Accounting Turbo Tax

Accounting Turbo Tax

Facts
50 Sheet Legal Pad unt
1
University of Miami

  1. Our clients Grover McKinley, DOB: 7/28/1971, SS# 990-02-2019 and Lucretia McKinley, DOB: 1/28/1966, SS# 989-35-0060 have been married for 25 years. FALSE TRUE city Coral Gables Coral Gables
    0 1 144 state FL FL
  2. They live at 1245 Flagler Avenue Coral Gables, FL 33143. 4 258 zip 33143 33143
    NUMR 2245 SalesTaxPercent 0.07 7.000%
  3. Grover is an accountant and Lucretia is a small business consultant. 0000 StateIncomeTax 0 0.000%
    2245 CityIncomeTax 0 0%
  4. Frederick, their child was born 5/26/1998. Frederick has received a 1098-T for attending the first semester at Coral Gables Community College SS#, 991-46-0028. Frederick is a fulltime student and lived at home and Frederick’s parents paid for more than half of Frederick’s living expenses. Local Address 1245 Flagler Avenue 1245 Flagler Avenue
    Name of School University of Miami
  5. Avery, their new baby was born 7/28/2018. Her SS number is, 986-64-0067. Andrew James born 5/25/2010, SS# 987-64-0014 is a first cousin of Lucretia and lived with her since February of 2016. Lucretia provided 80% of Andrew’s support. Andrew’s total income for the year was $3,000.00.
  6. Grover received a W2 from Deloitte Touche and a W2 from KPMG, and did not participate in an employer provided retirement plan during the year. Lucretia inherited $ 90,000 from her grandfather in September 2018.
    daughter
  7. Lucretia received a K1 from MNH Corp. in which she did not materially participate although all her money was at risk. Lucretia paid estimated federal taxes of $4,293.00.
  8. They received a 1099-INT from Wells Fargo Bank and $1,870 from Coral Gables Municipal General Revenue Bonds.
  9. As per a 1098-I, Grover and Lucretia paid Wells Fargo Bank $7,400.00 in interest for the home mortgage. They also paid $4,025.00 in real estate taxes, $2,641.00 for homeowners insurance on the home and $264.10 to have it painted. 0
    NUMR1 4 1 LNAME1 McKinley Garfield
  10. Other interest and taxes paid by Grover and Lucretia include: $1,320.00 interest on the loan for the Dodge, the personal automobile which is shared with Frederick, $396.00 interest on credit cards and general sales tax of $2,450.00 for which they have receipts. Note: the general sales tax rate is 7.00% NUMR2 2 2 Fname1 Grover James
    NUMR3 6 3 DOBM1 7 1
  11. The total annual cost of medical insurance for the entire family was $15,221.00 and paid by Grover through an employer provided health insurance plan on an after-tax basis. Grover and Lucretia paid $2,797.00 for prescription drugs, $900.00 to doctors and dentists, and $3,000.00 to hospitals and clinics. These amounts were co-payments or amounts not covered by insurance. Contact lenses for Frederick that was not covered by insurance cost $650.00 and cosmetics and other non prescription items from the drug store cost $300.00. NUMR4 7 4 DOBD1 28 21
    NUMR5 2 5 DOBYY1 1971 1973
  12. Lucretia started Coral Gables Consulting, as a cash method sole proprietorship, on April 15, 2009. The 2018 revenue associated with the business was $28,400.00. The following expenses were incurred $1,636.00 advertising, $9,250.00 supplies and postage of $347.73. She uses a desk in the corner of her bedroom as her office. 6 6 HomeAdd 927 321
    NUMR6 6 7 Fname2 Lucretia Jane
  13. Lucretia uses a cell phone for business and another cell phone for non-business calls. The cost of the business cell phone was $2,582.00, while the cost of the private phone was $600.00. NUMR7 9 8 DOBM2 1 2
    NUMR8 4 9 DOBD2 28 24
  14. Grover and Lucretia have the requisite statements from the charities supporting the following contributions to qualified charitable organizations: NUMR9 2 10 DOBYY2 1966 1964
    Cash of $2,850.00 given to Plymouth Church in Coral Gables on 5/7/2018. 11 FnameChild1 Frederick
