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A 2019 Form 1040 and form schedule 1 is needed for this Using this information you should have entries on lines: SCHEDULE 1 Names

A 2019 Form 1040 and form schedule 1 is needed for this

Using this information you should have entries on lines:

 

SCHEDULE 1

Names and Toms social security number

12

19

20

22

 

ADJUSTED GROSS INCOME (SCHEDULE 1)

Tom Contributed $3,000 to a health savings account (HSA)

Tom Contributed $6,000 to a Roth IRA

Mary Contributed $6,000 to a Traditional IRA

Tom and Mary paid $2,500 in student loan interest

 

 

Form 1040

Names, social security numbers and address

1

2b

7b

8a

8b

9

11a

11b

12a

12b

14

16

17

19

20 or 23

 

Tom and Mary Franklin

30 Maple St.

Carrie, PA 13579

 

Social Security Numbers

Tom's Social Security number 123-45-6789

Mary's Social Security number 121-21-2121

Tom & Mary have one dependent, an 18 year old daughter Susan, her Social Security number is 456-78-9012.

INCOME (LINES 1 & 2b)

Tom's W-2 Wages $75,000

Mary's W-2 Wages $80,000

Tom & Mary had $200 of taxable interest income

 

 

STANDARD & ITEMIZED DEDUCTION (LINE 9)

Tom and Mary's itemized deductions were less than the standard deduction so they will use the 2019 MFJ standard deduction amount of $24,400

 

 

NOW USE THE FOLLOWING TAX TABLE TO CALCULATE TAX (LINE 12a).

 

Married Filing Jointly 2019 Tax Brackets

Taxable IncomeMarginal Tax Rate:
$0-$19,40010%
$19,401-$78,95012%
$78,951-$168,40022%
$168,401-$321,45024%
$321,451-$408,20032%
$408,201-$612,35035%
$612,351+37%

 

 

OTHER TAXES

None

 

 

PAYMENTS (LINE 17)

Tom and Mary's combined federal income tax withheld from their W2 forms is $20,000 total.

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