Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information to complete Keith and Jen Hamilton's 2018 federal income tax retur. Form 1040, supporting schedules, and instructions to the forms and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Use the following information to complete Keith and Jen Hamilton's 2018 federal income tax retur. Form 1040, supporting schedules, and instructions to the forms and schedules can be found at www.irs.gov.You do not need to attach copies of the information forms (ie. W-25, 1099s, etc.) to the return and disregard due diligence checklists. The facts are as following: 1. Keith is employed as an airline pilot for Flyby Airlines in Las Vegas, NV. Jenis employedas a kindergarten teacher at Small World Elementary School, in Henderson, NV. Keith and Jenlive in a home they purchased this year. Keith and Jen have three children who lived with them all year, Sid, Robert and Tiffany. Keith and Jen had health coverage for the family for the full year and did not have any foreign bank accounts or trusts. Keith and Jen provided the following personal information: a. Keith and Jen wish to contribute to the presidential election campaign. Keith and Jen do not claim itemized deductions. b. Keith and Jen live at 1234 Easy Street, Las Vegas, NV 89101. Keith's birthday is 2/12/1947 and his Social Security number is 432-45-6789 d. Jen's birthday is 12/31/1967 and her Social Security number is 867-53-0911. Robert's birthday is 5/13/2010 and his Social Security number is 452-43-3232. 1. Tiffany's birthday is 1/8/2011 and her Social Security number is 452-24-1980 9. Sid's birthday 2/2/2012 and his Social Security number is 452-51-4589. 2. Keith and Jen have included the tax documents they received during the year with this package. Keith and Jen have also provided you with the following information: a. On January 21, 2018 Jen was involved in a car accident. Because the other driver was at fault, the other driver's insurance company reimbursed Jen $1,350 for medical expenses that she paid out of pocket and paid her $1,000 for emotional distress originating from the physical injury from the accident. The other driver was ordered to pay Jen $700 restitution as punitive damages. She received payment on March 15, 2018 b. Keith is a partner in a partnership that sells airplane parts. The Schedule K-1 is attached. He materially participates in the business. His total investment is at risk, he did not have any changes in his stock ownership, and he does not have any loans to the corporation. On July 27, 2018, Jen purchased supplies for her classroom totaling $249.79. Small World Elementary does not reimburse teachers for their out of pocket costs. d. Jen's grandmother died during 2017. Jen received her inheritance of $30,000 on May 12, 2018 e. On July 25, 2018, Keith's aunt Beatrice gave Keith $18,000 because she wanted to let everyone know that Keith is her favorite nephew. Keith gave a gift to his favorite niece, Carolyn, of cash in the amount of $10,000. Carolyn's social security number is 550-85-9654. She resides at 963 Mesa Street, Las Vegas, NV 89101. Her age is 18. Keith has not made any prior gifts. 1. On January 5, 2018, Keith and Jen sold their home in Las Vegas, NV.for $510,000 (net of commissions). Keith and Jen purchased the home elevenyears ago for $470,000. On January 29, 2018, they bought a new home for $675,000 9. Keith won a jackpot at the Mirage Casino during the year, in the amount of $15,000. He incurred $7,500 in gambling losses, paid during 2018, before winning the jackpot. h. Keith and Jen made four timely quarterly estimated payments of $1,500. Their prior year tax was $16.750 and no payments were applied from 2017. They would like their overpayment, if any. applied to next year. C. 22222 a Employee's social security number 43) - 45.6789 b Employer identification number (EIN) OMB No. 1545-0008 1 Wages, tips, other compensation 2 Federal income tax withheld 74-4561234 c Employer's name, address, and ZIP code 3 Social