    A sofa given to Goodwill in Coral Gables on 5/1/2018. The sofa was purchased on 7/28/2013 for $1,160.00 and the fair market value (based upon comparable sales in thrift shops) at the date of contribution was $170.00. 2 12 FnameChild2 Avery Avery
    One hundred shares of Home Depot Inc. was given to the University of Miami. The stock was purchased on 1/3/2017 for $1,600.00. When it was donated on 10/6/2018 it had a value of $2,900.00 based on the sale of other shares that same day. 2 13 DOBMC1 5 3
    NUMR10 5 14 DOBdC1 26 21
  15. Grover and Lucretia sold 200 shares of Home Depot Inc. stock. The stock was purchased on 1/3/2018 for $3,200.00 and was sold on 10/6/2018 for $5,800.00. On 12/6/2018 they sold 200 shares of Sub Prime Mortgage Corporation for $1,500.00 which cost $5,300.00 when purchases on 3/24/2009. 6 15 DOBYYC1 1998 2000
    8 16 SSNUM1 990-02-2019
  16. Grover paid $245.00 for subscriptions to professional journals and attended a professional conference in New Orleans. He paid a registration fee of $200.00, $371.00 for airfare, $580.00 for hotel and $254.00 for meals. These items were not reimbursed. 9 17 SSNum1A 2 21
    6 18 SSNum1B 2019 2025
  17. Grover and Lucretia paid $150.00 in April of 2018 for the preparation of the 2017 tax return and $45.00 for a safe deposit box rental fee that was used for the storage of investment securities. 9 19 SSNum1C 990 999
    8 20 SSNUM2 989-35-0060 999-54-0054
  18. Lucretia contributed $3,000.00 to a traditional individual retirement account on December 18, 2018. This was the first time she contributed to an IRA. 9 21 SSNum2A 35 54
    6 22 SSNum2B 60 54
  19. On September 8, a freak tornado damaged their home. They filed a claim with their insurance company but received only $12,500.00 due to the high deductable on their policy. The home had a cost of $260,000.00 when they purchased it on 7/2/2001. It was valued at $360,000.00 before the incident and $300,500.00 immediately after. 9 23 SSNum2C 989 998
    8 24 SSNUMC1 991-46-0028
  20. Grover and Lucretia went to Las Vegas three times in 2018. The total cost of airfare, trportation, meals and expenses were $5,700.00. During the year the gambling winnings were $4,400.00 while the gambling losses were $5,300.00. A W-2G was not received. 2 25 SSNUMC1A 46 44
    9 26 SSNUMC1B 28 29
    8 27 SSNUMC1C 991 999
    5 28 SSNUMC2 986-64-0067
    8 29 SSNUMC2A 64 84
    9 30 SSNUMC2B 67 68
    6 31 SSNUMC2C 986 998
    2 32 SSNumCousin 987-64-0014
    8 33 SSNUMCousinA 64 84
    9 34 SSNUMCousinB 14 33
    6 35 SSNUMCousinC 987 999
    2 36 DOBCousin 5/25/2010 3/23/2010
    8 37 CousinYears 2,016.00 0
    6 38 – 0
    2 39 1,722.25
    4 40 Married 1 1
    9 41 Occupation 1 an accountant an accountant
    2 42
    9 43 0
    8 44 0
    5 45 0
    3 46 0
    8 47 0
    2 48 0
    2 49 rentYN 0 0
    5 50 0
    0 51 muniInterest 1870 1870
    8 52 mortage 7399 8399
    8 53 mortage 7400 8400
    1 54 RealEstate 4025 3950
    9 55 HomeownerIns 2641 2716
    3 56 IntPerCar 1320 1170
    6 57 IntCredCard 396 521
    5 58 Sales Tax$ 2450 2200
    1 59 MedInsurance 15221 15221
    4 60 MedDrugs 2797 3397
    5 61 MedDoc 900 1400
    9 62 MedHosp 3000 3100
    9 63 MedGlass 650 750
    2 64 MedOvercounter 300 700
    9 65 BexpSupplies 9250 5000
    8 66 BexpUtility 500 7000
    0 67 BexpRent 300 300
    4 68 Bexpmeals 440 280
    2 69 BexpAdv 1636 2224
    6 70 BexpComputer 3566 3742
    7 71 BexpCmptrM 0
    2 72 BexpCell 2582 2502
    6 73 BexpInternet 447 393
    9 74 BexpPostage 347.73 359.73
    4 75 BexpMeals 1031.45 1016.45
    2 76 BexpCarCommute 2000 2400
    5 77 BexpCarpersonal 4910 4610
    4 78 BexpCarbusiness 7500 7740
    2 79 BeexpCarCost 17200 18800
    6 80 W2Wage 86000 92000
    7 81 W2WageW 21500
    7960.8 2 82 W2SSWage 128400
    6 83 W2SSWageW 0.062
    9 84 W2SSWageMax 128400
    4 85 W2SSWageSelf 0.124
