2019 Income Tax Fundamentals

Ch 2 Group 5 Gaytor Tax Return

The following additional information is available for the family of Albert and Allison Gaytor. 1. In 2018, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc. (hint: slightly modified from Chapter 1) accurate, 266-51-1966 www.irs gowoft 5,780.00 4,144.70 969.33 OMBNo. 1545-0008 FASTI Use 60-3456789 66,850.00 o Empkyer's rame, addreas coda Coconut Goe Fishing Charters 2432 Bay Blvd Coconut Grove, FL 33133 66,850.00 wages and tips 66,850.00 Madicara tax al cecurity tips Allocatad tips number care benoits Empbye's frst name and initial 11 Nonqualified pars 12a Soeinstructions for box 12 DD 8,400.00 12b Albert T. Gaytor 12340 Cocoshell Road Coral Gables, FL 33134 Parking $1,440.00 fEmployee's addross and ZIP code wagas, tips Local Income ta FL W.2 Wage and Tax In addition to the interest from Chapter 1, Albert and Alison also received three Forms 1099: CORRECTED (if checked) OMB No. 1645-0112 PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN (optional or foreign postal code, and telephone no 2018 Interest Income Florida Electric Company 100 Palm Boulevard Jupiter, FL 33458 1 Interest income 670.33 Form 1099-INT Early withdrawal panalty Copy B PAYERS TIN RECIPIENT'S TIN For Recipient 266-51-1966 Interest on U.S Sevinge Bonde d 59-0247776 and Treas. obligations This is important tax information and is furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be on you if his income is taxable and the IRS determines that it has not been reported. RECIPIENTS name 4 Federal inoome tax 5 Investment expanser Forsign ocuntry or U.S.poesio 9 Speoiied private activity bond Albert T. Gaytor 6 Foreign tax paid Street address ircluding apt. no.) 12340 Cocoshell Road 8 Tax-exempt interest nterest City or town, state or province, country, and P or foreign postal code Coral Gables, FL 33134 10 Market dscount 1 Bond premium FATCA fling$ 2 Bond premium on Treanury cbignions 13 Bond preium on tne-ect 14 T and tax credit 15 State 16 State identificaton na. 17 State tax withheld bond CUSP na. Form 1099-INT (keep for your records) www.irs.gowForm 1099INT Department of the Treasury-Internal Revenue Service CORRECTED (if checked) a Total crdnary dividends OMB No. 1545-0110 PAYERS name, streat addresa, city or town, state or provinoe, ocuntry, 2P or foreign postal code, and telephone no. s 1,025.00 Everglades Bank Corporation 1500 S. Krome Ave. Homestead, FL 33034 tb Gusifed Ghidends2018 Dividnds and Distributions b Qualified dividends s 1,025.00 a Total capital gain dstr Form 1099-DIV 2b Unrecap. Sac. 1250 gain Copy B For Recipient 2o Secion 1202 gain 2d Collectibles (29%) gan 57-4443344 266-34-1967 RECIPIENT'S name 3 Nondividend distributions4 Federal income tax withhek This is important tax nformation and is furmished to the IRS. If you are required to file a reburn, a negigence ponalty or other sanction may be Allison Gaytor 0.00 5 Secton 19eA dividenda 6 Investment expanses addreas (including apt.no 12340 Cocoshell Rd 7 Foreign tax paid Foreign counby or UIS cr town, state or province, oountry postal oode imposed on you cr this incorme is taxable and the IRS determines that it has not been reported. Coral Gables, FL 33134 9 Cach liquidation dstrbution 10 Noncash liquidaion dish FATCA fiing 11 Exempt-interest dividends 12 Speoified private activity bond interest dividends Account number (see instructions) 13 State 14 Sttsitication 15 State tax withheld Form 1099-DIV (keep for your records) www.irs goeForm 10990lv Dapartment of the Treasury-Intemal Revenue Service CORRECTED (if checked) PAYERS name, street address, city or town, state or provinoe, ccuntry, 2P a Total ordinary dvidends OMB No. 1545-0110 or foreign postal code, and telephone no. s 160.00 b Qualified dividenda Grapefruit Mutual Fund to Gualind didends2018nds and Distributions CORRECTED if checked) PAYERSname, street address, city or town, state or province, country, 2Pa Total crdnary dividends or fcreign postal code, and telephone no. OMB No. 1545-0110 Grapefruit Mutual Fund 1500 S. Orange Blossom Trail Orlando, FL 32809 s 160.00 tb Gualied dhudenda2018 Dividends and Distributions Form 1099-DIV 2a Total capital gain dist. 2b Unrecap. Sec. 1250 gain Copy B For Recipient YER 2o Section 1202 gain 2d Collectibles (29%) gan 51-3334433 266-34-1967 ederal income tax wthhe This i important tax nformation and is boing fumished to the IRS. If you are required to file a return, a negligence penalty or cther sanction may be imposed on you his income is taxable and the IRS determines that it has not been