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Tax Return Homework Help
Please see attached file. I need help figuring out that personal tax return did not include the partnership income.
Here is the information for the tax return -- the return is attached. I just need help figuring out how to include the partnership income.
Emma Shire lives at 5258 Mountain Skies Road, College Park, MD 20742. She is a human resource manager at Clifford Company, 896 Western Avenue, College Park, MD 20742 (employer identification number XX-1111111). She is also a 50/50 partner in a local clothing boutique. Ms. Shireis divorced and has two small children, Kelly Shire (DOB 2/3/2012) and Jordan Shire (DOB 5/19/2006). Ms. Shire was born on January 14, 1976, and her Social Security number is 123-45-6789. She does not want to contribute $3 to the Presidential Election Campaign Fund.
The following information is shown on Ms. Shire`s 2014 Wage and Tax Statement (Form W-2):
Line Description Amount
1 Wages, tips, other compensation
$65,000.00
2 Federal income tax withheld
10,500.00
3 Social Security wages
65,000.00
4 Social Security tax withheld
4,030.00
5 Medicare wages and tips
65,000.00
6 Medicare tax withheld
942.50
15 State: Maryland
16 State wages, tips, etc.
65,000.00
17 State income tax withheld
1,650.00
Additional Information:
_Received interest of $1,750 from Maryland Federal Savings and Loan Association and $250 from Maryland State Bank. Each financial institution reported the interest income on a Form 1099-INT
_Received qualified dividends of $600 from Blue Corporation, $750 from Green Corporation, and $368 from Orange Corporation. Each corporation reported dividend payments on a Form 1099-DIV.
_Received child support of $15,000 during the year.
_Received a $900 income tax refund from the state of Maryland on April 29, 2014.
_Reported total itemized deductions of $10,200 on 2013 federal income tax return, which included $2,200 of state income tax withheld by her employer.
_Received K-1 indicating her share of the clothing boutique`s ordinary business income (loss) - Line 1 is $23,580. No guaranteed payments were made or dividends were received by the partnership.
_Acquired 100 shares of Ace Corporation common stock for $30 a share on January 12, 2014. She sold the stock on December 19 for $55 a share.
_Paid $1,300 for prescription medicines and $1,875 in physician and hospital bills. Medical insurance premiums were paid by her employer.
_Paid real property taxes of $1,675 on her personal residence and interest on her home mortgage was $4,285, and interest paid to credit card companies totaled $360.
_Contributed $25 each week to her church and $15 each week to United Way.
_Paid $1,500 in estimated federal income taxes throughout the year.