    2 86 W2MedWageW 0.145
    5 87 W2Employer Deloitte Touche Bloom and Burger
    4 88 W2EmployerNum EIN 99-9876543
    6 89 W2Employer2 KPMG
    2 90 Interest Income 510 410
    6 91 InterestBankName Wells Fargo Bank Capital One Bank
    7 92 ChaCash 2850 1800
    2 93 ChaSofaCost 1160 1080
    6 94 ChaSofaFMV 170 80
    4 95 ChaStockName Home Depot Inc. Cisco System
    9 96 ChaStockCost 1600 700
    4 97 ChaStockfmv 2900 900
    2 98 ChaStockBdate 01/03/18
    5 99 ChaStockEdate 10/06/18
    4 100 StockStCost 1600
    2 101 StockStSP 2900
    6 102 StockStBdate 01/03/18
    7 103 StockStEdate 10/06/18
    2 104 StockLtCost 5300 100
    6 105 StockltSP 1500 100
    9 106 StockLtBdate 03/24/09
    4 107 StockLtEdate 12/06/18
    2 108 0
    5 109 EmpRelJournal 245 195
    4 110 EmpRelRegist 200 240
    2 111 EmpRelAir 371 458
    6 112 EmpRelHotel 580 563
    7 113 EmpRelMeals 254 198
    2 114 EmpRelCity New Orle New Orle
    6 115 JuryPay 0 54
    9 116 PrepReturn 150 105
    4 117 SafeDepositBox 45 25
    2 118 ira 3000 2200
    5 119 CasualtyPay 12500 10000
    4 120 CasualtyCost 260000 320000
    7 121 CasualtyBFmv 360000 130000
    6 122 CasualtyAFmv 300,500.00 56500
    7 123 CasualtyAptLoss 12000 19000
    2 124 K1CompName MNH Corp. ABC Corp.
    6 125 K1PerOwner 50 80
    9 126 K1OrdIncome 23850 24400
    4 127 K1Sec179 2400 1200
    2 128 K1AltCode A A
    5 129 K1AltAmt 750 500
    4 130 K1BasisCode C
    2 131 K1BasisAmt 390 300
    6 132 F1098TTuition 1322.25 1022.25
    7 133 CityConsultingRev 28400 20000
    6 134 99-1500157
    9 135 WifeOcc a small business consultant an electronic consultant
    2 136 F1099IntIncome 670 550
    9 137 F1099DQual 290 110
    9 138 F1099DOrdinary 290 110
    4 139 GamblingExp 5700 4500
    2 140 GamblingWin 4400 4000
    5 141 GamblingLoss 5300 400
    4 142 114 114
    2 143 Personal Exemption – 0
    6 144
    7 145
    6 146
    9
    2
    2018
    2014 2015 2016
  • 0
    9,075.00 9,225.00 9,275.00
    36,900.00 37,450.00 37,650.00
    89,350.00 90,750.00 91,150.00
    186,350.00 189,300.00 190,150.00
    405,100.00 411,500.00 413,350.00
    406,750.00 413,200.00 415,050.00
    Married Filing Jointly
    over
    $ 0.00
    18,150.00 18,450.00 18,550.00
    73,800.00 74,900.00 75,300.00
    148,850.00 151,200.00 151,900.00
    226,850.00 230,450.00 231,450.00
    405,100.00 411,500.00 413,350.00
    457,600.00 464,850.00 466,950.00
    Married filing Separately
    over
    $ 0.00
    9,075.00 9,225.00 9,275.00
    36,900.00 37,450.00 37,650.00
    74,425.00 75,600.00 75,950.00
    113,425.00 115,225.00 115,725.00
    202,550.00 205,750.00 206,675.00
    228,800.00 232,425.00 233,475.00
    Head of Household
    over
    $ 0.00
    12,950.00 13,150.00 13,250.00
    49,400.00 50,200.00 50,400.00
    127,550.00 129,600.00 130,150.00
    206,600.00 209,850.00 210,800.00
    405,100.00 411,500.00 413,350.00
    432,200.00 439,000.00 441,000.00
    Standard Deduction
    Single 12,000.00
    Married Filing Jointly 24,000.00
    Head of Household 18,000.00
    Personal Exemption – 0
    If AGI less than – 0
    SS Max Income 128,400.00
    SS Rate 0.0620
    SS Rate self employed 0.1240
    Medical 0.1450
    Mileage for using a car 54.5000
    182,454.83
    Fact Sheet Page &P

Sch K-1
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18
For calendar year 2018, or tax 1 Ordinary business income (loss) 13 Credits
year beginning , 2018 $ 23,850.00
ending , 20 _ 2 Net rental real estate income (loss)
Shareholder’s Share of Income, Deductions,
Credits, etc. ▶ See back of form and separate instructions. 3 Other net rental income (loss)
Part I Information About the Corporation 4 Interest income
A Corporation’s employer identification number 5a Ordinary dividends
90-1357999
B Corporation’s name, address, city, state, and ZIP code 5b Qualified dividends 14 Foreign tractions
MNH Corp.