reported. Allison Gaytor 5 Secticn 199A dividenda 6 Irwestment exparce addreas (inoluding opt. 12340 Cocoshell Road Foreign tax paid Foreign counby or U.S or town, stats or province, country, and ZIP or foreign postal oode Coral Gables, FL 33134 9Cach liquidation dstributions 10 Noncash liquidaion FATCA filing 11 Exempt-interest dividends12 Speoified private activity bond interest dividenda Acoount number (see instructions) 13 State14 Sttsitcton 15 State tax withheld Form 1099-DIV (keep for your records) www.irsgoveForm 1099i Department of the Treasury-Intemal Revenue Service The Gaytors also received interest of $745 from bonds issued by the Miami-Dade County Airport Authority (Form 1099 not shown) Albert went to the casino on his birthday and won big, as reflected on the following Form W-2G: OMB No 1545-0238 PAYER'S nama streat address, city or town provirce or ctate, country, andRaportable wimings ZP orforaign poatal code 2 Datewon 2018 6,000.00 Type of wagar KENO 9/22/2018 Mikkosukee Resort and Gaming 321 Tamiami Hwy Miami, FL 33194 4FoderalIncome tax Withho Form W-2G Certain Gambling Winnings 1,600.00 6 Race 7 Winnings from identical wagars 8 Cashiar This informaion is baing fumished to the interna Revenue Service 305-555-1212 266-51-1966 WINNER's name 11 First ID 12 Sacond I.D. Albert Gaytor Copy B Report this Income on your tederal tax return. this form shows federal Income tax withheld h box 4, attach this copy to your return. strost addross heluding apt na. 12340 Cocoshell Road DF124562 Cty or town province or stata, cortry, and ZIP or for ign postal code | 15 State Incorma tax wethhold 16 Locai wirings Coral Gables, FL 33134 17 Local incorme tax wihhaid 18 Name of localty Undar parakies o penry, I declare that, to the bast of my knowledge and belof, the name, addreas, and taxpayer idantification number that I have fumished corectly bantty me ao the racipant of this payment rd any payments from identical wager, and that no other person ned to any part ofte" payments. Signature Date Fomm www.irs goww2g Department or the Treasury-Intamal Pavanus sarvke Albert had no other gambling income or losses for the year. In February, Allison received $50,000 in life insurance proceeds from the death of her friend, Sharon In July, Albert's uncle Ivan died and left him real estate (undeveloped land) worth $72,000. Five years ago, Albert and Allison divorced. Albert married Iris, but the marriage did not work out and they divorced a year later. Under the 2014 divorce decree, Albert pays Iris $11,500 per year in alimony. All payments were on time in 2018 and Iris' Social Security number is 667-34-9224. Three years ago, Albert and Allison were remarried Coconut Fishing Charters, Inc. pays Albert's captain's license fees and membership dues to the Charter Fisherman's Association. During 2018, Coconut Fishing paid $1,300 for such dues and fees for Albert Allison was laid off from her job on January 2, 2018. She received a Form 1099-G for unemployment benefits CORRECTED (if checked) PAYER'S name, strost addross, city or lown, state or provinoa, country, ZIP or oreign postal code, and tolephone na 1 Unemplaymant oompansation CMe No. 1543-0120 Certain Govemment Payments 4.000,00 2018 Florida Dept. of Econ. Opportunity PO Box 5250 Tallahassee, FL 32314-5250 2 State or local hcome tax refunds, credts, or otfct Fom 1099-G PAYER'S TIN FECPIENT'S TN 3 Box 2 amourt is for tax year 4Federal Income fax whhold 150.00 Taxabie grants 21-5556666 Allison Gaytor 12340 Cocoshell Rd Coral Gables, FL 33134 266-34-1967 For Recipient RECIPIENTS name 5 RTAA paymants Trb important tax Information andla beng fumished to the IAS If you are required 8 If chocked, box 2a rade or busineS Streat addroas (Including apt. no.) negligance penalty or cthar canction may ba Imposed cn you h thia Markat gan City or town, state or province, and ZIP or foroign postal cods rcome b taablo and 0a Statoob Stato iaantication na 11Stada Income tax wim the IRS dstermines that t has not been raported Fomn 1099- keap for your rocords Department of the Treasry Intamal Ravarus Sarvice Albert and his family are covered by an employee-sponsored health plan at his work Coconut Fishing pays $700 per month in premiums for Albert and his family. During the year, Allison was in the hospital for appendix surgery. The bill for the surgery was $10,100 of which the health insurance reimbursed Albert the full $10,100. Coconut Fishing also pays for Albert's parking at the marina. The monthly cost is $120. Required: Combine this new information about the Gaytor family with the information The following additional information is available for the family of Albert and Allison Gaytor. 1. In 2018, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc. (hint: slightly modified from Chapter 1) accurate, 266-51-1966 www.irs gowoft 5,780.00 4,144.70 969.33 OMBNo. 1545-0008 FASTI Use 60-3456789 66,850.00 o Empkyer's rame, addreas coda Coconut Goe Fishing Charters 2432 Bay Blvd Coconut Grove, FL 33133 66,850.00 wages and tips 66,850.00 Madicara tax al cecurity tips Allocatad tips number care benoits Empbye's frst name and initial 11 Nonqualified pars 12a Soeinstructions for box 12 DD 8,400.00 12b Albert T. Gaytor 12340 Cocoshell Road Coral Gables, FL 33134 Parking $1,440.00 fEmployee's addross and ZIP code wagas, tips Local Income ta FL W.2 Wage and Tax In addition to the interest from Chapter 1, Albert and Alison also received three Forms 1099: CORRECTED (if checked) OMB No. 1645-0112 PAYER'S name, street address, city or town, state or province, country, ZIP Payer's RTN (optional or foreign postal code, and telephone no 2018 Interest Income Florida Electric Company 100 Palm Boulevard Jupiter, FL 33458 1 Interest income 670.33 Form 1099-INT Early withdrawal panalty Copy B PAYERS TIN RECIPIENT'S TIN For Recipient 266-51-1966 Interest on U.S Sevinge Bonde d 59-0247776 and Treas. obligations This is important tax information and is furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be on you if his income is taxable and the IRS determines that it has not been reported. RECIPIENTS name 4 Federal inoome tax 5 Investment expanser Forsign ocuntry or U.S.poesio 9 Speoiied private activity bond Albert T. Gaytor 6 Foreign tax paid Street address ircluding apt. no.) 12340 Cocoshell Road 8 Tax-exempt interest nterest City or town, state or province, country, and P or foreign postal code Coral Gables, FL 33134 10 Market dscount 1 Bond premium FATCA fling$ 2 Bond premium on Treanury cbignions 13 Bond preium on tne-ect 14 T and tax credit 15 State 16 State identificaton na. 17 State tax withheld bond CUSP na. Form 1099-INT (keep for your records) www.irs.gowForm 1099INT Department of the Treasury-Internal Revenue Service CORRECTED (if checked) a Total crdnary dividends OMB No. 1545-0110 PAYERS name, streat addresa, city or town, state or provinoe, ocuntry, 2P or foreign postal code, and telephone no. s 1,025.00 Everglades Bank Corporation 1500 S. Krome Ave. Homestead, FL 33034 tb Gusifed Ghidends2018 Dividnds and Distributions b Qualified dividends s 1,025.00 a Total capital gain dstr Form 1099-DIV 2b Unrecap. Sac. 1250 gain Copy B For Recipient 2o Secion 1202 gain 2d Collectibles (29%) gan 57-4443344 266-34-1967 RECIPIENT'S name 3 Nondividend distributions4 Federal income tax withhek This is important tax nformation and is furmished to the IRS. If you are required to file a reburn, a negigence ponalty or other sanction may be Allison Gaytor 0.00 5 Secton 19eA dividenda 6 Investment expanses addreas (including apt.no 12340 Cocoshell Rd 7 Foreign tax paid Foreign counby or UIS cr town, state or province, oountry postal oode imposed on you cr this incorme is taxable and the IRS determines that it has not been reported. Coral Gables, FL 33134 9 Cach liquidation dstrbution 10 Noncash liquidaion dish FATCA fiing 11 Exempt-interest dividends 12 Speoified private activity bond interest dividends Account number (see instructions) 13 State 14 Sttsitication 15 State tax withheld Form 1099-DIV (keep for your records) www.irs goeForm 10990lv Dapartment of the Treasury-Intemal Revenue Service CORRECTED (if checked) PAYERS name, street address, city or town, state or provinoe, ccuntry, 2P a Total ordinary dvidends OMB No. 1545-0110 or foreign postal code, and telephone no. s 160.00 b Qualified dividenda Grapefruit Mutual Fund to Gualind didends2018nds and Distributions CORRECTED if checked) PAYERSname, street address, city or town, state or province, country, 2Pa Total crdnary dividends or fcreign postal code, and telephone no. OMB No. 1545-0110 Grapefruit Mutual Fund 1500 S. Orange Blossom Trail Orlando, FL 32809 s 160.00 tb Gualied dhudenda2018 Dividends and Distributions Form 1099-DIV 2a Total capital gain dist. 2b Unrecap. Sec. 1250 gain Copy B For Recipient YER 2o Section 1202 gain 2d Collectibles (29%) gan 51-3334433 266-34-1967 ederal income tax wthhe This i important tax nformation and is boing fumished to the IRS. If you are required to file a return, a negligence penalty or cther sanction may be imposed on you his income is taxable and the IRS determines that it has not been reported. Allison