Additional Taxes - Problem #1 James Olsen is single and 45 years old. James has no children and is not claimed on any one else's return. James works as salesman for Marshall Inc. James has a W-2 and a 1099R for an IRA distribution that he received. James took out this money from his IRA to pay some old debts. 745-22-2222 OME e file 520.000.00 $2,000.00 74-0879131 L. Marshall Inc 9955 5 W 45th Street San Antonio, Texas 70203 520 000.00 $140.00 $20.000.00 1 200.00 donde w James Olsen 9290 Broadway Apt 123 San Antonio, Texas 78200 G w W-2 Tu Statement The Wm ErgoPECIALT Cor- CORRECTED Mh FRYERS, CR. Post Retirement Services PO BOX 1099 San Antonio, Texas 7212 52.750.00 8.750.00 1000-R Distribution Pension Anties Re PSharing PRAN Com Copy Report income data rom this formow tedesco taxis be ye 745-22-2222 97500 74-999999 HERENTE James Olsen 9290 Broadway Apt 123 San Antonio, TX 72209 150.000.00 Problem #2 - Irene Sanchez is single and 45 years old. Irene has no children and is not claimed on any one else's return. Irene works as model for Fashion Inc. Irene has a W-2 and a 1099R for an IRA distribution that she received. Irene took out this money from her IRA to buy her first home, which cost $180,000 e-file TER 744-44-4444 M. FA 74-0379131 $20,000,00 52.000.00 $20,000.00 $ 840.00 Fashion Inc PO Box 9999 San Antonio, Texas 78293 $ 290.00 $20,000.00 Boca own G Irene Sanchez 4444 Broadway Apt 444 San Antonio, Texas 78209 15 W-2 Tax Statement Copy-To Be FEDERAL Retur The most mer CORRECTED chucked PATERS and DP Grebon Post Retirement Services PO BOX 1099 39.750.00 San Antonio, Texas 78212 De Tatu IS 9.750 00 ded PAYER REPORTS CA Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, IRAN Insurance Contracts, etc. m 1090-R Cosy B bution Tancom 744-44-4444 975.00 74-9090910 POINTS Irena Sancher Report this income on your federatas retum. If this form shows federal income tax witheid in box attach this copy to you ruum ws Det wat 4444 Broadway Apt 1444 The women SUPE San Antonio, TX 78209 10 $ 550 000 00 13 10R Instructions: Complete both tax returns Form 1040 through line 24. Be sure to complete Form 5329 and Schedule 2. [Both problems start out the same but differ with Form 53291 Additional Taxes - Problem #1 James Olsen is single and 45 years old. James has no children and is not claimed on any one else's return. James works as salesman for Marshall Inc. James has a W-2 and a 1099R for an IRA distribution that he received. James took out this money from his IRA to pay some old debts. 745-22-2222 OME e file 520.000.00 $2,000.00 74-0879131 L. Marshall Inc 9955 5 W 45th Street San Antonio, Texas 70203 520 000.00 $140.00 $20.000.00 1 200.00 donde w James Olsen 9290 Broadway Apt 123 San Antonio, Texas 78200 G w W-2 Tu Statement The Wm ErgoPECIALT Cor- CORRECTED Mh FRYERS, CR. Post Retirement Services PO BOX 1099 San Antonio, Texas 7212 52.750.00 8.750.00 1000-R Distribution Pension Anties Re PSharing PRAN Com Copy Report income data rom this formow tedesco taxis be ye 745-22-2222 97500 74-999999 HERENTE James Olsen 9290 Broadway Apt 123 San Antonio, TX 72209 150.000.00 Problem #2 - Irene Sanchez is single and 45 years old. Irene has no children and is not claimed on any one else's return. Irene works as model for Fashion Inc. Irene has a W-2 and a 1099R for an IRA distribution that she received. Irene took out this money from her IRA to buy her first home, which cost $180,000 e-file TER 744-44-4444 M. FA 74-0379131 $20,000,00 52.000.00 $20,000.00 $ 840.00 Fashion Inc PO Box 9999 San Antonio, Texas 78293 $ 290.00 $20,000.00 Boca own G Irene Sanchez 4444 Broadway Apt 444 San Antonio, Texas 78209 15 W-2 Tax Statement Copy-To Be FEDERAL Retur The most mer CORRECTED chucked PATERS and DP Grebon Post Retirement Services PO BOX 1099 39.750.00 San Antonio, Texas 78212 De Tatu IS 9.750 00 ded PAYER REPORTS CA Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, IRAN Insurance Contracts, etc. m 1090-R Cosy B bution Tancom 744-44-4444 975.00 74-9090910 POINTS Irena Sancher Report this income on your federatas retum. If this form shows federal income tax witheid in box attach this copy to you ruum ws Det wat 4444 Broadway Apt 1444 The women SUPE San Antonio, TX 78209 10 $ 550 000 00 13 10R Instructions: Complete both tax returns Form 1040 through line 24. Be sure to complete Form 5329 and Schedule 2. [Both problems start out the same but differ with Form 53291