security wages 4 Social Security tax withhold 120,000 120,000 120,000 18.000 7,440 1,740 5 Medicare wages and tips Flyby Airlines 200 Blane Dr. Las Vegas, NV 89161 6 Medicare tax withheld 7 Social security tips 8 Allocated tips d Control number 9 Verification code 10 Dependent care benefits . Employee's first name and initial Last name 12a Sutt 11 Nonqualified plans DDI 5,200 13 Stary Hairement plan 12b 14 Other 12c Keith Hamilton 1234 Easy Street Las Vegas, NV 89101 12d f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locally name 2018 Department of the Treasury Intemal Revenue Service Form W-2 Wage and Tax Statement Copy 1-For State, City, or Local Tax Department 22222 a Employee's social security number 867-53-0911 b Employer identification number (EIN) 14.030812 c Employer's name, address, and ZIP code OMB No 1545-0008 1 Wages, tips, other compensation 42,000 Small World Elementary 808 Library uni Henderson, NV 89101 3 Social Security wages 42,000 5 Medicare wages and tips 42,000 7 Social Security tips 2 Federal income tax withheld 6,250 4 Social security tax withhold 2,480 6 Medicare tax withheld 580 & Allocated tips d Control number 9 Verification code 10 Dependent care benefits Employee's first name and initial Last name Sutt. 11 Nonqualified plans 12a 13 Story arge Heter 12b Jen Hamilton 1234 Easy Street Las Vegas, NV 89101 14 Other 120 12d Employee's address and ZIP code Employer's stato ID number 16 Stato wages, tips, etc. 17 State income tax 18 Local wager, tips, etc 19 Local income tax 20 Locally W-2 Wage and Tax Statement Copy 1-For State, City, or Local Tax Department Department of the Treasury - Internal Revenue Service 2018 Form Payer's RTN (optional) OMB No. 1545-0112 or foreign postal code, and telephone no. VOID CORRECTED PAYER'S name, street address, city or town, state or province, country, ZIP First World Bank 1 Interest income 100 Second Street s 4500 New York, NY 10005 2 Earty withdrawal penalty 2018 Interest Income Form 1099-INT Copy1 PAYER'S TIN RECIPIENT'S TIN For State Tax Department 74-0124080 1867-53-0911 RECIPIENT'S name 3 Interest on U.S. Savings Bonds and Treas, obligations s 600 4 Federal income tax withheld 5 Investment expenses $ $ 6 Foreign tax paid 7 Foreign country or U.S. possession $ 8 Tax-exempt interest 9 Specified private activity bond interest Jen Hamilton 1234 Easy Street Las Vegas, NV 89101 Street address (including apt. no.) 2,000 City or town, state or province, country, and ZIP or foreign postal code 10 Market discount 11 Bond premium FATCA fling $ $ requirement 12 Bord premium on Treasury obligations 13 Bond premium on tax-exempt bond $ $ 14 Tax-exempt and tax credit 15 Stato 16 State identification no. 17 State tax withhold bond CUSIP no. |$ Account number (se instructions Form 1099-INT www.irs.gov/Form1099INT Department of the Treasury - Internal Revenue Service VOID OMB No. 1545-0110 2018 CORRECTED PAYER'S name, street address, city or town, state or province, country. ZIP fa Total ordinary dividends or foreign postal code, and telephone no. Charles Schwab $ 15,000 1b Qualified dividends 4141 Pinnacle Street 5,000 2a Total capital gain distr. $ 250 2c Section 1202 gain Dividends and Distributions New York, NY 10005 Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (289) gain Copy1 For State Tax Department PAYER'S TIN RECIPIENT'S TIN RECIPIENT'S namo 74-0820045 432-45-6789 Keith Hamilton 1234 Easy Street Las Vegas, NV 89101 3 Nondividend distributions 4 Federal income tax withheld $ $ 2,000 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid 8 Foreign country or U.S. Possession Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code Cash liquidation distributions 10 Noncash liquidation distributiore FATCA filling "1 Exempt-interest dividends 12 Specified private activity requirement bond interest dividends $ Account number (se instruction) 13 State 14 Sul dortfolio to 16 State tax withheld $ Form 1099-DIV www.insgow Form10900IV Department of the Treasury - Internal Revenue Service VOID