Exercise 11-31 (Algorithmic) (LO. 8) Noah Yobs, who has $88,600 of AGI (solely from wages) before considering rental activities, has $79,740 of losses from a real estate rental activity in which he actively participates. He also actively participates in another real estate rental activity from which he has $44,300 of income. He has other passive activity Income of $28,352. 2. What amount of rental loss can Noah use to offset active or portfolio income in the current year? 35,400 x b. Compute Noah's AGI on Form 1040 (pages 1 and 2; also complete Schedule 1 (Form 1040)] for the current year. Use the minus sign to indicate a loss Form Department of the Treasury --Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2018 OMB No. 1545-0074 IRS Use Only Filling status: Single Married filing jointly Married Filing separately o Head of household Qualifying widow(er) Your first name and initial Last name Your social security number Noah Yobs 123-45-6789 Your standard deduction: Someone can claim you as a dependent you were born before January 2, 1954. You are blind If joint return, spouse's first name and initial Last name Spouse's social security number Spouse standard deduction: Someone can claim your spouse as a dependent a Spouse was born before January 2, 1954 Spouse is blind Spouse itemizes on a separate return or you were dual- status alien Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Full-year health care coverage or exempt (see Inst.) Cry, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. Presidential Election Campaign (see inst.) You Spouse If more than four dependents, see inst, and here (2) Social security number Dependents (see Instructions): (1) First name Last name (3) Relationship to you (4) If qualifies for (see inst.): Child tax credit Credit for other dependents Page 2 1 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2b 2a 3b 3a 4a 4b Tax-exempt interest 2a b Taxable interest Qualified dividends b Ordinary dividends IRAS, pensions, and 4a b Taxable amount annuities Social security benefits 5a b Taxable amount Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 5b 5a 6 6 7 7 8 8 9 9 ad Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6. Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see Instructions)... Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter-O-.... a Tax (see inst) _(check if any from: 1 Form(s) 8814 2 Form 4972 30 b Add any amount from Schedule 2 and check here .... child my credit credit for other dependents 10 10 11 11 ng 20017 iba 17 --- R18 19 20b 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E. 18 Farm Income or (loss). Attach Schedule F 19 Unemployment compensation ... 20a Reserved 21 Other income. List type and amount 22 Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and include on Form 1040, line 6. Otherwise, go to line 23 Fducator expenses 23 21 22 73