505 Main Street 6 Royalties
Coral Gables, FL 33147
7 Net short-term capital gain (loss)
C IRS Center where corporation filed return 8a Net long-term capital gain (loss)
Ogden
Information About the Shareholder 8b Collectibles (28%) gain (loss)
D Shareholder’s identifying number 8c Unrecaptured section 1250 gain
998-45-0061
E Shareholder’s name, address, city, state, and ZIP code 9 Net section 1231 gain (loss)
Lucretia McKinley
1245 Flagler Avenue 10 Other income (loss) 15 Alternative minimum tax (AMT) items
Coral Gables, FL 33143
F Shareholder’s percentage of stock
ownership for tax year 50.0 %
11 Section 179 deduction 16 Items affecting shareholder basis
For IRS Use Only 12 Other deductions
Charitable contributions
$ 900.00
17 Other information

  • See attached statement for additional information.
    For Paperwork Reduction Act Notice, see Instructions for Form 1120S. Cat. No. 11520D Schedule K-1 (Form 1120S) 2018
    Department of the Treasury Internal Revenue Service (99)

1098-T
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CORRECTED
FILER’S name, street address, city or town, province or state, country, ZIP 1 Payments received for OMB No. 1545-1574 Tuition
or foreign postal code, and telephone number qualified tuition and related
expenses
$ 1,322.25 18 Statement
Coral Gables Community College 2 Amounts billed for
1040 College Road qualified tuition and
Coral Gables, FL 33146 related expenses Form 1098-T
$
FILER’S federal identification no. STUDENT’S social security number 3 If this box is checked, your educational institution Copy B
59-1210485 991-46-0028 has changed its reporting method for 2018 For Student
STUDENT’S name 4 Adjustments made for a 5 Scholarships or grants
prior year This is important
Frederick McKinley $ tax information
and is being
Street address (including apt. no.) 6 Adjustments to 7 Check this box if the furnished to the
1245 Flagler Avenue scholarships or grants amount in box 1 or 2 Internal Revenue
for a prior year includes amounts for Service
City or town, province or state, country, and ZIP or foreign postal code $ an academic period
Coral Gables, FL 33143 beginning January –
March 2016 ▶
Service Provider/Acct. No. (see instr.) 8 Check if at least 9 Check if a graduate 10 Ins. contract reimb./refund
half-time student student . . . . $
Form 1098-T (keep for your records) www.irs.gov/form1098t Department of the Treasury – Internal Revenue Service
www.irs.gov/form1098t
FALSE TRUE FALSE FALSE
1099-INT
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CORRECTED (if checked)
PAYER’S name, street address, city or town, province or state, Payer’s RTN (optional) OMB No. 1545-1574
country, ZIP or foreign postal code, and telephone no.
Wells Fargo Bank 1 Interest income 18
1212 Savings Way $ 670.00 Interest Income
Coral Gables, FL 33149 2 Early withdrawal penalty
Form 1099-INT
PAYER’S federal identification no. RECIPIENT’S identification number 3 Interest on U.S. Savings Bonds and Treas. obligations Copy B
59-123456 989-35-0060 For Student
This is important tax
RECIPIENT’S name 4 Federal income tax withheld 5 Investment expenses information and is being
furnished to the Internal
Lucretia McKinley $ Revenue Service. If you
are required to file a
Street address (including apt. no.) 6 Foreign tax paid 7 Foreign country or U.S. possession return, a negligence
1245 Flagler Avenue penalty or other sanction
may be imposed on you if
City or town, province or state, country, and ZIP or foreign postal code 8 Tax-exempt interest 9 Specified private activity bond interest this income is taxable and
Coral Gables, FL 33143 the IRS determines that it
has not been reported
Account number (see instructions) 10 Tax-exempt bond CUSIP no. 11 State 12 State identification no 13 State tax withheld
Form 1099-INT www.irs.gov/form1099int Department of the Treasury – Internal Revenue Service
Other interest and taxes paid by Grover and Lucretia include: $1,320.00 interest on the loan for the Dodge, the personal automobile which is shared with Frederick, $396.00 interest on credit cards and general sales tax of $2,450.00 for which they have receipts. Note: the general sales tax tax rate is 7.00%
1099-DIV
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CORRECTED (if checked)
PAYER’S name, street address, city or town, province or state, 1a Total ordinary dividends OMB No. 1545-1574 Dividends and
country, ZIP or foreign postal code, and telephone no.
