Question
Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following: Wages$56,500Federal withholding6,100Social security wages56,500Social security withholding3,503Medicare
Kia Lopez (SSN 412-34-5670) resides at 101 Poker Street, Apt. 12A, Hickory, FL 34714. Her W-2 shows the following:
Wages$56,500Federal withholding6,100Social security wages56,500Social security withholding3,503Medicare withholding819State withholding-0-
In 2016, Kia contributed cash of $7,000 to Apartment Rentals Limited Partnership (ARLP) in return for a 13% limited partnership interest. She is an active participant. Kia's shares of ARLP income and losses for the year per her K-1 were as follows:
Interest$35Dividends (qualified)290Capital gains (long-term)700Rental loss(8,300)
ARLP had no liabilities. Kia does not itemize and has no other investments or passive activities.
Prepare Form 1040 for Kia Lopez for 2016. The taxpayer had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule E (page 2), Form 6198, and Form 8582.(Input all the values as positive numbers. However losses should be indicated by a minus sign.)
Use the appropriateTax TablesandTax Rate Schedules.
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