16 Tax (see instructions). Amount. 1 8814 4972 3 16 20,945 17 18 20,945 19 2,720 20 16,820 21 19,540 22 0 23 87 24 87 If you have a qualifying child, attach Sch. EIC 17 Amount from Schedule 2, line 3 ... 18 Add lines 16 and 17. 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter -0- 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23. This is your total tax 25 Federal income tax withheld from: a Form(s) W-2 b Form(s) 1099 c Other forms (see instructions) d Add lines 25a through 25c 26 2021 estimated tax payments and amount applied from 2020 return. 27 Earned income credit (EIC) Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18, to claim the EIC. See instructions h Nontavable combat nav election lozh 25a 21,000 25b 25c 27a 25d 21,000 26 four dependents, see instructions and check here erguson Daughter 1 Wages, salaries, tips, etc. Attach Form(s) W-2 Attach Sch. B 2a Tax-exempt interest if required. 3a Qualified dividends Standard Deduction for Single or Married filing separately, $12,550 Married . filing jointly or Qualifying widow(er), $25,100 Head of household, $18,800 If you checked any box under Standard Deduction, see instructions. 4a IRA distributions 5a Pensions and annuities 6a Social security benefits 1 181,200 2a b Taxable interest 2b 820 b Ordinary dividends 3b 820 4a b Taxable amount 4b 5a b Taxable amount 5b b Taxable amount 6b 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 8 Other income from Schedule 1, line 10 9 Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income 10 Adjustments to income from Schedule 1, line 26 7 8 4,305 x 9 186,325 10 10,894 11 Subtract line 10 from line 9. This is your adjusted gross income 11 175,431 12a Standard deduction or itemized deductions (from Schedule A) 12a 39,560 b Charitable contributions if you take the standard deduction (see instructions) 12b c Add lines 12a and 12b 13 Qualified business income deduction from Form 8995 or Form 8995-A 14 Add lines 12c and 13 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 12c 39,560 13 820 14 40380 15 135,051 1 Part I Additional Income Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received b Date of original divorce or separation agreement (see instructions) 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797 5 6 7 8 a b Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other income: Net operating loss Gambling income d Cancellation of debt Foreign earned income exclusion from Form 2555 e Taxable Health Savings Account distribution f Alaska Permanent Fund dividends g Jury duty pay h Prizes and awards i k 8b 8c 8d 8e 8f 8g 8h 8i Activity not engaged in for profit income Stock options Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property Olympic and Paralympic medals and USOC prize money (see instructions) 8j 8k 81 1 2,652 2a 3 605 4 5 6 7 Required information Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Algo) [The following information applies to the questions displayed below.] Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university earning a salary of $152,100, and John worked part time as a receptionist for a law firm earning a salary of $29,100. Sandy also does some Web design work on the side and reported revenues of $4,100 and associated expenses of $800. The Fergusons received $820 in qualified dividends and a $205 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2022 AMT exemption for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,425. Federal tax withholding of $21,000. Alimony payments to Sandy's former spouse of $10,050 (divorced 12/31/2014). Child support payments for Sandy's child with her former spouse of $4,110. $12,210 of real property taxes. John was reimbursed $605 for employee business expenses he incurred. He was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samantha's care while Sandy and John worked. $14,100 interest on their home mortgage ($400,000 acquisition debt). $3,015 interest on a $40,200 home-equity loan. They used the loan to pay for a family vacation and new car. $15,050 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $410 and cost $2,050. Part II Other Taxes 4 Self-employment tax. Attach Schedule SE 5 Social security and Medicare tax on unreported tip income. Attach Form 4137 4 87 5 6 Uncollected social security and Medicare tax on wages. Attach Form 8919 6 7 Total additional social security and Medicare tax. Add lines 5 and 6 7 8 Additional tax on IRAS or other tax-favored accounts. Attach Form 5329 if required 8 9 Household employment taxes. Attach Schedule H 9 10 Repayment of first-time homebuyer credit. Attach Form 5405 if required 10 d 11 Additional Medicare Tax. Attach Form 8959 11 12 Net investment income tax. Attach Form 8960 12 