FILL OUT SCHEDULE B FOR THE INFORMATION BELOW

ACT405 Portfolio Project Case 1

Comprehensive Tax Problem Option 1

Taxpayer Information

Name: John Washington

Address: 3450 Green St.

Miami, FL 54321

DOB: 5/5/1960

Filing Status: Married

SSN: 434-20-2020

Occupation: Engineer

Name: Debra Washington

Address: 3450 Green St.

Miami, FL 54321

DOB: 7/7/1962

Filing Status: Married

SSN: 411-21-4568

Occupation: Teacher

INCOME INFORMATION:

Wages and Compensation

The following information is taken from John Washingtons 2017 Form W-2 Wage and Tax Statement:

Box 1 Wages, tips, and other compensation	80,000
Box 2 Federal Withholding	12,500
Box 17 State Income Tax Withholding	2,000

The following information is taken from Debra Washingtons 2017 Form W-2 Wage and Tax Statement:

Box 1 Wages, tips, and other compensation	42,000
Box 2 Federal Withholding	3,500
Box 17 State Income Tax Withholding	750

Interest and Dividends

John had interest income from a savings account from Everest Bank of $500.00

Debra had dividend income of $550 from Blue Co. stock.

Capital Gains

John had the following stock transactions in 2017:

He sold 1,000 shares of Apex Co. for $ 12,000 on June 7, 2017, which he purchased on April 1, 2017 for 25,000

Rental Real Estate

The couple owns a rent house which he purchased on July 1, 2014. The income and expenses of the rental real estate unit are as follows:

Rental income $12,000

Property taxes $1,500

Depreciation $1,000

Repairs and Maintenance $750

Insurance $2,000

Other Transactions in 2017

1. Debra had educator expenses in 2017 of $450.00

2. John had gambling winnings of $1,000.

3. John was the beneficiary of his mothers life insurance policy.

His mother died in 2017 and he received $50,000 under this policy.

4. Debra paid $700 in student loan interest.

Templet:

SCHEDULE B (Form 1040A or 1040) Department of the Treasury Internal Revenue Service (99)		Interest and Ordinary Dividends Attach to Form 1040A or 1040. Information about Schedule B (Form 1040A or 1040) and its instructions is at www.irs.gov/scheduleb.		OMB No. 1545-0074
				2016 Attachment Sequence No. 08
Name(s) shown on return			Your social security number
Part I Interest (See instructions on back and the instructions for Form 1040A, or Form 1040, line 8a.) Note. If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firms name as the payer and enter the total interest shown on that form.	1 List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see instructions on back and list this interest first. Also, show that buyers social security number and address 2 Add the amounts on line 1 . . . . . . . . . . . . . . . . . . 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815 . . . . . . . . . . . . . . . . . . . . . 4 Subtract line 3 from line 2. Enter the result here and on Form 1040A, or Form 1040, line 8a . . . . . . . . . . . . . . . . . . . . . .		1	Amount
			2
			3
			4
	Note. If line 4 is over $1,500, you must complete Part III.			Amount
	5 List name of payer 6 Add the amounts on line 5. Enter the total here and on Form 1040A, or Form 1040, line 9a . . . . . . . . . . . . . . . . . . . . . .		5
			6
Part II
Ordinary
Dividends
(See instructions on back and the instructions for Form 1040A, or Form 1040,
line 9a.)
Note. If you
received a Form
1099-DIV or substitute statement from
a brokerage firm, list the firms 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. Part III 7a At any time during 2016, 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 Foreign country? See instructions . . . . . . . . . . . . . . . . . . . . . . . . Accounts If Yes, are you required to file FinCEN Form 114, Report of Foreign Bank and Financial and Trusts Accounts (FBAR), formerly TD F 90-22.1, to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those (See requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . instructions on b If you are required to file FinCEN Form 114, enter the name of the foreign country where the back.) financial account is located 8 During 2016, 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 on back . . . . . .					Yes	No
For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040A or 1040) 2016