150 for work gloves - $125 for lunches - $175 for work clothes suitable for everyday use • Cynthia has a detailed mileage log reporting for 2021:- Mileage from her home to her first client’s home and mileage from her last client’s home to her home – 750 miles- In addition, on the days Cynthia worked for multiple clients, she kept track of the mileage from the first client’s home to the second client’s home in case that mileage was also deductible. She logged 450…
For 2020 not 2016 please Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 5,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding -0- In 2020, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia’s shares of ARLP income and losses for the year per her K-1 were as follows: Interest $ 35 Dividends (qualified) 290 Capital gains (long-term) 700 Rental loss (8,300) ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities. Prepare Form 1040 for Kia Lopez for 2020. The taxpayer had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582
Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of 4,655 in 2018. Bill paid 4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the 4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of 315,000, office expenses of 66,759, employee salary of 63,000, employee payroll taxes of 4,820, business meal expenses (before the 50% reduction) of 22,000, and rent expense of 34,000. The rent expense includes payments related to renting an office (30,000) and payments related to renting various equipment (4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are 23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Note: Ashley received a Form 1099B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had 800 of interest income from State of Ohio bonds and 600 of interest income on her Wayne Savings Bank account. She paid 25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Ashley made a 26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Compute Ashleys net tax payable or refund due for 2018. If you use tax forms for your computations, you will need Form 1040 and its Schedules 1, 4, 5, A, C, D, and SE and Form 8949. Ashley qualifies for the 199A deduction for qualified business income. Be sure to include that in your calculations. Suggested software: ProConnect Tax Online.
Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).
Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.