Question

Help with this please.

Partnership Income. Howard Gartman is a 40% partner in the Horton & Gartman Partnership. During 2019, the partnership reported the total items below (100%) on its Form 1065: 10,000 Ordinary income $180,000 Qualified dividends Long-term capital loss (12,000) Long-term capital gain 28,000 Charitable contributions 4,000 Cash distributions to partners 150,000 Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Income Dawn's salary $40,000 Qualified dividends 3,000 Deductions Mortgage interest 12,000 Real estate taxes 5,800 Charitable contributions 3,000 Howard and Dawn have two children. During 2019, Dawn had $4,500 in federal income taxes withheld from her salary and Howard made four estimated tax pay- ments of $2,500 each ($10,000 total). Compute Howard and Dawn's Federal income tax liability for 2019 and whether they have a balance due or a tax refund. Ignore the child tax credits.

Answer 1

Page 1 Given data that Hostwald Gasztman is a 40.40 pasltness in the Hogton & Gastman pasjtnegjship. Desing 2019 paaftnesyship total items (below 100%) on its fosym 1065:

page 2 Howard and 18000 Fedegal Income tax statment of Howagjd dawn fog the year 2019. Howaged Income Osjdinary Income Qualified Dividend 10000 Long team capital loss -12000 bong team capital gain 28000 206000 40/ 82,400 Dawn Income 40,000 Salasly Qualified dividend 3000 Gess deduction 12,000 5800 3000 - 20800 22000 Mootage Integjest Real Estate Taxes charitable contaibution Total 19400 101 59550 12.16 25650 - 221% 104600 19400 1940 1940 7146 5643 14729

page 3 4500 обем Withheld tan of Dawn Tax payment 10,000 Tax payble 229 10,000 14500