OMB No. 1545-0119 CORRECTED PAYER'S name, street address, city or town, state or province, 1 Gross distribution Distributions From country, ZIP or foreign postal code, and phone no. Pensions, Annuities, Met Life $ 12000 Retirement or 2018 Profit-Sharing Plans, 2a Taxable amount IRAS, Insurance 150 Main Street 6,000 Contracts, etc. Form 1099-R San Francisco, CA 2b Taxable amount Copy1 not determined distribution For PAYER'S TIN RECIPIENT'S TIN 3 Capital gain (included 4 Federal income tax State, City, in box 2a withheld or Local Tax Department 600 RECIPIENT'S namo 5 Employee contribution 6 Net unrealized Designated Roth appreciation in contributions or employer's securities Insurance promlums Total ::22-2349867 432-45-67895 Keith Hamilton SIMPLE Street address (including apt. no.) 7 Distribution IRA 8 Other SEP code(s) 1234 Easy Street City or town, state or province, country, and ZIP or foreign postal code 9a Your percentage of total 9b Total employee contributions Las Vegas, NV 89101 distribution 10 Amount allocable to RR 11 1st year of FATCA iing 12 State tax withheld 13 State/Payor's state no. 14 State distribution within 5 years desig. Roth contrib. requirement $ Account number (see instructions) Date of payment 15 Local tax withheld 16 Name of locality 17 Local distribution Form 1099-R www.irs.gowForm 1099R Department of the Treasury - Internal Revenue Service 651118 Amended OMB No 1545-0123 Part III Partner's Share of Current Year Income, Deductions, Credits, and Other Items Ordinary business incore ! 15 Credits 25,000 2 Netralletate income 3 Othernet rental income 16 Foreign transactions Schedule K-1 2018 (Form 1065) Department of the Treasury Internal Revenue Service For Calender you 2018. or tax your 2018 do Partner's Share of Income, Deductions, Credits, etc. See back of form and separate instructions Part I Information About the Partnership A Partnership's employer identification number 74-8569741 o Partnership's name, adress, city, state, and ZIP code NEVADA PLANE REPAIRS, L.P. 550 MAIN STREET LAS VEGAS, NV 89101 Guaranteed payments 5 Wrest income te Ordinary widende Quaified vidende te Dividend equivalents 7 Royalties Net short-term capital gain! 17 AAMT) om CRS Center where partnership fed return 1 Check this is a publicly tradud partnership PTP Part II Information About the Partner E Partner's wing number 432-45-6789 F Parva city, state and ZP code KEITH HAMILTON 1234 EASY STREET LAS VEGAS, NV 89101 Netlong-term capital gains Collectibles 20 gainos Uncated section 1250 ya 18 Texempt Income and nondeducible expenses G General partner or LLC Limited partner or other LLC 10 Net section 1231 anos Foreign partner 11 Other income 10 Distribution 1 What type of any is the pow? INDIVIDUAL 12 this per a retirement plan Wege..check here J Partner's share of pollo, and capital intruction Beginning Ending Profit 50 09 50 50 12 Section 17 deduction 50 50 50 13 Other deductions Z 25,000 Partners of AA 15,000 Beginning Ending 10000 $ 10000 AB 0 Qualified course 14 Self-employment range Os 15000 0 15000 AD 0 L $ S Partner's capitais Beginning capital count Capital con buted during the year Current year in der Withdrawal & distributions finding total account See attached statement for additional information 5 SC 5 7526 0 25,000 0) 32.526 Section 704 For IRS Use Only M Did the partner control with a bullingen erlos? No "Yes.tachement tructions For Paperwork Reduction Act Notices Instruction for Form 1065 Cal No. 113 Schedule K-1 Form 1065 2018 HO Bom 11. In Pareng Schedule SE Schedule 1 Form 100 2018 Page 2 This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040 For detailed reporting and filling Information, see the separate Partner's Instructions for Schedule and the instructions for your income tax retum 1. Ordinary business income. Determine whether the income Cache pive or more and enter on your room as follows Work opportunity rede K Disabled or credit Passos Empowerment Passive Income Schedule , ne 28, mont Nonpassives More from Schedule, line 