B
Business , 29.07.2022 00:57

Kia Lopez is single (SSN 412-34-5670) and resides
at 101 Poker Street, Apt. 12A, Hickory, FL 34714.
Her W-2 shows the following:
Wages
$ 56.500
Federal withholding
Social security wages
5,100
56.500
Social security withholding 3,503
Medicare withholding
819
State withholding
-0-
In 2020, Kia contributed cash of $7,000 to
Apartment Rentals Limited Partnership (ALP) 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
$35
Dividends (qualified)
290
Capital gains (long-term) 700
Rental loss
(8,300)
ARP had no liabilities. Kia does not itemize and
has no other investments or passive activities.
Prepare Form 1040 for Kia Lopez for 2020. 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.
.

Step-by-step answers: 0

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