.Dr. George E. Beeper is a single taxpayer born on September 22, 1971. He lives at 45 Mountain View Dr., Apt. 321, Spokane, WA 99210. Dr. Beeper’s Social Security number is 775-88-9531. Dr. Beeper works for the Pine Medical Group, and his earnings and income tax withholding for 2019 are:
A W-2 form shows details of George Beeper’s earnings and income tax withholdings for 2019. The form is divided into two Panels. The first panel contains a to f sections. It shows filled-in fields for the following: a. employee’s social security number: 775-88-9531, b. employer identification number (EIN): 36-1389676, c. employer’s name, address, and ZIP code: information about Pine Medical Group, e. employee’s first name, initial, and last name, and f. employee’s address and ZIP code. To be filled-in field in this panel is d. control number. The second panel contains 1 to 20 sections. It shows filled-in fields for 1. Wages, tips, other compensation: 133,900.00 (highlighted), 2. Federal income tax withheld: 21,045.00 (highlighted), 3. Social security wages: 132,900.00, 4. Social security tax withheld: 8,239.80, 5. Medicare wages and tips: 133,900.00, 6. Medicare tax withheld: 1,941.55, 12a. See instructions for box 12: DD, 5,800.00, and 15. State: WA, employee’s state ID number. To be filled-in fields for this panel are: 7. Social security tips, 8. Allocated tips, 9, 10. Dependent care benefits, 11. Nonqualified plans, 12 b, 12 c, 12 d, 13. Checkboxes, Statutory employee, retirement plan, and third-party sick pay, 14. Other, 16. State wages, tips, etc., 15. State income tax, 18. Local wages, tips, etc., 19. Local income tax, and 20. Locality name. A foot note below the form reads, Form W-2 Wage and Tax Statement Copy B-To Be Filed With Employee’s FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. 2019.
Department of the Treasury-Internal Revenue Service.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:
The house was purchased on July 5, 1984. Dr. Beeper handles all rental activities (e.g., rent collection, finding tenants, etc.) himself. He spends about 10 hours per month on the rental.
In 2019, 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, 2019 for $345,000 net after commissions. He acquired the home on June 3, 2001 for $260,000 and had made improvements of $10,000.
Dr. Beeper was divorced on January 1, 2013. 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 2019.
Required: Complete Dr. Beeper’s federal tax return for 2019. Determine if Form 8949 and Schedule D are required. If so, use those forms and Form 1040, Schedule E (page one only), and Form 8582 (page one only) to complete this tax return. Do not complete Form 4562 for reporting depreciation.
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A W-2 form shows details of George Beeper’s earnings and income tax withholdings for 2019. The form is divided into two Panels. The first panel contains a to f sections. It shows filled-in fields for the following: a. employee’s social security number: 775-88-9531, b. employer identification number (EIN): 36-1389676, c. employer’s name, address, and ZIP code: information about Pine Medical Group, e. employee’s first name, initial, and last name, and f. employee’s address and ZIP code. To be filled-in field in this panel is d. control number. The second panel contains 1 to 20 sections. It shows filled-in fields for 1. Wages, tips, other compensation: 133,900.00 (highlighted), 2. Federal income tax withheld: 21,045.00 (highlighted), 3. Social security wages: 132,900.00, 4. Social security tax withheld: 8,239.80, 5. Medicare wages and tips: 133,900.00, 6. Medicare tax withheld: 1,941.55, 12a. See instructions for box 12: DD, 5,800.00, and 15. State: WA, employee’s state ID number. To be filled-in fields for this panel are: 7. Social security tips, 8. Allocated tips, 9, 10. Dependent care benefits, 11. Nonqualified plans, 12 b, 12 c, 12 d, 13. Checkboxes, Statutory employee, retirement plan, and third-party sick pay, 14. Other, 16. State wages, tips, etc., 15. State income tax, 18. Local wages, tips, etc., 19. Local income tax, and 20. Locality name. A foot note below the form reads, Form W-2 Wage and Tax Statement Copy B-To Be Filed With Employee’s FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. 2019.
Department of the Treasury-Internal Revenue Service.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:
The house was purchased on July 5, 1984. Dr. Beeper handles all rental activities (e.g., rent collection, finding tenants, etc.) himself. He spends about 10 hours per month on the rental.
In 2019, 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, 2019 for $345,000 net after commissions. He acquired the home on June 3, 2001 for $260,000 and had made improvements of $10,000.
Dr. Beeper was divorced on January 1, 2013. 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 2019.
Required: Complete Dr. Beeper’s federal tax return for 2019. Determine if Form 8949 and Schedule D are required. If so, use those forms and Form 1040, Schedule E (page one only), and Form 8582 (page one only) to complete this tax return. Do not complete Form 4562 for reporting depreciation.
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