28. column N Credit for social security and we Othernet rental income Backing Not income Schedule in 2 column POther credits Net See the Partners Instructions 16. Foreign traction 4 Guaranteed payments Schedule Eline 28 column A Name of country US Interest income Form 1040 in 2 poesi ca. Ordinary dividends Form 1040, line 3 Gross income from Form 1116. Put sh. Qualidade de Form 1040, In de c Gross come sources c. Dividend equivalents See the Partner's Instruction partnere 7. Royalties Schedule Eline 4 Foro pro income sourced at prie & Net short term capital gains Schedule Dine 5 Section 5 category Foreign branch Category Do Not long term capital gains Schedule Dine 12 se. Collectibles again 0 28 Rate Gan Worksheet, Ine 4 F Passive cry From 1118. Parti Schedule instructions c. Unrecaptured section 1250 gain See the Partner's Instructions 10. Net section 1231 ans So the Partner's Inn Deductions foedend option 11. Other income For 16. Pat Code Forn 1116. Put A Other portato come See the Partner's instructions Deduction located and coordat prove to formou B Involuntary See the Partner's Instructions C Sec. 1256 contracts Form 6781, line 1 K Section Stary D Mining exploration contre L Foreign branchegory Cancellation of Form 1040, Ine 21 MPVC Forn 1116. Parti Newery F Section 1A come OO Section inclusion Omer formation Mincome other than See the Partners icon P Total for Form 1116 sections 1 and Towego Form 111. Part Other income Reduction forced form 1118 e 12 12. Section 17 deduction See the Porter's instruction Forging 13. Other deductions Torncome A Cash conto ON U Section B Cash contribution 30 V Tested for Nocash contribution SOM) W Section D Noch contribution 30%) See the Partners X Other for Capital gain property to a 50% Instructions argentino 17. Alternative to AMT Mas A Pow ... F Capital gain property 004) Contribution (100 C Depth anal Herst expense Form 492.net o gas, com estructions for Deduction-wally income Schedule Tine 19 OLD podacions Form 6251 Section Spenditures See the Patrictions FOAM K cene buhese erst expense the Partners in 18. Tempt income and monedele pene L Deductions -portfolio other Schede A10 Form 1040 M Amours pard for medical insurance Sched A line 1or Schedule Other team come See the Partnerstone C None N Educational web See the Prinstructions 12. Divine O Dependent care benefits Form 2441. In 12 Ad Productive period expenses See the Partner's instructions Dibuito action 737 See the Partners Instructions o Comer revitalisation deduction from rental real estate activities Seefom 8502 R Pensions and AS See the Partners instruction 20. Other information Furmine Reforestation expense deduction See the Partners Instruction i though Reserved for future use net Form 52. Ines F lau qua Pom 4136 w Other deductions See the wher's instructions X Section Schoduction Qualified to expand see the Partners Intro So the Patrons 14. Self-employment earnings other than ontroles See the Partners Note: you have a section 179 deaction or any partner-Havel deduction, the creditacion Procesore come in Form 6011, ined self-employment ScheSESection AB Gross forming or fishing income See the Partners instructions Hector credit Form 455 C Gross non-arm income See the Partners Instructions I Recapture See the Partners icons 15. Credits Le-comed SeeForm A Low.com housing credit rection from pre-2008 Kom See Form Bowhome housing credit Liposons of property other from pre-2000 buildings section 17 Hond Clow.income housing credit Mon section from Nelse for corporate partners post 2007 ildings See the Partner's notructions MY D Low-income housing credit Z Section 19 cm from post 2007 AA Section 1 W AB Section de basis E Quadro AC Section Gedende expenditur se AD Section PTP com Other rental real estate credits AEE o Oteror H Undirbted capital gains credit Schedule on 1040. The 7.box AF Em AGG I Biofuel producerer See the Partner's instructions AHO Use the following information to complete Keith and Jen Hamilton's 2018 federal income tax retur. Form 1040, supporting schedules, and instructions to the forms and schedules can be found at www.irs.gov.You do not need to attach copies of the information forms (ie. W-25, 1099s, etc.) to the return and disregard due diligence checklists. The facts are as following: 1. Keith is employed as an airline pilot for Flyby Airlines in Las Vegas, NV. Jenis employedas a kindergarten teacher at Small World Elementary School, in Henderson, NV. Keith and Jenlive in a home they purchased this year. Keith and Jen have three children who lived with them all year, Sid, Robert and Tiffany. Keith and Jen had health coverage for the family for the full year and did not have any foreign bank accounts or trusts. Keith and Jen provided the following personal information: a. Keith and Jen wish to contribute to the presidential election campaign. Keith and Jen do not claim itemized deductions. b. Keith and Jen live at 1234 Easy Street, Las Vegas, NV 89101. Keith's birthday is 2/12/1947 and his Social Security number is 432-45-6789 d. Jen's birthday is 12/31/1967 and her Social Security number is 867-53-0911. Robert's birthday is 5/13/2010 and his Social Security number is 452-43-3232. 1. Tiffany's birthday is 1/8/2011 and her Social Security number is 452-24-1980 9. Sid's birthday 2/2/2012 and his Social Security number is 452-51-4589. 2. Keith and Jen have included the tax documents they received during the year with this package. Keith and Jen have also provided you with the following information: a. On January 21, 2018 Jen was involved in a car accident. Because the other driver was at fault, the other driver's insurance company reimbursed Jen $1,350 for medical expenses that she paid out of pocket and paid her $1,000 for emotional distress originating from the physical injury from the accident. The other driver was ordered to pay Jen $700 restitution as punitive damages. She received payment on March 15, 2018 b. Keith is a partner in a partnership that sells airplane parts. The Schedule K-1 is attached. He materially participates in the business. His total investment is at risk, he did not have any changes in his stock ownership, and he does not have any loans to the corporation. On July 27, 2018, Jen purchased supplies for her classroom totaling $249.79. Small World Elementary does not reimburse teachers for their out of pocket costs. d. Jen's grandmother died during 2017. Jen received her inheritance of $30,000 on May 12, 2018 e. On July 25, 2018, Keith's aunt Beatrice gave Keith $18,000 because she wanted to let everyone know that Keith is her favorite nephew. Keith gave a gift to his favorite niece, Carolyn, of cash in the amount of $10,000. Carolyn's social security number is 550-85-9654. She resides at 963 Mesa Street, Las Vegas, NV 89101. Her age is 18. Keith has not made any prior gifts. 1. On January 5, 2018, Keith and Jen sold their home in Las Vegas, NV.for $510,000 (net of commissions). Keith and Jen purchased the home elevenyears ago for $470,000. On January 29, 2018, they bought a new home for $675,000 9. Keith won a jackpot at the Mirage Casino during the year, in the amount of $15,000. He incurred $7,500 in gambling losses, paid during 2018, before winning the jackpot. h. Keith and Jen made four timely quarterly estimated payments of $1,500. Their prior year tax was $16.750 and no payments were applied from 2017. They would like their overpayment, if any. applied to next year. C. 22222 a Employee's social security number 43) - 45.6789 b Employer identification number (EIN) OMB No. 1545-0008 1 Wages, tips, other compensation 2 Federal income tax withheld 74-4561234 c Employer's name, address, and ZIP code 3 Social security wages 4 Social Security tax withhold 120,000 120,000 120,000 18.000 7,440 1,740 5 Medicare wages and tips Flyby Airlines 200 Blane Dr. Las Vegas, NV 89161 6 Medicare tax withheld 7 Social security tips 8 Allocated tips d Control number 9 Verification code 10 Dependent care benefits . Employee's first name and initial Last name 12a Sutt 11 Nonqualified