1 / 3 100% + PROBLEM 2 (Chapter 4) Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. Skylar's Social Security number is 222-43- 7690 and Walt's is 700-01-0002. Neither are age 65 or older. The Blacks provide all the support for Skylar's mother, Rebecca Backin (Social Security number 411- 66-2121), who lives in a nursing home in Reno, NV and has no income. Walter's father, Alton Black (Social Security number 343-22-8899), lives with the Blacks in Las Vegas. Although Alton received Social Security benefits of $7,600 in 2020, the Blacks provide over half of Alton's support. Skylar and Walt claim a $500 other dependent credit each for Rebecca and Alton. Walt's earnings from teaching are: Employee 900 Bumber 700-01-0002 Employer mon rumb 31-1239867 Employer mod, and JP code Las Vegas School District 2234 Vegas Valley Drive Las Vegas, NV 89169 Visit the bott OMB No 1545-COO FAST e file www. Wage GOTI 54,300.00 4,100.00 Swag GITARE 54,300.00 3,366 60 Medic wandte 6 Media 54,300.00 787.35 Sortie Alpe d Controller 10 Order benefits wameandis Love Hogeplan 12 box DD 7.900,00 Water Black 883 Scrub Brush Street, Apt. 52B Las Vegas, NV 89125 140 12 Gloswe Dr. NV 10 war... Ramon W-2 Wace and Tax Statement 2020 Det heller MacBook Pro Tom W-2 Wage and Tax Statement 2020 Department of the Treasury-Internal Revenue Service Copy B-To Be Filed With Employee's FEDERAL Tax Return This information is being furnished to the Internal Revenue Service The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2020. They originally paid $75,000 for the home on July 3, 1995, but managed to sell it for $604,000. They spent $14,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. The Blacks received the following 1099-DIV from their mutual fund investments: OMB NO. 1545-0110 2020 Dividends and Distributions CORRECTED (if checked) PAYER'Samo, trenaze ty or town or province, country. ZP 10 Toto ordinary Mede or toreign postal code and telephone no. 1,500.00 Cyber Equities Fund 41 Wall Street 10 Quid di New York, NY 10005 1,050.00 Total capitulo $ 6,700.23 PAYERS TIN RECIPIENTS TIN to section 1202 17-1234326 222-43-7690 $ Fm 1090-DIV 20 UNP. Se 1200 gain $ Id Colection 2016 pain Copy B For Recipient $ HOWIN'S NondMdengan Per income tax WOTE $ Skylar B. Black Sections investment penses streamcuong Apt. 103 $ $ 883 Scrub Brush Street, #52B 7 Fontax forico CHOCO, we or province, Country, and Perforuoposto $ Las Vegas, NV 89125 Cashoto 10 $ $ FATCA 1 C12 pcted private activity re bindings $ NOSE 1) Star Wa $ 3 Form 10-DIV koop for your records www.in. Department of any This is important Information and being used to Tell you quindio Rance party or other Sincro may be imposed on your incontestantra and the Omnes truit met een reported The Blacks own a ski condo located at 123 Buncombe Lane, Brian Head, UT 84719. The condo was rented for 185 days during 2020 and used by the Blacks for 15 days. The rental activity does not rise to the level to qualify for the QBI deduction. Pertinent information about the condo rental is as follows: Rental income $23,700 Mortgage interest reported on Form 1098 16,000 Homeowners' association dues 5,200 Utilities 3,400 Maintenance 6,600 0 Depreciation (assume fully depreciated) The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo. The Blacks received a $2,400 EIP in 2020. Required: Complete the Black's federal tax return for 2020. Use Form 1040, Schedule 1, Schedule D, Form 8949, Schedule E (page 1 only), Form 8582 (page 1 only) and the Qualified Dividends and Capital Gain Tax Worksheet to complete their tax return. 1 / 3 100% + PROBLEM 2 (Chapter 4) Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home parent and Walt is a high school teacher. Skylar's Social Security number is 222-43- 7690 and Walt's is 700-01-0002. Neither are age 65 or older. The Blacks provide all the support for Skylar's mother, Rebecca Backin (Social Security number 411- 66-2121), who lives in a nursing home in Reno, NV and has no income. Walter's father, Alton Black (Social Security number 343-22-8899), lives with the Blacks in Las Vegas. Although Alton received Social Security benefits of $7,600 in 2020, the Blacks provide over half of Alton's support. Skylar and Walt claim a $500 other dependent credit each for Rebecca and Alton. Walt's earnings from teaching are: Employee 900 Bumber 700-01-0002 Employer mon rumb 31-1239867 Employer mod, and JP code Las Vegas School District 2234 Vegas Valley Drive Las Vegas, NV 89169 Visit the bott OMB No 1545-COO FAST e file www. Wage GOTI 54,300.00 4,100.00 Swag GITARE 54,300.00 3,366 60 Medic wandte 6 Media 54,300.00 787.35 Sortie Alpe d Controller 10 Order benefits wameandis Love Hogeplan 12 box DD 7.900,00 Water Black 883 Scrub Brush Street, Apt. 52B Las Vegas, NV 89125 140 12 Gloswe Dr. NV 10 war... Ramon W-2 Wace and Tax Statement 2020 Det heller MacBook Pro Tom W-2 Wage and Tax Statement 2020 Department of the Treasury-Internal Revenue Service Copy B-To Be Filed With Employee's FEDERAL Tax Return This information is being furnished to the Internal Revenue Service The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2020. They originally paid $75,000 for the home on July 3, 1995, but managed to sell it for $604,000. They spent $14,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. The Blacks received the following 1099-DIV from their mutual fund investments: OMB NO. 1545-0110 2020 Dividends and Distributions CORRECTED (if checked) PAYER'Samo, trenaze ty or town or province, country. ZP 10 Toto ordinary Mede or toreign postal code and telephone no. 1,500.00 Cyber Equities Fund 41 Wall Street 10 Quid di New York, NY 10005 1,050.00 Total capitulo $ 6,700.23 PAYERS TIN RECIPIENTS TIN to section 1202 17-1234326 222-43-7690 $ Fm 1090-DIV 20 UNP. Se 1200 gain $ Id Colection 2016 pain Copy B For Recipient $ HOWIN'S NondMdengan Per income tax WOTE $ Skylar B. Black Sections investment penses streamcuong Apt. 103 $ $ 883 Scrub Brush Street, #52B 7 Fontax forico CHOCO, we or province, Country, and Perforuoposto $ Las Vegas, NV 89125 Cashoto 10 $ $ FATCA 1 C12 pcted private activity re bindings $ NOSE 1) Star Wa $ 3 Form 10-DIV koop for your records www.in. Department of any This is important Information and being used to Tell you quindio Rance party or other Sincro may be imposed on your incontestantra and the Omnes truit met een reported The Blacks own a ski condo located at 123 Buncombe Lane, Brian Head, UT 84719. The condo was rented for 185 days during 2020 and used by the Blacks for 15 days. The rental activity does not rise to the level to qualify for the QBI deduction. Pertinent information about the condo rental is as follows: Rental income $23,700 Mortgage interest reported on Form 1098 16,000 Homeowners' association dues 5,200 Utilities 3,400 Maintenance 6,600 0 Depreciation (assume fully depreciated) The above amounts do not reflect any allocation between rental and personal use of the condo. The Blacks are active managers of the condo. The Blacks received a $2,400 EIP in 2020. Required: Complete the Black's federal tax return for 2020. Use Form 1040, Schedule 1, Schedule D, Form 8949, Schedule E (page 1 only), Form 8582 (page 1 only) and the Qualified Dividends and Capital Gain Tax Worksheet to complete their tax return