13 Uncollected social security and Medicare or RRTA tax on tips or group-term life insurance from Form W-2, box 12 14 Interest on tax due on installment income from the sale of certain residential lots and timeshares 13 14 15 Interest on the deferred tax on gain from certain installment sales with a sales price over $150,000 15 16 16 Recapture of low-income housing credit. Attach Form 8611 17 Other additional taxes: a Recapture of other credits. List type, form number, and amount 17a b Recapture of federal mortgage subsidy. If you sold your home in 2021, see instructions 17b c Additional tax on HSA distributions. Attach Form 8889 d Additional tax on an HSA because you didn't remain an eligible individual. Attach Form 8889 e Additional tax on Archer MSA distributions. Attach Form 8853 f Additional tax on Medicare Advantage MSA distributions. Attach Form 8853 17c 17d 17e 17f g Recapture of a charitable contribution deduction related to a fractional interest in tangible personal property 17g h Income you received from a nonqualified deferred compensation plan that fails to meet the requirements of section 409A i Compensation you received from a nonqualified deferred compensation plan described in section 457A j Section 72(m)(5) excess benefits tax 17h 17i 17j Name(s) shown on Form 1040, 1040-SR, or 1040-NR Sandy and John Ferguson Part I Nonrefundable Credits 1 Foreign tax credit. Attach Form 1116 if required 2 Credit for child and dependent care expenses from Form 2441, line 11. Attach Form 2441 3 Education credits from Form 8863, line 19 4 Retirement savings contributions credit. Attach Form 8880 5 Residential energy credits. Attach Form 5695 6 Other nonrefundable credits: a General business credit. Attach Form 3800 b Credit for prior year minimum tax. Attach Form 8801 c Adoption credit. Attach Form 8839 d Credit for the elderly or disabled. Attach Schedule R e Alternative motor vehicle credit. Attach Form 8910 Your social security number 111-11-1111 1 0 2 2,720 x 3 0 4 0 5 0 6a 6b 0 6c 0 6d 0 6e 0 f Qualified plug-in motor vehicle credit. Attach Form 8936 6f 0 g Mortgage interest credit. Attach Form 8396 h District of Columbia first-time homebuyer credit. Attach Form 8859 i Qualified electric vehicle credit. Attach Form 8834 6g 14100 6h 0 6i 0 j Alternative fuel vehicle refueling property credit. Attach Form 8911 6j 0 k Credit to holders of tax credit bonds. Attach Form 8912 I Amount on Form 8978, line 14. See instructions 6k 0 61 z Other nonrefundable credits. List type and amount 6z 0 7 Total other nonrefundable credits. Add lines 6a through 6z 7 14,100 8 Add lines 1 through 5 and 7. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 20 8 16820 1 2 a 3 4 Enter the amount from Form 1040 or 1040-SR, line 15, if more than zero. If Form 1040 or 1040-SR, line 15, is zero, subtract line 14 of Form 1040 or 1040-SR from line 11 of Form 1040 or 1040-SR and enter the result here. (If less than zero, enter as a negative amount.) b C d e f If filing Schedule A (Form 1040), enter the taxes from Schedule A, line 7; otherwise, enter the amount from Form 1040 or 1040-SR, line 12a Tax refund from Schedule 1 (Form 1040), line 1 or line 8z Investment interest expense (difference between regular tax and AMT) Depletion (Difference between regular tax and AMT) Net operating loss deduction from Schedule 1 (Form 1040), line 8a. Enter as a positive amount Alternative tax net operating loss deduction. g Interest from specified private activity bonds exempt from the regular tax h Qualified small business stock, see instructions i Exercise of incentive stock options (excess of AMT income over regular tax income) j Estates and trusts (amount from Schedule K-1 (Form 1041), box 12, code A) 1 175,431 X 2a 39,560 X 2b 2,652 X 2c 2d 2e 2f 2g 2h 2i 2j k Disposition of property (Difference between AMT and regular tax gain or loss) | m Depreciation on assets placed in service after 1986 (Difference between regular tax and AMT) Passive activities (difference between AMT and regular tax income or loss) 2k 21 n Loss limitations (difference between AMT and regular tax income or loss) Circulation costs (difference between regular tax and AMT) p Long-term contracts (difference between AMT and regular tax income) q Mining costs (difference between regular tax and AMT) r Research and experimental costs (difference between regular tax and AMT) S Income from certain installment sales before January 1, 1987 2m 2n 20 2p 2q 2r 2s Intangible drilling costs preference Other adjustments, including income-based related adjustments 2t 3 Alternative minimum taxable income. Combine lines 1 through 3. (If married filing separately and line 4 is more than $752,800, see instructions.) 4 212,339