plans DDI 5,200 13 Stary Hairement plan 12b 14 Other 12c Keith Hamilton 1234 Easy Street Las Vegas, NV 89101 12d f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locally name 2018 Department of the Treasury Intemal Revenue Service Form W-2 Wage and Tax Statement Copy 1-For State, City, or Local Tax Department 22222 a Employee's social security number 867-53-0911 b Employer identification number (EIN) 14.030812 c Employer's name, address, and ZIP code OMB No 1545-0008 1 Wages, tips, other compensation 42,000 Small World Elementary 808 Library uni Henderson, NV 89101 3 Social Security wages 42,000 5 Medicare wages and tips 42,000 7 Social Security tips 2 Federal income tax withheld 6,250 4 Social security tax withhold 2,480 6 Medicare tax withheld 580 & Allocated tips d Control number 9 Verification code 10 Dependent care benefits Employee's first name and initial Last name Sutt. 11 Nonqualified plans 12a 13 Story arge Heter 12b Jen Hamilton 1234 Easy Street Las Vegas, NV 89101 14 Other 120 12d Employee's address and ZIP code Employer's stato ID number 16 Stato wages, tips, etc. 17 State income tax 18 Local wager, tips, etc 19 Local income tax 20 Locally W-2 Wage and Tax Statement Copy 1-For State, City, or Local Tax Department Department of the Treasury - Internal Revenue Service 2018 Form Payer's RTN (optional) OMB No. 1545-0112 or foreign postal code, and telephone no. VOID CORRECTED PAYER'S name, street address, city or town, state or province, country, ZIP First World Bank 1 Interest income 100 Second Street s 4500 New York, NY 10005 2 Earty withdrawal penalty 2018 Interest Income Form 1099-INT Copy1 PAYER'S TIN RECIPIENT'S TIN For State Tax Department 74-0124080 1867-53-0911 RECIPIENT'S name 3 Interest on U.S. Savings Bonds and Treas, obligations s 600 4 Federal income tax withheld 5 Investment expenses $ $ 6 Foreign tax paid 7 Foreign country or U.S. possession $ 8 Tax-exempt interest 9 Specified private activity bond interest Jen Hamilton 1234 Easy Street Las Vegas, NV 89101 Street address (including apt. no.) 2,000 City or town, state or province, country, and ZIP or foreign postal code 10 Market discount 11 Bond premium FATCA fling $ $ requirement 12 Bord premium on Treasury obligations 13 Bond premium on tax-exempt bond $ $ 14 Tax-exempt and tax credit 15 Stato 16 State identification no. 17 State tax withhold bond CUSIP no. |$ Account number (se instructions Form 1099-INT www.irs.gov/Form1099INT Department of the Treasury - Internal Revenue Service VOID OMB No. 1545-0110 2018 CORRECTED PAYER'S name, street address, city or town, state or province, country. ZIP fa Total ordinary dividends or foreign postal code, and telephone no. Charles Schwab $ 15,000 1b Qualified dividends 4141 Pinnacle Street 5,000 2a Total capital gain distr. $ 250 2c Section 1202 gain Dividends and Distributions New York, NY 10005 Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (289) gain Copy1 For State Tax Department PAYER'S TIN RECIPIENT'S TIN RECIPIENT'S namo 74-0820045 432-45-6789 Keith Hamilton 1234 Easy Street Las Vegas, NV 89101 3 Nondividend distributions 4 Federal income tax withheld $ $ 2,000 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid 8 Foreign country or U.S. Possession Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code Cash liquidation distributions 10 Noncash liquidation distributiore FATCA filling "1 Exempt-interest dividends 12 Specified private activity requirement bond interest dividends $ Account number (se instruction) 13 State 14 Sul dortfolio to 16 State tax withheld $ Form 1099-DIV www.insgow Form10900IV Department of the Treasury - Internal Revenue Service VOID OMB No. 1545-0119 CORRECTED PAYER'S name, street address, city or town, state or province, 1 Gross distribution Distributions From country, ZIP or foreign postal code, and phone no. Pensions, Annuities, Met Life $ 12000 Retirement or 2018 Profit-Sharing Plans, 2a Taxable amount IRAS, Insurance 150 Main Street 6,000 Contracts, etc. Form 1099-R San Francisco, CA 2b