Question
FILL OUT SCHEDULE D FOR THE INOFORMATION BELOW ACT405 Portfolio Project Case 1 Comprehensive Tax Problem Option 1 Taxpayer Information Name: John Washington Address: 3450
FILL OUT SCHEDULE D FOR THE INOFORMATION 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 D (Form 1040) Department of the Treasury Internal Revenue Service (99) | Capital Gains and Losses Attach to Form 1040 or Form 1040NR. Information about Schedule D and its separate instructions is at www.irs.gov/scheduled. Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10. | OMB No. 1545-0074 | ||||||
2016 Attachment Sequence No. 12 | ||||||||
Name(s) shown on return | Your social security number | |||||||
Part I Short-Term Capital Gains and LossesAssets Held One Year or Less | ||||||||
See instructions for how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to whole dollars. | (d) Proceeds (sales price) | (e) Cost (or other basis) | (g) Adjustments to gain or loss from Form(s) 8949, Part I, line 2, column (g) | (h) Gain or (loss) Subtract column (e) from column (d) and combine the result with column (g) | ||||
1a Totals for all short-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 1b . | ||||||||
1b Totals for all transactions reported on Form(s) 8949 with Box A checked . . . . . . . . . . . . . | ||||||||
2 Totals for all transactions reported on Form(s) 8949 with Box B checked . . . . . . . . . . . . . | ||||||||
3 Totals for all transactions reported on Form(s) 8949 with Box C checked . . . . . . . . . . . . . | ||||||||
4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and 8824 . 5 Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Short-term capital loss carryover. Enter the amount, if any, from line 8 of your Capital Loss Carryover Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . . . . 7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long- term capital gains or losses, go to Part II below. Otherwise, go to Part III on the back . . . . . | 4 | |||||||
5 | ||||||||
6 | ( ) | |||||||
7 | ||||||||
Part II Long-Term Capital Gains and LossesAssets Held More Than One Year | ||||||||
See instructions for how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to whole dollars. | (d) Proceeds (sales price) | (e) Cost (or other basis) | (g) Adjustments to gain or loss from Form(s) 8949, Part II, line 2, column (g) | (h) Gain or (loss) Subtract column (e) from column (d) and combine the result with column (g) | ||||
8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b . | ||||||||
8b Totals for all transactions reported on Form(s) 8949 with Box D checked . . . . . . . . . . . . . | ||||||||
9 Totals for all transactions reported on Form(s) 8949 with Box E checked . . . . . . . . . . . . . | ||||||||
10 Totals for all transactions reported on Form(s) 8949 with Box F checked . . . . . . . . . . . . . . | ||||||||
11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and 8824 . . . . . . . . . . . . . . . . . . . . . . 12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 13 Capital gain distributions. See the instructions . . . . . . . . . . . . . . . . . . 14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . . . . 15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then go to Part III on the back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11 | |||||||
12 | ||||||||
13 | ||||||||
14 | ( ) | |||||||
15 | ||||||||
For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 11338H Schedule D (Form 1040) 2016 |
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