Exercise 11-31 (Algorithmic) (LO. 8) Noah Yobs, who has $98,200 of AGI (solely from wages) before considering rental activities, has $88,380 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 $49,100 of income. He has other passive activity income of $31,424. a. What amount of rental loss can Noah use to offset active or portfolio income in the current year? 7,856 Feedback b. Compute Noah's AGI on Form 1040 (pages 1 and 2; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. Form 1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return 2018 OMB No. 1545-0074 IRS Use Only Filing status: Single Married filing jointly Married fling separately Head of household Qualifying widow(er) Your first name and initial Last name Your social security number Noah Yobs 123-45-6789 Your standard deduction: Someone can claim you as a dependent you were born before January 2, 1954 You are blind If joint return, spouse's first name and initial Last name Spouse's social security number Spouse standard deduction: Someone can aim your spouse as a dependent Spouse was born Full-year health care coverage or before January 2, 1954 Spouse is blind Spouse itemizes on a separate return or you were dual- exempt (see inst.) status alien Home address (number and street). If you have a P.O. box, see instructions, Apt. no. Presidential Election Campaign sce inst.) You Spouse Check My Work 4 more Check My Work uses remaining Assignment Score: 81.43% All work saved Save and Exit Submit Assignment for Grading 10:36 PM 8/4/2020 Page 2 Form 1040 (2018) 1 98,200 1 Wages, salaries, tips, etc. Attach Form(s) W-2. 2b 3b 4b 1b 2a Tax-exempt interest 2a b Taxable interest 3a Qualified dividends b Ordinary dividends Attach Form(s) 4a IRAS, pensions, and 4a b Taxable amount W-2. Also attach annuities Form(s) W-2G and Sa Social security benefits 5a b Taxable amount 1099-R if tax was withheld. Total income. Add Ines 1 through 5. Add any amount from Schedule 1, line 22 98,200 X 5b 6 6 98,200 x 7 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 7 90,222 X 8 o 0 10 11 Standard Deduction for Single or married fling separately, $12,000 Married filing jointly or Qualifying widow(er), $24,000 Head of household, $18,000 Thorlac Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see instructions) 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter.0- 11 a Tax (see inst) (check ck if any from: 1 Form(s) 8814 2 Form 4972 30 b Add any amount from Schedule 2 and check here 12 a Child tax credit/credit for other dependents b Add any amount from Schedule 3 and check here 13 Subtract line 12 from line 11. If zero or less, entero- 14 Other taxes. Attach Schedule 4. 15 Total tax. Add lines 13 and 14 12 13 14 15 wn on Form 1040 Your social security number 123-45-6789 al 1-9b Reserved. 1-9b 10 11 10 Taxable refunds, credits, or offsets of state and local income taxes 11 Alimony received. 12 Business income or (loss). Attach Schedule C or C-EZ.. 13 Capital gain or loss). Attach Schedule D if required. If not required, check here 12 13 14 Other gains or losses). Attach Form 4797 15a Reserved 14 15b 16a Reserved. 16b 17 18 19 205 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.. 18 Farm income or (loss). Attach Schedule F 19 Unemployment compensation.. 20a Reserved. 21 Other income. List type and amount 22 Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and include on Form 1040, line 6 Otherwise, go to line 23 justments 23 Educator expenses. 23 Income 24 Certain business expenses of reservists, performing artists, and fee-basis government ale Anne 21 22 A My Work 3 more Check My Work uses remaining Previous Next > at Score: 01.43% All work saved Exercise 11-31 (Algorithmic) (LO. 8) Noah Yobs, who has $98,200 of AGI (solely from wages) before considering rental activities, has $88,380 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 $49,100 of income. He has other passive activity income of $31,424. a. What amount of rental loss can Noah use to offset active or portfolio income in the current year? 7,856 Feedback b. Compute Noah's AGI on Form 1040 (pages 1 and 2; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss. Form 1040 Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return 2018 OMB No. 1545-0074 IRS Use Only Filing status: Single Married filing jointly Married fling separately Head of household Qualifying widow(er) Your first name and initial Last name Your social security number Noah Yobs 123-45-6789 Your standard deduction: Someone can claim you as a dependent you were born before January 2, 1954 You are blind If joint return, spouse's first name and initial Last name Spouse's social security number Spouse standard deduction: Someone can aim your spouse as a dependent Spouse was born Full-year health care coverage or before January 2, 1954 Spouse is blind Spouse itemizes on a separate return or you were dual- exempt (see inst.) status alien Home address (number and street). If you have a P.O. box, see instructions, Apt. no. Presidential Election Campaign sce inst.) You Spouse Check My Work 4 more Check My Work uses remaining Assignment Score: 81.43% All work saved Save and Exit Submit Assignment for Grading 10:36 PM 8/4/2020 Page 2 Form 1040 (2018) 1 98,200 1 Wages, salaries, tips, etc. Attach Form(s) W-2. 2b 3b 4b 1b 2a Tax-exempt interest 2a b Taxable interest 3a Qualified dividends b Ordinary dividends Attach Form(s) 4a IRAS, pensions, and 4a b Taxable amount W-2. Also attach annuities Form(s) W-2G and Sa Social security benefits 5a b Taxable amount 1099-R if tax was withheld. Total income. Add Ines 1 through 5. Add any amount from Schedule 1, line 22 98,200 X 5b 6 6 98,200 x 7 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 7 90,222 X 8 o 0 10 11 Standard Deduction for Single or married fling separately, $12,000 Married filing jointly or Qualifying widow(er), $24,000 Head of household, $18,000 Thorlac Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see instructions) 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter.0- 11 a Tax (see inst) (check ck if any from: 1 Form(s) 8814 2 Form 4972 30 b Add any amount from Schedule 2 and check here 12 a Child tax credit/credit for other dependents b Add any amount from Schedule 3 and check here 13 Subtract line 12 from line 11. If zero or less, entero- 14 Other taxes. Attach Schedule 4. 15 Total tax. Add lines 13 and 14 12 13 14 15 wn on Form 1040 Your social security number 123-45-6789 al 1-9b Reserved. 1-9b 10 11 10 Taxable refunds, credits, or offsets of state and local income taxes 11 Alimony received. 12 Business income or (loss). Attach Schedule C or C-EZ.. 13 Capital gain or loss). Attach Schedule D if required. If not required, check here 12 13 14 Other gains or losses). Attach Form 4797 15a Reserved 14 15b 16a Reserved. 16b 17 18 19 205 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.. 18 Farm income or (loss). Attach Schedule F 19 Unemployment compensation.. 20a Reserved. 21 Other income. List type and amount 22 Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and include on Form 1040, line 6 Otherwise, go to line 23 justments 23 Educator expenses. 23 Income 24 Certain business expenses of reservists, performing artists, and fee-basis government ale Anne 21 22 A My Work 3 more Check My Work uses remaining Previous Next > at Score: 01.43% All work saved