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Professor Patricia Patty Pte is retired from the Palm Springs Culinary Arts Academy PSCAA She is a single taxpayer and is 68 years old Patty lives at 98 Colander

Professor Patricia (Patty) Pte´ is retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 68 years old. Patty lives at 98 Colander Street, Henderson, NV 89052. Professor Pte´’s Social Security number is 565-66-9378. Patty receives monthly retirement benefits from her PSCAA retirement plan. Earnings and income tax withholding shown on her retirement 2010 Form 1099-R are:

Patricia owns a rental condo located at 392 Spatula Way, The Lakes, NV 88905. The condo rents for $850 per month and was rented for the entire year. The following are the related expenses for the rental house:

The condo was purchased on August 31, 1976. Professor Paˆte´ handles all rental activities (e.g., rent collection, finding tenants, etc.) herself. During March 2010, Patricia took a $75,000 distribution from her 401(k) plan (which is not included in the Form 1099-R above). Patricia received only $60,000 because the 401(k) plan administrators withheld $15,000 federal income tax from the distribution. Forty-five days after the distribution, Patty deposited $50,000 in a rollover IRA, keeping $10,000 of the $60,000 received in order to remodel her kitchen.

May 18 2020 View more View Less

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