Dear Tutor, Please help me out on these 8 questions of Form 6744 (IRS). Please find the PDF file as attached. Thank you so much. Best regards, April
Advanced Scenario 8: Elliot and Kathy Blackburn Interview Notes Elliot retired from the local school district and began receiving retirement income in March 2013. No distributions were received before that. They selected a joint survivor annuity for these payments. Their 2012 tax return shows a long-term capital loss carryover available for 2013 of $450. Elliot spent $10 on bingo every week for a total of $520. Elliot and Kathy want to file a joint return. They provided all of the support for their son Carter. Advanced Scenarios 2-23 2-24 Advanced Scenarios Advanced Scenarios 2-25 2-26 Advanced Scenarios Advanced Scenarios 2-27 2-28 Advanced Scenarios Advanced Scenarios 2-29 2-30 Advanced Scenarios Advanced Scenarios 2-31 2-32 Advanced Scenarios Advanced Scenario 8: Test Questions Directions Complete Form 1040 and the appropriate forms, schedules, and worksheets to answer each of the following questions. Note: When using the Link and Learn Taxes Practice Lab, complete the social security numbers and employer identification numbers by replacing the Xs with your User ID. In classroom situations, replace the Xs with the numbers provided by your instructor. 25. The total interest income shown on Line 8a of Form 1040 is $________. 26. Where on the tax return should the royalty income from Schedule K-1 (Form 1120S) appear? a. Form 1040, line 8a b. Form 1040, line 12 c. Form 1040, line 17 d. Form 1040, line 21 27. What is the amount shown on Form 1040, Line 13 - Capital gain or loss? a. A loss of $507 b. A loss of $582 c. A loss of $957 d. A loss of $1,032 28. How much of the $17,500 gross distribution reported on Form 1099-R is taxable in 2013? $ ________. 29. Is Elliot's social security income taxable? a. No, because their total income is less than $32,000. b. No, social security benefits are never taxable. c. Yes, a portion of the social security income is taxable. d. Yes, all of the social security income is taxable. 30. How should Elliot report his bingo income? a. $1,500 should be reported on Form 1040, line 21. b. He does not need to report his winnings. c. He subtracts his losses from winnings and reports $980 on Form 1040, line 21. d. He includes the W2-G amount on Form 1040, line 7. 31. What is the amount of the foreign tax credit on Form 1040, page 2? $ ________. Advanced Scenarios 2-33 32. Are the Blackburns entitled to claim an earned income credit for 2013? a. No, because their investment income exceeds the amount allowed to claim the credit. b. No, Elliot is over the age of 65. c. No, Carter is not a qualifying child for purposes of the EIC. d. Yes, they are eligible for the credit. 2-34 Advanced Scenarios
