Advanced Workshop Return 35
Title:
Summary:
Advanced Workshop Return 35
In this lesson, you will learn the following:
1) Determine filing status;
2) Complete Schedule K-1, Shareholder’s Share of Income, Credits, Deductions,
etc.;
3) Complete Schedule B, Interest and Ordinary Dividends;
4) Complete Schedule A, Itemized Deductions;
5) Complete Schedule E, Supplemental Income and Loss;
6) Complete Form 1116, Foreign Tax Credit;
7) Complete Form 5884, Work Opportunity Credit;
8) Complete Form 6251, Alternative Minimum Tax;
9) Complete Fed/State Estimated Tax Payments Worksheet;
10) Create a paper return.
Average completion time: 40 minutes
Steps for Advanced Workshop Return 35
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Log in to your user name. Use “TRAINING” if you plan to practice electronically filing
these returns through the TaxWise Training Electronic Filing Center.
Start a new return using 335-XX-XXXX. Use your company’s EFIN for “XX-XXXX” if you
are in the Training user name. Otherwise, use a unique number agreed upon by your
company.
Rachel’s husband, Richard, died on August 15, 2004.
She is raising her son, Aaron, whose birth date is January 5, 1996.
Aaron is in school and Rachel owns part of a business, so she can work while he is at school
and be at home when she needs to be there for him.
The ordinary income from the restaurant is nonpassive. The interest income was from a
foreign bank account and is high withholding tax interest that was paid on December 15.
Aaron goes to school in Franklin Township, which is in Marion County.
Rachel’s birth date is June 18, 1973.
She paid estimated tax payments of $2,500 per quarter to the IRS, and $600 each quarter to
Indiana. These were all paid on time.
Rachel would like to mail this return.
Social Security Card
Social Security Card
RACHEL ELAINE POPE
AARON MICHAEL POPE
335-XX-XXXX
522-XX-XXXX
1
Advanced Workshop Test Return 35
Final K-1
Schedule K-1
20XX
1 Ordinary business income
(loss)
(1120S)
Department of the Treasury
Internal Revenue Service
Tax year beginning
__January 1__, 20XX and
ending _December 1, 20XX
Shareholder’s Share of Income, Deductions, Credits, etc.
Amended K-1
Part III Shareholder’s Share of Current Year Income,
Deductions, Credits, and Other Items
13 Credits & credit recapture
J
$832.26
$70,732.03
2 Net rental real estate income
(loss)
3 Other net rental income (loss)
14 Foreign transactions
4 Interest income
A
B
C
L
See back of form and separate instructions
$3,500.79
Part I Information About the Corporation
5a Ordinary dividends
A Corporation’s employer identification number
23-5XXXXXX
B Corporation’s name, address, city, state, and ZIP code
5b Qualified dividends
Martini Restaurant
2320 Freedom Drive
Indianapolis, IN 46241
6 Royalties
C IRS Center where corporation filed return:
Atlanta
7 Net short-term capital gain
(loss)
D Tax shelter registration number, if any ___________________________
8a Net long-term capital gain
(loss)
Switzerland
$5,304.22
$3,500.79
$ 338.26
E Check if Form 8271 is attached
Part II Information About the Shareholder
8b Collectibles (28%) gain (loss)
F Shareholder’s identifying number:
8c Unrecaptured section 1250
gain
15 Alternative minimum tax
(AMT) items
335-XX-XXXX
G Shareholder’s name, address, city, state and ZIP code:
Rachel E. Pope
4564 Evergreen Road
Indianapolis, IN 46241
9 Net section 1231 gain (loss)
10 Other income (loss)
16 Items affecting shareholder
basis
11 Section 179 deduction
H Shareholder’s percentage of stock ownership for tax year ___66%___%
For IRS Use Only
A
$1,165.28
12 Other deductions:
17 Other information
A
G
$5,610.00
$ 330.24
2