JIim Smith, age 22, has the W2 listed at the bottom of this file. He lives in
Question:
JIim Smith, age 22, has the W2 listed at the bottom of this file. He lives in Florida. He has no dependents. If no information is provided for an item needed on the return, assume that it is zero, e.g., no contribution to an IRA because not listed below. Line numbers are for the 2020 IRS 1040 form posted on Carmen. Fill in the table below, as if it is April 2021 and he is filing their 2020 federal income tax return now (25pts).
A. Line 10. Adjustments to gross income (list) Line 10c Total adjustments to income
B. Line 11, Adjusted gross income =
C. Line 12: Standard deduction or itemized deductions =
D. Line 15: Taxable Income =
E. Federal income tax bracket =
F. Line 16: Federal income tax for 2020 before credits =
G. Line 25a: Amount withheld shown on W2 form =
Will there be a refund or a balance due?
H. How much?
I. In which 1040 Line will that amount be entered?
W2 form for Jim Box 1 wages = $80,000. Box 2 federal income tax withheld = $10,000
Selected expenses in 2020
Amount | |
Rent | $ 9,178 |
Out-of-pocket medical expenses not covered by employer medical insurance | $ 580 |
Contributions to charity | $1,000 |