Homework Help is Here – Start Your Trial Now!
Business
Accounting
Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 5,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding  -0- In 2022, 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 $ 35 Dividends (qualified) 290 Capital gains (long-term) 700 Rental 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 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582.

Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following: Wages $ 56,500 Federal withholding 5,100 Social security wages 56,500 Social security withholding 3,503 Medicare withholding 819 State withholding  -0- In 2022, 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 $ 35 Dividends (qualified) 290 Capital gains (long-term) 700 Rental 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 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Kia Lopez is single (SSN 412-34-5670) and resides at 101 Poker Street, Apartment 12A, Hickory, FL 34714. Her W-2 shows the following:

Wages $ 56,500
Federal withholding 5,100
Social security wages 56,500
Social security withholding 3,503
Medicare withholding 819
State withholding  -0-

In 2022, 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 $ 35
Dividends (qualified) 290
Capital gains (long-term) 700
Rental 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 2022. You will need Form 1040, Schedules 1, D, E (page 2), Form 6198, and Form 8582. 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS