Chapter 7 In-Class Assignment Jim Smith (ssn #321-45-7891) is 45, divorced, and has full custody of his 10-year old daughter, Amy (#055-44-3235). Jim has wages of $68,000, and had federal taxes withheld of $5,200 from his job as a professor. . Under his 2017 divorce decree he paid his ex-wife, Mary Smith, #245-11-1756, $6,000 of alimony for the current year . Jim owns a lake house that he rented out for 9 months and used it personally for 3 months. The rental income from the lake house was $24,000. The total expenses related to the lake house were: Taxes $6,000, Mortgage Interest $10,000, Repairs and Maintenance $2,400, Depreciation $6,000 Jim invests in various stocks and bonds. His 1099's are attached. In addition, Investors 'R' Us reported the following stock sales for Jim this year. Investors 'R' Us 1099-B Jim Smith 321-45-7891 Sales Price Date Purchased 4/5/2018 1/1/2014 2/2/2018 1/12/2018 4/15/2010 Date Sold 10/1/2018 1/15/2018 5/31/2018 8/1/2018 10/28/2018 Cos -Shares Company 100 IBM $4,500 $5,000 $8,000$4,500 S6,000 S4,500$3,000 $2,000 $6,500 50 Google 200 Wal-Mart $4,500 1000 Disney 500 Kmart Required: Prepare Forms 1040, 8949, Schedule D, Schedule E VOID CORRECTED PAYERS name, street addrees, city or town, state or proince, counry.ZIP Payer's RTN (aptional) or toreio poa cooe, and telephone no OB No. 1545 0112 Interest Income 1innoresn incom 1500 Form 1099-INT 2 Eany withdrawal ponalty Copy 1 PAYER'S fedoml identification umbar RECIPIENTS idemificatian number $ 91-1358730-4S-789 For State Tax Department Interest on U.S. Saings Bonds and Treas. oo gationg RECIPENTS name 4Foderal ncome tak wshheld 5 Invesment expeneos Street address (nchuong apt. na.) d Foreon tax paid City or town, state or provinos, country and ZIP or foreign postal coda 8 Tax-axempt interest 9 Speched privabe acovity band ntorent 0 Markvet discout 11 Bond pamium 2 Tx aKampt band CUSIP na 13 Sue 14Stne ientifiaion no 15 State tax withold Fon 1099-INT www.rs.goworm1099in epartmem af che Treasury-Imeal Revene Sevice |VOID -- CORRECTED PAYER'Sname, street address, city or town, state or provnoe, courry, Z Payers ATN (optional) OMD No. 1545-0112 Bank of Carol, a Interest Income Incorost income Fonm 1099-INT Earty wltharnwal ponalty Copy 1 PAYER'S federat idernification numbor RECIPIENTS identification number 3-8745 33-ys-2 For State Tax Department 3 nterest on U.3 Sa ngs Bonds and Teas. obagatlone RECIPIENTS name 4 Federal roome tax wwnhold | S investment emenoOG Jim Smith Street aadress (ncluding apt. no.) 6 Foreign cax paid City ar town, state or province country. and ZIP or foreign postal code 8 Tax-exenpe interest Speohed private scovty bond nterent 0 Market dbcount 11 Bond pamium Acoount number boe instrucsio 12 Taxexempt band CUSIPno 13 S 1Stte idtication na. State tax withheld Form 1099-INT www.bs gowormt099int Depertment of the Treasury-Imemal Revenue Service CORRECTED (if check PAYER"S nane, stroot address, cty or town, state or province, country, 2P | a or torpign postal code, and telaphone no Total Orofnary dedends | OB No, t S40110 350 Dividends and Distributions Form 1099-DIV 2b UBcap, Sec 1250 om 2B Total captal gain distr Copy B For Reciplent S donbricartion numbor 2e Seation 1202 gai AY 31-5b8a43132-4-789 IPIENTS narme infommaton and i Sorvoe. If you ar required to tle Cily or to, sate or province. cauntry. and ZP or foroion poetal codeS penaay or other anction may be iipoed on you and the RS 10 Exampt-intorodt didends 11 Speciflod private activay bond orodl idand 12 State 13 14 StatR wt Form 1099-D (keep for your records) www.ins.gownorm 1000dv Department of the Trury Internal Revenve Service