Question
ACCOUNTING PROGRAM!!!!!!!!! Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 12345. Her W-2 shows the following: Wages $ 56,500 Federal
ACCOUNTING PROGRAM!!!!!!!!! Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 12345. 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 2015 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. Kias 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 2015. 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.
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