Gaytor 5 Secticn 199A dividenda 6 Irwestment exparce addreas (inoluding opt. 12340 Cocoshell Road Foreign tax paid Foreign counby or U.S or town, stats or province, country, and ZIP or foreign postal oode Coral Gables, FL 33134 9Cach liquidation dstributions 10 Noncash liquidaion FATCA filing 11 Exempt-interest dividends12 Speoified private activity bond interest dividenda Acoount number (see instructions) 13 State14 Sttsitcton 15 State tax withheld Form 1099-DIV (keep for your records) www.irsgoveForm 1099i Department of the Treasury-Intemal Revenue Service The Gaytors also received interest of $745 from bonds issued by the Miami-Dade County Airport Authority (Form 1099 not shown) Albert went to the casino on his birthday and won big, as reflected on the following Form W-2G: OMB No 1545-0238 PAYER'S nama streat address, city or town provirce or ctate, country, andRaportable wimings ZP orforaign poatal code 2 Datewon 2018 6,000.00 Type of wagar KENO 9/22/2018 Mikkosukee Resort and Gaming 321 Tamiami Hwy Miami, FL 33194 4FoderalIncome tax Withho Form W-2G Certain Gambling Winnings 1,600.00 6 Race 7 Winnings from identical wagars 8 Cashiar This informaion is baing fumished to the interna Revenue Service 305-555-1212 266-51-1966 WINNER's name 11 First ID 12 Sacond I.D. Albert Gaytor Copy B Report this Income on your tederal tax return. this form shows federal Income tax withheld h box 4, attach this copy to your return. strost addross heluding apt na. 12340 Cocoshell Road DF124562 Cty or town province or stata, cortry, and ZIP or for ign postal code | 15 State Incorma tax wethhold 16 Locai wirings Coral Gables, FL 33134 17 Local incorme tax wihhaid 18 Name of localty Undar parakies o penry, I declare that, to the bast of my knowledge and belof, the name, addreas, and taxpayer idantification number that I have fumished corectly bantty me ao the racipant of this payment rd any payments from identical wager, and that no other person ned to any part ofte" payments. Signature Date Fomm www.irs goww2g Department or the Treasury-Intamal Pavanus sarvke Albert had no other gambling income or losses for the year. In February, Allison received $50,000 in life insurance proceeds from the death of her friend, Sharon In July, Albert's uncle Ivan died and left him real estate (undeveloped land) worth $72,000. Five years ago, Albert and Allison divorced. Albert married Iris, but the marriage did not work out and they divorced a year later. Under the 2014 divorce decree, Albert pays Iris $11,500 per year in alimony. All payments were on time in 2018 and Iris' Social Security number is 667-34-9224. Three years ago, Albert and Allison were remarried Coconut Fishing Charters, Inc. pays Albert's captain's license fees and membership dues to the Charter Fisherman's Association. During 2018, Coconut Fishing paid $1,300 for such dues and fees for Albert Allison was laid off from her job on January 2, 2018. She received a Form 1099-G for unemployment benefits CORRECTED (if checked) PAYER'S name, strost addross, city or lown, state or provinoa, country, ZIP or oreign postal code, and tolephone na 1 Unemplaymant oompansation CMe No. 1543-0120 Certain Govemment Payments 4.000,00 2018 Florida Dept. of Econ. Opportunity PO Box 5250 Tallahassee, FL 32314-5250 2 State or local hcome tax refunds, credts, or otfct Fom 1099-G PAYER'S TIN FECPIENT'S TN 3 Box 2 amourt is for tax year 4Federal Income fax whhold 150.00 Taxabie grants 21-5556666 Allison Gaytor 12340 Cocoshell Rd Coral Gables, FL 33134 266-34-1967 For Recipient RECIPIENTS name 5 RTAA paymants Trb important tax Information andla beng fumished to the IAS If you are required 8 If chocked, box 2a rade or busineS Streat addroas (Including apt. no.) negligance penalty or cthar canction may ba Imposed cn you h thia Markat gan City or town, state or province, and ZIP or foroign postal cods rcome b taablo and 0a Statoob Stato iaantication na 11Stada Income tax wim the IRS dstermines that t has not been raported Fomn 1099- keap for your rocords Department of the Treasry Intamal Ravarus Sarvice Albert and his family are covered by an employee-sponsored health plan at his work Coconut Fishing pays $700 per month in premiums for Albert and his family. During the year, Allison was in the hospital for appendix surgery. The bill for the surgery was $10,100 of which the health insurance reimbursed Albert the full $10,100. Coconut Fishing also pays for Albert's parking at the marina. The monthly cost is $120. Required: Combine this new information about the Gaytor family with the information