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in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl X C Solved: Dr. George E. Bee x 5> https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online x + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 4 Tax Problem 1 eBook Calculator 1. CP.04.02A Comprehensive Problem 4-2A ? Dr. George E. Beeper is a single taxpayer born on September 22, 1970. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper's Social Security number is 775-88-9531. Dr. Beeper's works for the Pine Medical Group. Dr. Beeper owns a rental house located at 672 Lake Street, Spokane, WA 99212. The house rents for $1,000 per month and was rented for the entire year. The following are the related expenses for the rental house: Real estate taxes $5,800 Mortgage interest 14,500 Insurance 2,225 Depreciation (assume fully depreciated) Repairs 550 Maintenance 1,980 The house was purchased on July 5, 1983. Dr. Beeper handles all rental activities (e.g., rent collection, finding tenants, etc.) himself. In 2018, Dr. Beeper sold his primary residence as he wished to move to an apartment to avoid the maintenance and upkeep of a single-family home. Dr. Beeper's home sold on February 12, 2018 for $345,000 net after commissions. He acquired the home on June 3, 2000 for $260,000 and had made improvements of $10,000. Dr. Beeper was divorced in 2012. The divorce decree requires Dr. Beeper to pay his ex-wife, Meredith Gray (Social Security number 333-45-1234), $800 per month. Dr. Beeper made all his monthly alimony payments in 2018. Required: Complete Form 1040 and the schedules and forms nmvided for Or Reener Progress: 1/1 items Check My Work 1 74:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee x 5> https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online x + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false . .. Chapter 4 Tax Problem 7 eBook Calculator $800 per month. Dr. Beeper made all his monthly alimony payments in 2018. 1. CP.04.02A Required: Complete Form 1040 and the schedules and forms provided for Dr. Beeper. The taxpayer had health coverage for the entire year. The taxpayer does not want to make contribution to the presidential election campaign. Do not complete Form 4562 for reporting depreciation. Make realistic assumptions about any missing data. If an amount box does not require an entry or the answer is zero, enter "0". If required, round any amount to the nearest dollar. Enter all amounts as positive numbers except for the following special instructions: If required, on Form 1040, line 17 and on Schedule E, on lines 21, 25, and 26, use the minus sign to indicate a loss. On Form 8582, if required, use the minus sign to enter a "loss" as a negative number on the lines id and 4. However, per the instructions on the tax return, enter all numbers in Part II as positive amounts. Dr. Beeper's W-2 Form Dr. Beeper's W-2 from the Pine Medical Group is below. a Employee's social security number 775-88-9531 OMB No. 1545-0008 Safe, accurate, FAST! Use IRS e ~ file Visit the IRS website at www.irs.gov/efile b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld 36-1389676 132,400.00 21,000.00 c Employer's name, address, and ZIP code 3 Social security wages 4 Social security tax withheld Pine Medical Group 128,400.00 7,960.80 800 W. 7th Avenue 6 Medicare tax withheld Spokane. WA 92204 5 Medicare wages and tips Progress: 1/1 items Check My Work 4:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee x SP https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online x + X C O https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false . .. Chapter 4 Tax Problem 1 eBook Calculator Spokane, WA 92204 5 Medicare wages and tips 6 Medicare tax withheld 1. CP.04.02A 132,400.00 1,919.80 ? 7 Social security tips 8 Allocated tips d Control number 9 Verification code 10 Dependent care benefits e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 George Beeper 45 Mountain View Drive, Apt #321 Spokane, WA 99210 DD 5,700.00 d 13 Statutory Retirement Third-party 12b employee plan sick pay C 14 Other 12c C 0 12d C Progress: 1/1 items Check My Work 4:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee X 5: https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online X + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 4 Tax Problem 7 eBook Calculator 1. CP.04.02A 1040 U.S. Individual Income Tax Return 2018 OMB No. 1545-0074 IRS Use Only Filing status: Single v Your first name and initial Last name Your social security number George E. Beeper 775-88-9531 Your standard deduction: None v If joint return, spouse's first name and initial Last name Spouse's social security number Spouse standard deduction: Someone can claim your spouse as a dependent Spouse was born Full-year health care before January 2, 1954 Spouse is blind Spouse itemizes on a separate return or you were dual- Yes v coverage or exempt status alien (see inst. ) Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign 45 Mountain View Drive 321 see inst.) None v City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. If more than four dependents, see Spokane, WA 99210 inst. and v here > Dependents (see instructions) : (2) Social security number (3) Relationship to you (4) v if qualifies for (see inst. ): (1) First name Last name Child tax credit Credit for other dependents Progress: 1/1 items Check My Work 4:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee x 5> https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online x + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false . . . Chapter 4 Tax Problem 1 eBook Calculator 1. CP.04.02A Form 1040 (2018) George E. Beeper 775-88-9531 Page 2 ? 1 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . 1 132,400 V 2a Tax-exempt interest 2a b Taxable interest 2b 3a Qualified dividends 3a b Ordinary dividends 3b Attach Form(s) W- 2. Also attach 4a IRAs, pensions, and 4a Taxable amount 4b Form(s) W-2G and annuities 1099-R if tax was 5a Social security benefits 5a b Taxable amount 5b withheld. 6 Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 -13,055 . . 