Prepare form 1040 for the tallos

Assignment Help Taxation

Reference no: EM131487837

Assignment

Kurt and Ashley Tallo (SSNs 412-34-5670 and 412-34-5671), married filing jointly, reside at 1901 Princess Ave., Park City, UT 84060. Ashley does not work outside the home. Kurt's W-2 shows the following:

Wages	340,000
Federal withholding	76,800
Social security wages	118,500
Social security withholding	7,347
Medicare withholding	6,190
State withholding	23,800

The Tallos also have the following:

Mortgage interest	12,600
Charitable contributions	10,000

Kurt and Ashley have four passive activities. They received K-1s from four partnerships with the following income or loss on line 1. They are at-risk in each activity, so the passive loss rules are the only obstacle.

Activity 1	40,000
Activity 2	20,000
Activity 3	10,000
Activity 4	63,000

Prepare Form 1040 for the Tallos for 2016. The Taxpayers had qualifying health care coverage at all times during the tax year. You will need Form 1040, Schedule A, Schedule E (page 2), Form 6251, and Form 8582. Do not compute the underpayment penalty, if any.

Reference no: EM131487837

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