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Professor Patricia (Patty) Pate is retired from the palm springs culinary academy (PSCAA). She is a single taxpayer and 68 years old. Patty lives at
Professor Patricia (Patty) Pate is retired from the palm springs culinary academy (PSCAA). She is a single taxpayer and 68 years old. Patty lives at 98 Colander street, Henderson, NV 89052. Professor Pate social security number is 565-66-9378. Patty receives monthly retirement benefits from her PSCAA retirement plan. Earning and income tax withholding shown on her retirement 2012 from 1099-R are: Gross distribution and taxable amount $61,200 Federal tax withheld 7,350 State tax withheld 0 Patricia owns a rental condo located at 392 Spatula way, The lakes, NV 88905. The condo rents for $850 per month and was rented for the entire year. The following are the related expenses for the rental house: Real estate taxes $ 2,725 Mortgage interest 7,500 insurance 410 Depreciation (assume fully depreciated ) 0 Homeowners' Association dues 1,540 Repairs 1,300 Gardening 2,090 The condo was purchased on August 31,1976. Professor Pate handles all rental activities (e.g., rent collection, finding tenants, etc.) herself. During March 2012, Patricia took a $ 75,000 distribution from her 401(K) plan. Patricia received only $60,000 because the 401(k) plan administrators withheld $15,000 federal income tax from the distribution. Forty-five days after the distribution, Patricia deposited $50,000 in a rollover IRA, keeping $10,000 of the $60,000 received in order to remodel her kitchen. Required: Complete Professor Pate federal tax return for 2012. Use from 1040, schedule E, form 8582, and any other appropriate schedule(s) form pages 4-51 through 4-55 to complete this tax return. Do not complete form 4562 for reporting depreciation. Make realistic assumption about any missing data
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