Taxable amount Copy1 not determined distribution For PAYER'S TIN RECIPIENT'S TIN 3 Capital gain (included 4 Federal income tax State, City, in box 2a withheld or Local Tax Department 600 RECIPIENT'S namo 5 Employee contribution 6 Net unrealized Designated Roth appreciation in contributions or employer's securities Insurance promlums Total ::22-2349867 432-45-67895 Keith Hamilton SIMPLE Street address (including apt. no.) 7 Distribution IRA 8 Other SEP code(s) 1234 Easy Street City or town, state or province, country, and ZIP or foreign postal code 9a Your percentage of total 9b Total employee contributions Las Vegas, NV 89101 distribution 10 Amount allocable to RR 11 1st year of FATCA iing 12 State tax withheld 13 State/Payor's state no. 14 State distribution within 5 years desig. Roth contrib. requirement $ Account number (see instructions) Date of payment 15 Local tax withheld 16 Name of locality 17 Local distribution Form 1099-R www.irs.gowForm 1099R Department of the Treasury - Internal Revenue Service 651118 Amended OMB No 1545-0123 Part III Partner's Share of Current Year Income, Deductions, Credits, and Other Items Ordinary business incore ! 15 Credits 25,000 2 Netralletate income 3 Othernet rental income 16 Foreign transactions Schedule K-1 2018 (Form 1065) Department of the Treasury Internal Revenue Service For Calender you 2018. or tax your 2018 do Partner's Share of Income, Deductions, Credits, etc. See back of form and separate instructions Part I Information About the Partnership A Partnership's employer identification number 74-8569741 o Partnership's name, adress, city, state, and ZIP code NEVADA PLANE REPAIRS, L.P. 550 MAIN STREET LAS VEGAS, NV 89101 Guaranteed payments 5 Wrest income te Ordinary widende Quaified vidende te Dividend equivalents 7 Royalties Net short-term capital gain! 17 AAMT) om CRS Center where partnership fed return 1 Check this is a publicly tradud partnership PTP Part II Information About the Partner E Partner's wing number 432-45-6789 F Parva city, state and ZP code KEITH HAMILTON 1234 EASY STREET LAS VEGAS, NV 89101 Netlong-term capital gains Collectibles 20 gainos Uncated section 1250 ya 18 Texempt Income and nondeducible expenses G General partner or LLC Limited partner or other LLC 10 Net section 1231 anos Foreign partner 11 Other income 10 Distribution 1 What type of any is the pow? INDIVIDUAL 12 this per a retirement plan Wege..check here J Partner's share of pollo, and capital intruction Beginning Ending Profit 50 09 50 50 12 Section 17 deduction 50 50 50 13 Other deductions Z 25,000 Partners of AA 15,000 Beginning Ending 10000 $ 10000 AB 0 Qualified course 14 Self-employment range Os 15000 0 15000 AD 0 L $ S Partner's capitais Beginning capital count Capital con buted during the year Current year in der Withdrawal & distributions finding total account See attached statement for additional information 5 SC 5 7526 0 25,000 0) 32.526 Section 704 For IRS Use Only M Did the partner control with a bullingen erlos? No "Yes.tachement tructions For Paperwork Reduction Act Notices Instruction for Form 1065 Cal No. 113 Schedule K-1 Form 1065 2018 HO Bom 11. In Pareng Schedule SE Schedule 1 Form 100 2018 Page 2 This list identifies the codes used on Schedule K-1 for all partners and provides summarized reporting information for partners who file Form 1040 For detailed reporting and filling Information, see the separate Partner's Instructions for Schedule and the instructions for your income tax retum 1. Ordinary business income. Determine whether the income Cache pive or more and enter on your room as follows Work opportunity rede K Disabled or credit Passos Empowerment Passive Income Schedule , ne 28, mont Nonpassives More from Schedule, line 28. column N Credit for social security and we Othernet rental income Backing Not income Schedule in 2 column POther credits Net See the Partners Instructions 16. Foreign traction 4 Guaranteed payments Schedule Eline 28 column A Name of country US Interest income Form 1040 in 2 poesi