6 119,345 V 7 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 . . . . Screenshot . now X Standard 8 Standard deduction or itemized deductions (from Schedule A) . . . . . . . Screenshot taken Deduction for- . Single or married Qualified business income deduction (see instructions) . . . . . Show in folder filing separately, 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter -0- $12,000 11 a Tax (see inst) . Married filing O X (check if any from: 1 Form(s) 8814 2 jointly or Qualifying 4972 3 widow(er), $24,000 b Add any amount from Schedule 2 and check here . . . . . . Head of household, 12 a Child tax credit/credit for other dependents $18,000 b Add any amount from Schedule 3 and check here . . . . . . . Progress: 1/1 items Check My Work COPY TO CLIPBOARD 1 7 4:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee X 5> https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online X + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false . . Chapter 4 Tax Problem 7 eBook Calculator 1. CP.04.02A household, 12 a Child tax credit/credit for other dependents $18,000 b Add any amount from Schedule 3 and check here . . . . . . . . If you checked 12 any box under 13 Subtract line 12 from line 11. If zero or less, enter -0- 13 O X Standard deduction, see 14 Other taxes. Attach Schedule 4 . . . . 14 instructions. 15 Total tax. Add lines 13 and 14 . . . 15 O X 16 Federal income tax withheld from Forms W-2 and 1099 16 21,000 V 17 Refundable credits: a EIC (see inst.) b Sch 8812 c Form 8863 Add any amount from Schedule 5 17 18 Add lines 16 and 17. These are your total payments . . . . . 18 21,000 V Refund 19 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid . 19 O X 20a Amount of line 19 you want refunded to you. If Form 8888 is attached, check here . . . . . 20a O X Direct deposit? > b Routing number c Type: Checking Savings See instructions. > d Account number 21 Amount of line 19 you want applied to your 2019 estimated tax . . . 21 Progress: 1/1 items Check My Work 4:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee X 5> https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online X + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false . . . Chapter 4 Tax Problem 7 eBook Calculator George E. Beeper 775-88-9531 1. CP.04.02A Additional 1-9b Reserved . 1-9b Income 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . 11 12 Business income or (loss). Attach Schedule C or C-EZ . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here 13 14 Other gains or (losses). Attach Form 4797 . . . . . 14 15a Reserved . . . 15b 16a Reserved 16b 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E . . . 17 -13,055 V 18 Farm income or (loss). Attach Schedule F . 18 19 Unemployment compensation . . 19 20a Reserved . . 20b 21 Other income. List type and amount 21 22 Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and include on Form 1040, line 6. Otherwise, go to line 23 22 O X Adjustments 2 Educator expenses . . . . 23 to Income 24 Certain business expenses of reservists, performing artists and fee-basis government Progress: 1/1 items Check My Work 4:06in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl X C Solved: Dr. George E. Bee X 5> https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online x + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false . .. Chapter 4 Tax Problem 1 eBook Calculator O Department of the Treasury Internal Attach to Form 1040 or Form 1041. 1. CP.04.02A Attachment Go to www.irs.gov/Form8582 for instructions and the latest information. Sequence No. 88 ? Revenue Service (99) Name(s) shown on return Identifying number George E. Beeper 775-88-9531 Part I 2018 Passive Activity Loss Caution: Complete Worksheets 1, 2, and 3 before completing Part I. Rental Real Estate Activities With Active Participation (For the definition of active participation, see Special Allowance for Rental Real Estate Activities in the instructions.) la Activities with net income (enter the amount from Worksheet 1, column (a)) la b Activities with net loss (enter the amount from Worksheet 1, column (b)) 1b 13,055 c Prior years' unallowed losses (enter the amount from Worksheet 1, column (C) ) . . . . 1c d Combine lines la, 1b, and 1c . . . . . 1d -13,055 Commercial Revitalization Deductions From Rental Real Estate Activities 2a Commercial revitalization deductions from Worksheet 2, column (a) . . . . 2a b Prior year unallowed commercial revitalization deductions from Worksheet 2 column (b) . . . . 2b c Add lines 2a and 2b . . . .. 2c All Other Passive Activities 3a Activities with net income (enter the amount from Worksheet 3, column (a)) 3a Progress: 1/1 items Check My Work 4:07in ACC 320/LECT/OS01-20 x Mail - Stacey Floyd - Outl x C Solved: Dr. George E. Bee x > https://myumo.moc.edu x M Inbox (16) - sif8194@um x CengageNOWv2 | Online x + X C A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 4 Tax Problem 7 eBook Calculator re anowea, intrading any prior year 1. CP.04.02A Report the losses on the forms and schedules normally used . . 4 -13,055 V If line 4 is a loss and: . Line 1d is a loss, go to Part II. . Line 2c is a loss (and line id is zero or more), skip Part II and go to Part III. . Line 3d is a loss (and lines id and 2c are zero or more), skip Parts II and III and go to line 15. Caution: If your filing status is married filing separately and you lived with your spouse at any time during the year, do not complete Part II or Part III. Instead, go to line 15. Part II Special Allowance for Rental Real Estate Activities With Active Participation Note: Enter all numbers in Part II as positive amounts. See instructions for an example. 5 Enter the smaller of the loss on line 1d or the loss on line 4 . . . 5 13,055 V 6 Enter $150,000. If married filing separately, see instructions . . . . . . 150,000 7 Enter modified adjusted gross income, but not less than zero (see instructions) . . 7 O X Note: If line 7 is greater than or equal to line 6, skip lines 8 and 9, enter -0- on line 10. Otherwise, go to line 8. CO Subtract line 7 from line 6 . 8 O X 9 Multiply line 8 by 50% (0.50). Do not enter more than $25,000. If married filing separately, see instructions O X 10 Enter the smaller of line 5 or line 9 . 10 13,055 If line 2c is a loss, go to Part III. Otherwise, go to line 15. Part III Special Allowance for Commercial Revitalization Deductions From Rental Real Estate Activities Progress: 1/1 items Check My Work 4:07