1040- 2020
John Brown, age 53, (social security number 554-78-4556) is single and is supporting his 18 year old son, David (social security number 444-55-7777). David is a student at MirMonte High School. They live in a rented home at 1245 West 5Th Street, Coalinga, CA.
John is employed as a engineer and received the following on his W-2, Wages, $124,566, Federal Income Tax withheld, $32,400.
John also received dividends from Pepsico, $1500 of which $1344 were qualified dividends. Be sure to calculate the tax using the Qualified Dividends and Capital Gains tax worksheet. He also received interest from Bank of America totaling $245.
Other items of income were a gift from John's father of cash, $50,000, lottery winnings of $1500 on a Lottery Scratcher ticket.
You are to prepare the 2020 tax return manually using the forms provided in the Resources section titled Forms and Publications. You will only need to submit Form 1040 and Sch B if required.
$1040 2020 Department of the Treasury-Wamal avenue Service (99) U.S. Individual Income Tax Return OMB No 1545-0074 IS Use Only-Doo write or staple in this space Filing Status Single Married filing Jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (w) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or CW box, enter the child's name if the qualifying one box, person is a child but not your dependent Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number JLN Home address number and street). If you have a P.O,box, see instructions Apt. no. Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address, also complete spaces below. spouse if filing jointly, want $3 State ZIP code to go to this fund. Checking a box below will not change Foreign country name Foreign province/stata/county Foreign postal code your tax or refund. You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Ago/Blindness You Were bom before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 is blind Dependents (see instructions): (2) Social security (3) Relationship (4) of qualities for (see instructions): (1) First name number Last name to you If more Child tax credit Credit for other dependents than four dependents see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 2a 2b b Taxable interest Sch. Bir Qualified dividends 3a required b Ordinary dividends 4a IRA distributions 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard ta Social security benefits b Taxable amount. 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married fling 8 Other income from Schedule 1. line 9 separately 9 $12.400 9 Add lines 1.2b, 3, 4, 5b, 6, 7, and 8. This is your total income Married ling 10 Adjustments to income: jointly or Qualifying a From Schedule 1, line 22 10a widowieri $24,800 10b b Charitable contributions if you take the standard deduction. See instructions Head of Add lines 10a and 10b. These are your total adjustments to income 10cm household $18.650 11 Subtract line 10c from line 9. This is your adjusted gross income 11 If you checked 12 Standard deduction or itemized deductions (from Schedule A) 12 any box under Standard 13 13 Qualified business income deduction. Attach Form 8995 or Form 8996-A Deduction 14 Add lines 12 and 13 14 See instructions 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O. 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, seo separate instructions, Cat No. 113205 Form 1040 2020) AA + Form 1040 (2020) 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 16 17 Amount from Schedule 2 line 3 17 18 Add lines 16 and 17 18 19 Chid tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter.0- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 10 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from 25012 a Form(s) W-2 b Form(s) 1099 25b Other forms (see instructions) 250 250 d Add lines 25a through 250 26 26 2020 estimated tax payments and amount applied from 2019 return Il you have a qualifying child. 27 Earned Income credit (EIC) 27 attach Sch. 28 28 If you have Additional child tax credit. Attach Schedule 8812 nontable 29 American opportunity credit from Form 8863, line 8 29 combat day, 30 See Instructions. 30 Recovery rebate credit. See Instructions 31 Amount from Schedule 3, line 13 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 34 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid Refund 35a 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Direct deposit Routing number Type: Checking Savings See instructions d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 36 Amount 37 37 Subtract line 33 from line 24. This is the amount you owe now.. - You Owe Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for For details on 2020. See Schedule 3, line 12e, and its instructions for details, how to pay. 50 instructions 38 Estimated tax penalty (see Instructions) 38 Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions Yes. Complete below. No Designeo's Phone Personal identification name - no. number (PIN Sign Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true correct, and complete. Declaration of prepared (other than taxpayer) is based on all information of which preparer has any knowledge Here Your signature Date Your occupation if the IRS sent you an identity Protection PIN, enter it here (seeint.) Joint return? See instructions Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records see inst.) Phone no Email address Date Preparer's signature PTIN Preparer's name Check it Paid Self-employed Preparer Firm's name Phone no. Use Only Firm's address Firm's EIN Form 1040 2020 Go to www.lrs.gov/Form1040 for instructions and the latest information SCHEDULEB (Form 10401 OMB No 1545-0014 Interest and Ordinary Dividends Go to www.irs.gow Schedule for instructions and the latest information Attach to Form 1040 or 1040-SR. Departner 2020 Nashewn on rolum 08 Your wolowy number 2 Part! 1 Ust name of payer. If any interest is from a bollor financed mortgage and the Amount buyer used the property as a personal residence, see the instructions and list this Interest interest first. Also, show that buyer's social security number and address Se instructions and the in inactions for Forms 1040 and 1040-SR line 20 Note If you 1 received a Fom 1000-INT. Form 1000-OID, substitute statement from a brokerage firm list the firm's name as the payer and enter the total rest shown on that form 2 Add the amounts on line 1 2 3 Excludable interest on series EE and I U.S. savings bonds issued after 1969 Attach Form 8815 3 4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SA, line 25 4 Note: If line 4 is over $1,500. you must complete Part Amount Part II 6 List name of payer Ordinary Dividends (See instructions and the instructions for Forma 1040 and 1040-SR line 3b) 5 Note: if you received a Form 1099-DIV or substitute statement from brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, oo that form line Sb 6 Note: If line 6 is over $1.500. you must complete Part II Part III You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends: (b) had a Yes No foreign account of (c) received a distribution from, or were a grantor of or a transferor to a foreign trust Foreign Ta At any time during 2020, did you have a financial interest in or signature authority over a financial Accounts account (such as a bank account, securities account, or brokerage account) located in a foreign and Trusts country? See instructions Caution it "Yes, are you required to file FincEN Form 114. Report of Foreign Bank and Financial required, failure Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 to file FinCEN and its instructions for filing requirements and exceptions to those requirements Forn 114 may result in b If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located substantial penalties. See During 2020, did you receive a distribution from or were you the grantor of, or transferar to, a instructions foreign trust? If "Yes." you may have to file Form 3520. See instructions For Paperwork Reduction Act Notice, see your tax return instructions, Cat No. 171 Schedule Form 1040) 2020