ca. Ordinary dividends Form 1040, line 3 Gross income from Form 1116. Put sh. Qualidade de Form 1040, In de c Gross come sources c. Dividend equivalents See the Partner's Instruction partnere 7. Royalties Schedule Eline 4 Foro pro income sourced at prie & Net short term capital gains Schedule Dine 5 Section 5 category Foreign branch Category Do Not long term capital gains Schedule Dine 12 se. Collectibles again 0 28 Rate Gan Worksheet, Ine 4 F Passive cry From 1118. Parti Schedule instructions c. Unrecaptured section 1250 gain See the Partner's Instructions 10. Net section 1231 ans So the Partner's Inn Deductions foedend option 11. Other income For 16. Pat Code Forn 1116. Put A Other portato come See the Partner's instructions Deduction located and coordat prove to formou B Involuntary See the Partner's Instructions C Sec. 1256 contracts Form 6781, line 1 K Section Stary D Mining exploration contre L Foreign branchegory Cancellation of Form 1040, Ine 21 MPVC Forn 1116. Parti Newery F Section 1A come OO Section inclusion Omer formation Mincome other than See the Partners icon P Total for Form 1116 sections 1 and Towego Form 111. Part Other income Reduction forced form 1118 e 12 12. Section 17 deduction See the Porter's instruction Forging 13. Other deductions Torncome A Cash conto ON U Section B Cash contribution 30 V Tested for Nocash contribution SOM) W Section D Noch contribution 30%) See the Partners X Other for Capital gain property to a 50% Instructions argentino 17. Alternative to AMT Mas A Pow ... F Capital gain property 004) Contribution (100 C Depth anal Herst expense Form 492.net o gas, com estructions for Deduction-wally income Schedule Tine 19 OLD podacions Form 6251 Section Spenditures See the Patrictions FOAM K cene buhese erst expense the Partners in 18. Tempt income and monedele pene L Deductions -portfolio other Schede A10 Form 1040 M Amours pard for medical insurance Sched A line 1or Schedule Other team come See the Partnerstone C None N Educational web See the Prinstructions 12. Divine O Dependent care benefits Form 2441. In 12 Ad Productive period expenses See the Partner's instructions Dibuito action 737 See the Partners Instructions o Comer revitalisation deduction from rental real estate activities Seefom 8502 R Pensions and AS See the Partners instruction 20. Other information Furmine Reforestation expense deduction See the Partners Instruction i though Reserved for future use net Form 52. Ines F lau qua Pom 4136 w Other deductions See the wher's instructions X Section Schoduction Qualified to expand see the Partners Intro So the Patrons 14. Self-employment earnings other than ontroles See the Partners Note: you have a section 179 deaction or any partner-Havel deduction, the creditacion Procesore come in Form 6011, ined self-employment ScheSESection AB Gross forming or fishing income See the Partners instructions Hector credit Form 455 C Gross non-arm income See the Partners Instructions I Recapture See the Partners icons 15. Credits Le-comed SeeForm A Low.com housing credit rection from pre-2008 Kom See Form Bowhome housing credit Liposons of property other from pre-2000 buildings section 17 Hond Clow.income housing credit Mon section from Nelse for corporate partners post 2007 ildings See the Partner's notructions MY D Low-income housing credit Z Section 19 cm from post 2007 AA Section 1 W AB Section de basis E Quadro AC Section Gedende expenditur se AD Section PTP com Other rental real estate credits AEE o Oteror H Undirbted capital gains credit Schedule on 1040. The 7.box AF Em AGG I Biofuel producerer See the Partner's instructions AHO

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Todays Mood Is Sponsored By Auditing

Authors: Ruby Publishing

1st Edition

B08BG52SST, 979-8655512771

More Books

Students also viewed these Accounting questions

Question

Find the area of each figure. (2r + 11) Square centimeters

Answered: 1 week ago

Question

The company has fair promotion/advancement policies.

Answered: 1 week ago