Chapter 7 In-Class Assignment Jim Smith (ssn #321-45-7891) is 45, divorced, and has full custody of his 10-year old daughter, Amy (#055-44-3235). Jim has wages of $68,000, and had federal taxes withheld of $5,200 from his job as a professor. . Under his 2017 divorce decree he paid his ex-wife, Mary Smith, #245-11-1756, $6,000 of alimony for the current year . Jim owns a lake house that he rented out for 9 months and used it personally for 3 months. The rental income from the lake house was $24,000. The total expenses related to the lake house were: Taxes $6,000, Mortgage Interest $10,000, Repairs and Maintenance $2,400, Depreciation $6,000 Jim invests in various stocks and bonds. His 1099's are attached. In addition, Investors 'R' Us reported the following stock sales for Jim this year. Investors 'R' Us 1099-B Jim Smith 321-45-7891 Sales Price Date Purchased 4/5/2018 1/1/2014 2/2/2018 1/12/2018 4/15/2010 Date Sold 10/1/2018 1/15/2018 5/31/2018 8/1/2018 10/28/2018 Cos -Shares Company 100 IBM $4,500 $5,000 $8,000$4,500 S6,000 S4,500$3,000 $2,000 $6,500 50 Google 200 Wal-Mart $4,500 1000 Disney 500 Kmart Required: Prepare Forms 1040, 8949, Schedule D, Schedule E VOID CORRECTED PAYERS name, street addrees, city or town, state or proince, counry.ZIP Payer's RTN (aptional) or toreio poa cooe, and telephone no OB No. 1545 0112 Interest Income 1innoresn incom 1500 Form 1099-INT 2 Eany withdrawal ponalty Copy 1 PAYER'S fedoml identification umbar RECIPIENTS idemificatian number $ 91-1358730-4S-789 For State Tax Department Interest on U.S. Saings Bonds and Treas. oo gationg RECIPENTS name 4Foderal ncome tak wshheld 5 Invesment expeneos Street address (nchuong apt. na.) d Foreon tax paid City or town, state or provinos, country and ZIP or foreign postal coda 8 Tax-axempt interest 9 Speched privabe acovity band ntorent 0 Markvet discout 11 Bond pamium 2 Tx aKampt band CUSIP na 13 Sue 14Stne ientifiaion no 15 State tax withold Fon 1099-INT www.rs.goworm1099in epartmem af che Treasury-Imeal Revene Sevice |VOID -- CORRECTED PAYER'Sname, street address, city or town, state or provnoe, courry, Z Payers ATN (optional) OMD No. 1545-0112 Bank of Carol, a Interest Income Incorost income Fonm 1099-INT Earty wltharnwal ponalty Copy 1 PAYER'S federat idernification numbor RECIPIENTS identification number 3-8745 33-ys-2 For State Tax Department 3 nterest on U.3 Sa ngs Bonds and Teas. obagatlone RECIPIENTS name 4 Federal roome tax wwnhold | S investment emenoOG Jim Smith Street aadress (ncluding apt. no.) 6 Foreign cax paid City ar town, state or province country. and ZIP or foreign postal code 8 Tax-exenpe interest Speohed private scovty bond nterent 0 Market dbcount 11 Bond pamium Acoount number boe instrucsio 12 Taxexempt band CUSIPno 13 S 1Stte idtication na. State tax withheld Form 1099-INT www.bs gowormt099int Depertment of the Treasury-Imemal Revenue Service CORRECTED (if check PAYER"S nane, stroot address, cty or town, state or province, country, 2P | a or torpign postal code, and telaphone no Total Orofnary dedends | OB No, t S40110 350 Dividends and Distributions Form 1099-DIV 2b UBcap, Sec 1250 om 2B Total captal gain distr Copy B For Reciplent S donbricartion numbor 2e Seation 1202 gai AY 31-5b8a43132-4-789 IPIENTS narme infommaton and i Sorvoe. If you ar required to tle Cily or to, sate or province. cauntry. and ZP or foroion poetal codeS penaay or other anction may be iipoed on you and the RS 10 Exampt-intorodt didends 11 Speciflod private activay bond orodl idand 12 State 13 14 StatR wt Form 1099-D (keep for your records) www.ins.gownorm 1000dv Department of the Trury Internal Revenve Service