$ $ 290.00 18
Home Depot Inc. 1b Qualified dividends Distributions
1212 Oil Way $ $ 290.00 Form 1099-DIV
Dallas, TX 75206 2a Total capital gain distr. 2b Unrecap. Sec. 1250 gain Copy B
$ For Recipient
PAYER’S federal identification no. RECIPIENT’S identification number 2c Section 1202 gain 2d Collectibles (28%) gain
59-654322 989-35-0060 $ $ This is important tax
RECIPIENT’S name 3 Nondividend distributions 4 Federal income tax withheld information and is
$ $ being furnished to
Lucretia McKinley 5 Investment expenses the Internal Revenue
$ Service. If you are
Street address (including apt. no.) 6 Foreign tax paid 7 Foreign country or U.S. possession required to file a
1245 Flagler Avenue $ return, a negligence
City, state, and ZIP code 8 Cash liquidation distributions 9 penalty or other
Coral Gables, FL 33143 sanction may be
10 Exempt-interest dividends 11 Specified private activity bond interest imposed on you if
this income is taxable and
12 State 13 State iden no. 14 State tax withheld the IRS determines that it
Account number (see instructions) has not been reported.
Form 1099-DIV (keep for your records)
Department of the Treasury – Internal Revenue Service
W2
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22222 a Employee’s social security number
990-02-2019 OMB No. 1545-0008
b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld
EIN 99-9876543 $ 86,000.00 $ 21,500.00
c Employer’s name, address, and ZIP code 3 Social security wages 4 Social security tax withheld
$ 86,000.00 $ 5,332.00
Deloitte Touche 5 Medicare wages and tips 6 Medicare tax withheld
83 Oftowork Way $ 86,000.00 $ 1,247.00
Coral Gables, FL 33153 7 Social security tips 8 Allocated tips
d Control number 9 10 Dependent care benefits
e Employee’s first name and initial Last name Suff. 11 Nonqualified pl 12a
Grover McKinley 13 Statutory Retirement Third-party 12b
1245 Flagler Avenue employee plan sick pay
Coral Gables, FL 33143 12c
14 Other
12d
f Employee’s address and ZIP code
15 State Employer’s state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name
FL $ 86,000.00 $ – 0 $ 86,000.00 $ – 0
Form W2 2018 Department of the Treasury – Internal Revenue Service
Copy B—To Be Filed With Employee’s FEDERAL Tax Return.
This information is being furnished to the Internal Revenue Service.
Set magnification to 140%
22222 a Employee’s social security number
990-02-2019 OMB No. 1545-0008
b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Federal income tax withheld
EIN 99-9876599 $ 5,667.00 $ 1,133.40
c Employer’s name, address, and ZIP code 3 Social security wages 4 Social security tax withheld
$ 5,667.00 $ 351.35
KPMG 5 Medicare wages and tips 6 Medicare tax withheld
183 Bythenumber Way $ 5,667.00 $ 82.17
Coral Gables, FL 33157 7 Social security tips 8 Allocated tips
d Control number 9 10 Dependent care benefits
e Employee’s first name and initial Last name Suff. 11 Nonqualified pl 12a
Grover McKinley 13 Statutory Retirement Third-party 12b
1245 Flagler Avenue employee plan sick pay
Coral Gables, FL 33143 12c
14 Other
12d
f Employee’s address and ZIP code
15 State Employer’s state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locality name
FL $ 5,667.00 $ – 0 $ 5,667.00 $ – 0
Form W2 2018 Department of the Treasury – Internal Revenue Service
Copy B—To Be Filed With Employee’s FEDERAL Tax Return.
This information is being furnished to the Internal Revenue Service.

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