Question
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 Income | Marginal Tax Rate: |
$0-$19,400 | 10% |
$19,401-$78,950 | 12% |
$78,951-$168,400 | 22% |
$168,401-$321,450 | 24% |
$321,451-$408,200 | 32% |
$408,201-$612,350 | 35% |
$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.
Step by Step Solution
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Step: 1
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