Federal Income Tax: Individual Chapter 2 Homework question
Sally and Charles Heck received the following Form 1099-DIV in 2019: CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP la total ordinary , , or foreign postal code, and telephone no. dividends OMB No. 1545-0110 Dividends and $1,055.00 2019 Wilson Corporation 33133 Hilltop Drive Alpine, CA 91901 1b Qualified dividends Distributions $ 740.00 Form 1099-DIV - 2a Total capital gain distr 2b Unrecap. Sec. 1250 gain $ $ PAYER'S TIN RECIPIENT'S TIN 2c Section 1202 gain 2d Collectibles (28%) gain 27-1234567 313-13-1313 $ $ 4 Federal income tax withheld 3 Nondividend distributions Copy B RECIPIENT'S name $ $ 0.00 Sally Heck For Recipient $ 5 Section 199A dividends 6 Investment expenses Street address (including apt. no.) $ $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence 7 Foreign tax paid 1420 Pasadena Blvd. 8 Foreign country or U.S. possession 4 Federal income tax withheld 3 Nondividend distributions Copy B RECIPIENT'S name $ 0.00 Sally Heck For Recipient $ 5 Section 1994 dividends 6 Investment expenses Street address (including apt. no.) . $ $ 7 Foreign tax paid 1420 Pasadena Blvd. 8 Foreign country or U.S. possession City or town, state or province, country, and ZIP or foreign postal code $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. . 9 Cash liquidation distributions 10 Noncash liquidation distributions Carrollton, TX 75007 $ $ FATCA filing 11 Exempt-interest requirement dividends 12 Specified private activity bond interest dividends $ $ Account number (see instructions) 15 State tax withheld 13 14 State State identification no. $ Form 1099-DIV (keep for your records) www.irs.gov/Form 1099DIV Department of the Treasury - Internal Revenue Service The Hecks also received the following dividends and interest in 2019 (Forms 1099-DIV not shown): Sally Charles Jointly Qualifying dividends: General Motors $870 IBM $2,240 Gene Corporation $2,925 Interest: Dime Box Bank 11 First National Bank 940 Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 for them for the 2019 tax year. If an amount box does not require an entry, enter "O". OMB No. 1545-0074 SCHEDULE B ( (Form 1040 or 1040- SR) Interest and Ordinary Dividends Department of the Treasury Internal Revenue Service (99) Go to www.irs.gov/Schedule for instructions and the latest information. Attach to Form 1040 or 1040-SR. -. 2019 Attachment Sequence No. 08 Name(s) shown on return Charles and Sally Heck Your social security number 313-13-1313 1 Amount List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that buyer's social security number and address Part I Interest (See Instructions and the instructions for Forms 1040 and 1040-SR, line 2b.) - 1 Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. 2 Add the amounts on line 1.. 2 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815 3 4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR, line 2b .... 4 Note: If line 4 is over $1,500, you must complete Part III. Amount Part II 5 List name of payer Ordinary Dividends IIIIII (See instructions and the instructions for Forms 1040 and 5 1040-SR, line 3b.) IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Dado Note: If you IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII received a Form 1099-DIV or MINIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b.. substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown on that form. Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. Yes No 7a At any time during 2019, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? Part III Foreign See instructions, Accounts and Trusts Caution: If required, failureto file FinCEN If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements. Form 114 may result in substantial b penalties. See instructions. If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located 8 During 2019, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," you may have to file Form 3520. See instructions. For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040 or 1040-SR) 2019 Sally and Charles Heck received the following Form 1099-DIV in 2019: CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP la total ordinary , , or foreign postal code, and telephone no. dividends OMB No. 1545-0110 Dividends and $1,055.00 2019 Wilson Corporation 33133 Hilltop Drive Alpine, CA 91901 1b Qualified dividends Distributions $ 740.00 Form 1099-DIV - 2a Total capital gain distr 2b Unrecap. Sec. 1250 gain $ $ PAYER'S TIN RECIPIENT'S TIN 2c Section 1202 gain 2d Collectibles (28%) gain 27-1234567 313-13-1313 $ $ 4 Federal income tax withheld 3 Nondividend distributions Copy B RECIPIENT'S name $ $ 0.00 Sally Heck For Recipient $ 5 Section 199A dividends 6 Investment expenses Street address (including apt. no.) $ $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence 7 Foreign tax paid 1420 Pasadena Blvd. 8 Foreign country or U.S. possession 4 Federal income tax withheld 3 Nondividend distributions Copy B RECIPIENT'S name $ 0.00 Sally Heck For Recipient $ 5 Section 1994 dividends 6 Investment expenses Street address (including apt. no.) . $ $ 7 Foreign tax paid 1420 Pasadena Blvd. 8 Foreign country or U.S. possession City or town, state or province, country, and ZIP or foreign postal code $ This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. . 9 Cash liquidation distributions 10 Noncash liquidation distributions Carrollton, TX 75007 $ $ FATCA filing 11 Exempt-interest requirement dividends 12 Specified private activity bond interest dividends $ $ Account number (see instructions) 15 State tax withheld 13 14 State State identification no. $ Form 1099-DIV (keep for your records) www.irs.gov/Form 1099DIV Department of the Treasury - Internal Revenue Service The Hecks also received the following dividends and interest in 2019 (Forms 1099-DIV not shown): Sally Charles Jointly Qualifying dividends: General Motors $870 IBM $2,240 Gene Corporation $2,925 Interest: Dime Box Bank 11 First National Bank 940 Assuming the Hecks file a joint tax return, complete Schedule B of Form 1040 for them for the 2019 tax year. If an amount box does not require an entry, enter "O". OMB No. 1545-0074 SCHEDULE B ( (Form 1040 or 1040- SR) Interest and Ordinary Dividends Department of the Treasury Internal Revenue Service (99) Go to www.irs.gov/Schedule for instructions and the latest information. Attach to Form 1040 or 1040-SR. -. 2019 Attachment Sequence No. 08 Name(s) shown on return Charles and Sally Heck Your social security number 313-13-1313 1 Amount List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that buyer's social security number and address Part I Interest (See Instructions and the instructions for Forms 1040 and 1040-SR, line 2b.) - 1 Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. 2 Add the amounts on line 1.. 2 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815 3 4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR, line 2b .... 4 Note: If line 4 is over $1,500, you must complete Part III. Amount Part II 5 List name of payer Ordinary Dividends IIIIII (See instructions and the instructions for Forms 1040 and 5 1040-SR, line 3b.) IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Dado Note: If you IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII received a Form 1099-DIV or MINIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b.. substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown on that form. Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. Yes No 7a At any time during 2019, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? Part III Foreign See instructions, Accounts and Trusts Caution: If required, failureto file FinCEN If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements. Form 114 may result in substantial b penalties. See instructions. If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located 8 During 2019, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," you may have to file Form 3520. See instructions. For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040 or 1040-SR) 2019
