How To Sign Hawaii Assignment of Partnership Interest

How to document type sign assignment of partnership interest hawaii

this is part nine of our chapter three video lecture series there may be more videos but there will be for just specific problems probably at the end of chapter three let's review some of the topics we covered here in chapter three the main goal is to learn the different types of income that can be reported on our tax return so we've already covered things like wages of salaries that are first reported to the taxpayer on forms w-2 and then interest income and line 2 probably reported to the taxpayer on form 1099 int so if the total is more the total taxable amount is more than 1500 you have to list them out on schedule b also here in box 2a would be tax exempt interest or sometimes we call that municipal bond interest that's tax free even though it's tax free we still have to report it here in line 2a because it may affect the amount of social security benefits that are taxable in line 5a dividends are reported on line 3 on form 1099 div to the taxpayer and again if the total was more than 1500 we'll have to list them out on schedule b and put those ordinary dividend totals here in line 3b and included in the ordinary would be qualified dividend amounts listed here in 3a again the amount here in 3a is already inside of that 3b so don't double count the income we've talked about taxing this qualified dividends at a lower rate using something called the qualified dividend and capital gain worksheet that's linked inside of our chapter resources folder iras and pensions in line four are reported to the taxpayer on form 1099 r r for retirement and the gross amount is here in box 4a or 4c and then the tax will amount here in the right hand columns so we went through a couple different calculations or worksheets to determine if anything is going to be tax-free or here in the right can column taxable the amount of social security is reported to the taxpayer on form 1099 ssa or really ssa 1099. so again the gross amount here in the left-hand column and then the taxable amount typically 50 or maybe up to 85 will go here in the taxable column on the right side of our uh 1040 form capital gains we'll see this topic at the very end of our semester when we cover chapters 10 and maybe 11. so let's talk about other income that's reported on schedule number one and subtotaled and re-reported here in line 7a so i think a couple items we've already covered like alimony and the rules for alimony um business income this is going to be the first chapter we start next semester in accounting 137 i believe that's chapter number seven gains and losses we saw in the previous uh 1040 form and we'll again cover that at the end of the semester but something similar to that is if a business sells its assets like a delivery truck or an automobile or office building that's reported on this form here that we'll learn next semester also next semester if you're a landlord here is rental operations or if you're a partner in a partnership or a shareholder in a type of corporation called s corporation or beneficiary of a trust or a state maybe you gotta report income from those entities and then fill it in on this schedule e and then rewrite the total over here on this schedule number one these are topics for next semester farm income is very similar to business income except the accounting is slightly different let's talk about unemployment a big topic now during this uh pandemic for corvette 19. a lot of people especially here in hawaii are unemployed so after the year is over the government is going to send them this form at 10.99 g g for government and the dollar amount of the unemployment pay received during the year is going to be reported in box one the whole thing is taxable for both federal and state income taxes so try to make sure the taxpayer has enough federal income taxes withheld during the year also state income tax is withheld since it's taxable here in hawaii okay so that unemployment amount will go here in line seven of the schedule one um another use of this schedule of this 1099 g again g for government you'll probably receive another 1099 g if you had received a state refund during the year you won't get a 1099 g for a federal refund because federal income tax refunds are never um taxable state income tax refunds generally well i shouldn't say generally may or may not be taxable it depends so let's kind of figure out when it's taxable or not taxable on this scratch paper so let's say let's go back a couple years so 2018 and let's do our simple tax formula we have income and we're going to minus out our deductions the deductions we learned so far was the standard deduction but in chapters 506 we're going to see maybe we can deduct something if larger called itemized deductions to get to our taxable income that we look up on the tax table to get our total tax liability for the year now in this itemized deductions are the state income taxes that were paid or withheld during the year so if you make state income tax payments pay real estate taxes possibly even sales taxes you can deduct it here as itemized deduction again you do this only if it's larger than the standard standard deduction now maybe you paid too much state income taxes during the year and you deducted the whole thing as an itemized deduction if you pay too much state income taxes here in the next year let's call this 2019 in your various types of income you're going to have to report that refund you collect from the previous year's overpayment and it's going to be taxable again because you deducted it here in the prior year you got what we call a tax benefit of paying this state income taxes now if you get it back a refund that refund amount now has to be reported as income now there may be some exceptions to reduce the amount of taxable refund so what you should be doing if you did itemize in the previous year and got back a refund in the following year for state income taxes is to fill out this worksheet here on page 83 of the 2019 1040 instructions so you got to go through this to calculate out what's the taxable state income tax refund now keep in mind most people don't claim itemized deductions they claim the standard deduction so if they have a state overpayment and cut back that refund the refund is not not taxable because they did not deduct any state income taxes they claim the larger standard deduction let's take a look at one more income item on schedule number one again taxable refund income is line one here on schedule one so way down here other income it could be any kind of prizes you get an award for doing a good deed or a common one is gambling winnings so you go to vegas and you hit the jackpot and they give you a form i believe it's a 10 a w-2 g and the gross winnings you have for the whole year igata reported here in line eight of the schedule one if you have lots of gambling losses during the year you don't reduce the gambling winnings the winnings all go here okay winnings the losses can be deducted but not here offsetting the winnings again to be able to deduct gambling losses you have to claim itemized deductions again that's a topic for chapter 506 later on and if you claim the itemized deductions that means you're not claiming the standard deduction that we're learning so far in the first few chapters of our semester so again common type of income way down here in line one would be gambling winnings awards and prizes maybe jury duty pay is another common one you add up all of this miscellaneous income and get a subtotal that goes back to the 1040 form here in line 7a that you total up here in line 7b okay that's it for the regular lectures for chapter three make sure you read the textbook and then work on the chapter three assignments