Complete the form for Noah
Exercise 11-31 (Algorithmic) (LO. 8) Noah Yobs, age 55, who has $56,200 of AGI (solely from wages) before considering rental activities, has $50,580 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $28,100 of income. He has other passive activity income of $17,984. a. What amount of rental loss can Noah use to offset active or portfolio income in the current year? $ 56,200 X Feedback Check My Work The passive activity loss limits contain two exceptions related to real estate activities. These exceptions allow all or part of real estate rental losses to offset active or portfolio income even though the activity otherwise is defined as a passive activity. b. Compute Noah's AGI on Form 1040 (page 1; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Single Your first name and middle initial Last name Your social security number b. Compute Noah's AGI on Form 1040 (page 1; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Single Last name Your first name and middle initial Noah Your social security number 123-45-6789 Yobs If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. None City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here O Standard Standard Deduction Someone can claim: None You: None Age/Blindness Spouse: None Dependents (see instructions): (2) Social security number (3) Relationship to you (4) if qualifies for (see instructions): (1) First name Last name Child tax credit Credit for other dependents 1 Wages, salaries, tips, etc. Attach Form(s) W-2. 1 b 2a Tax-exempt interest .. 2a Taxable interest. Attach Sch. B if required 2b b 3a Qualified dividends Ordinary dividends. Attach Sch. B if required 3b 4a IRA distributions ..... 4a b Taxable amount 4b Standard Deduction for- Single or Married filing separately, $12,200 Married filing jointly or Qualifying Pensions and annuities 4c d Taxable amount 4d 5a Social security benefits 5a b Taxable amount 5b 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here .. 6 7a Other income from Schedule 1 line 0 7a b Add lines 1, 2b, 3b, 4b, 40, 5b, 6, and 7a. This is your total income ... 75 8a Adjustments to income from Schedule 1, line 22 ..., Ba $24,400 Head of household, $18,350 If you checked any box under Standard Deduction, see instructions. b Subtract line 8a from line 7b. This is your adjusted gross income Bb 9 9 Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction. Attach Form 8995 or Form 8995-A. 10 10 11a Add lines 9 and 10 11a b Taxable income. Subtract line 11a from line 8b. If zero or less, enter -o- . 11b For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2019) OMB No. 1545-0074 SCHEDULE 1 (Form 1040 or 1040-SR) Additional Income and Adjustments to Income Department of the Treasury Internal Revenue Service 2019 Attachment Sequence No. 01 Attach to Form 1040 or 1040-SR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Name(s) shown on Form 1040 or 1040-SR Noah Yobs Your social security number 123-45-6789 At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?. Yes No Part I Additional Income 1 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule C.. 3 4 Other gains or (losses). Attach Form 4797., 4 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 5 6 Farm income or (loss). Attach Schedule F, 6 7 Unemployment compensation 7 8 Other income. List type and amount 8 9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Part II Adjustments to Income 10 Educator expenses. 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 ..... 11 12 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 14 IC ----I-.-Jorn CIMDI --1----1:2-3-I--- 17 Penalty on early withdrawal of savings. 17 18a Alimony paid 18a b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction .... 19 20 Student loan interest deduction 20 21 Tuition and fees. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 8a ...... 22 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040 or 1040-SR) 2019 Exercise 11-31 (Algorithmic) (LO. 8) Noah Yobs, age 55, who has $56,200 of AGI (solely from wages) before considering rental activities, has $50,580 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $28,100 of income. He has other passive activity income of $17,984. a. What amount of rental loss can Noah use to offset active or portfolio income in the current year? $ 56,200 X Feedback Check My Work The passive activity loss limits contain two exceptions related to real estate activities. These exceptions allow all or part of real estate rental losses to offset active or portfolio income even though the activity otherwise is defined as a passive activity. b. Compute Noah's AGI on Form 1040 (page 1; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Single Your first name and middle initial Last name Your social security number b. Compute Noah's AGI on Form 1040 (page 1; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Single Last name Your first name and middle initial Noah Your social security number 123-45-6789 Yobs If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. None City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here O Standard Standard Deduction Someone can claim: None You: None Age/Blindness Spouse: None Dependents (see instructions): (2) Social security number (3) Relationship to you (4) if qualifies for (see instructions): (1) First name Last name Child tax credit Credit for other dependents 1 Wages, salaries, tips, etc. Attach Form(s) W-2. 1 b 2a Tax-exempt interest .. 2a Taxable interest. Attach Sch. B if required 2b b 3a Qualified dividends Ordinary dividends. Attach Sch. B if required 3b 4a IRA distributions ..... 4a b Taxable amount 4b Standard Deduction for- Single or Married filing separately, $12,200 Married filing jointly or Qualifying Pensions and annuities 4c d Taxable amount 4d 5a Social security benefits 5a b Taxable amount 5b 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here .. 6 7a Other income from Schedule 1 line 0 7a b Add lines 1, 2b, 3b, 4b, 40, 5b, 6, and 7a. This is your total income ... 75 8a Adjustments to income from Schedule 1, line 22 ..., Ba $24,400 Head of household, $18,350 If you checked any box under Standard Deduction, see instructions. b Subtract line 8a from line 7b. This is your adjusted gross income Bb 9 9 Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction. Attach Form 8995 or Form 8995-A. 10 10 11a Add lines 9 and 10 11a b Taxable income. Subtract line 11a from line 8b. If zero or less, enter -o- . 11b For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2019) OMB No. 1545-0074 SCHEDULE 1 (Form 1040 or 1040-SR) Additional Income and Adjustments to Income Department of the Treasury Internal Revenue Service 2019 Attachment Sequence No. 01 Attach to Form 1040 or 1040-SR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Name(s) shown on Form 1040 or 1040-SR Noah Yobs Your social security number 123-45-6789 At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?. Yes No Part I Additional Income 1 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule C.. 3 4 Other gains or (losses). Attach Form 4797., 4 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 5 6 Farm income or (loss). Attach Schedule F, 6 7 Unemployment compensation 7 8 Other income. List type and amount 8 9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Part II Adjustments to Income 10 Educator expenses. 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 ..... 11 12 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 14 IC ----I-.-Jorn CIMDI --1----1:2-3-I--- 17 Penalty on early withdrawal of savings. 17 18a Alimony paid 18a b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction .... 19 20 Student loan interest deduction 20 21 Tuition and fees. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 8a ...... 22 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040 or 1040-SR) 2019
