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Any help is appreciated, cannot include 2021 tax tables as that is 12 pages! PLEASE answer using 2021 forms only! Thank you Assume the taxpayer
Any help is appreciated, cannot include 2021 tax tables as that is 12 pages! PLEASE answer using 2021 forms only! Thank you
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. John and Shannon O'Banion, who live at 3222 Pinon Drive, Mesa, CO 81643, file as married filing jointly. John's social security number is 412-34-5670 (date of birth 5/12/1983), and Shannon's is 412-34-5671 (date of birth 11/3/1985). John's W-2 contained the following information: Wages (box 1) = Federal W/H (box 2) = Social security wages (box 3) = ( Social security W/H (box 4) = Medicare wages (box 5) = Medicare W/H (box 6) = $ 66,346.74 $ 5,224.75 $ 66,346.74 $ 4,113.50 $ 66,346.74 $ 962.03 Shannon did not work for the year due to a medical condition but did receive unemployment compensation of $5,328 for the year with federal withholding of $654.68. In the same year, they had the following medical costs: Shannon's prescribed diabetes medication Shannon's hospital charges Shannon's regular physician visits Shannon's eye doctor Shannon's diabetes blood testing supplies Insurance reimbursements $ 4,250 9,350 835 75 685 1.925 In addition, they had the following other expenses: $4,950 4,170 500 765 State income taxes Real estate property taxes Car loan interest Personal property taxes Cash charitable contributions (made ratably throughout the year to their church) Mortgage interest expense Union dues for John Tax preparation fees 2,135 9,970 575 175 Required: Prepare a Form 1040 with a Schedule 1 and Schedule A for the O'Banions using any appropriate worksheets. Use the appropriate Tax Tables. Note: List the names of the taxpayers in the order in which they appear in the problem. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the forms. 1040 PG 1 1040 PG 2 Schedule 1 1 Schedule A Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 Department of the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return Single Married filing jointly 2021 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Married filing separately (MFS) Head of household (HOH) Qualifying widower) (QW) Filing Status John Check only If you checked the MES box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is one box a a child but not your dependent Your social security number Your first name and middle initial Last name (Enter as XXX-XX-XXXX) O'Banion 412-34-5670 Spouse's social security number If joint return, spouse's first name and middle initial Last name (Enter as XXX-XX-XXXX) Shannon O'Banion 412-34-5671 Home address number and street). If you have a PO box, see instructions Apartment number Presidential Election Campaign 3222 Pinon Drive Check here if you, or your spouse it filing if jointly, want $3 to go to this fund City, town, or post office. If you have a foreign address, also complete spaces below. Checking a box below will not change Mesa, CO 81643 your tax or refund Foreign country name Foreign province/state/county / Foreign postal code You Spouse Are blind Spouse: At any time during 2021, did you receive, sell, send exchange or otherwise acquire any financial interest in any virtual currency? Yes No Someone can claim: Standard : You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness Your Were bom before January 2, 1957 2, Was born before January 2, 1957 Is blind Dependents (see instructions): : (2) Social security number 2 (3) Relationship to you (4) if qualifies for see instructions) If more than fout (1) First name Credit for other Last name (Enter as XXX-XX-XXXX) - Child tax credit dependents dependents, see instructions and check here DODE 66,347 0 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach Schedule Bit 2a Tax-exempt interest 2a b Taxable interest b 2b required 3a Qualified dividends 3a b Ordinary dividends 3b 4a IRA distributions 4a b Taxable amount 4b 5a Pensions and annuities Sa b Taxable amount 5b 6a Social security benefits b Taxable amount b 6b 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 8 Other income from Schedule 1, line 9 8 8 Standard Deduction 9 Add lines 1, 2, 3, 4, 5, 6, 7 and 8. This is your total income 9 for- Single or Married 10 Adjustments to income from Schedule 1, line 26 10 filing separately $12,550 11 Subtract line 10 from line 9. This is your adjusted gross income Martied filing jointly or Qualifying 12a Standard deduction or itemized deductions (from Schedule A) 12a widower) $25,100 b Charitable contributions if you take the standard deduction (see instructions) 12 Head of household, $18,800 c Addi lines 12a and 12b 12c . If you checked any box under Standard 13 Qualified business income deduction from Form 8995 or Form 8995A 13 Deduction, see instructions, 14 Add lines 12 and 13 14 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, see separate instructions Cat No. 11320B THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2022 McGraw-Hill Education 66,347 0 11 0 0 Form 1040 (2021) Page 2 of Form 1040. Some information does not carry over from Page 1. Use provided information and follow instructions on form Page 2 16 17 0 18 0 19 20 0 21 0 22 23 24 0 25a 250 250 250 0 26 27a Form 1040 (2021) John O'Banion Shannon O'Banion 412-34-5670 16 Tax (see instructions). Check if any from Form(s): : (1) 8814 (2) 4972 (3) 17 Amount from Schedule 2 line 3 18 Adid 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-O- O- 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 (s c Other forms (see instructions) d Add lines 25a through 250 26 2021 estimated tax payments and amount applied from 2020 return If you have a qualifying child 27a Eamed income credit (EIC) attach Schedule EIC Check here if you had not reached the age of 19 by December 31, 2021, and satisfy all other requirements for claiming the EIC. See instructions b Nontaxable combat pay election 27b c Prior year (2019) earned income c 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 29 American opportunity credit from Form 8863, line 8 30 Recovery rebate credit. See instructions 31 Amount from Schedule 3, line 15 32 Add lines 27 and 28 through 31. These are your total other payments and refundable credits 33 Add lines 25d, 26, and 32. These are your total payments 34 If line 33 is more than line 24 subtract line 24 from line 33. This is the amount you overpaid , Refund 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Direct deposit? b Routing number -c Type: Checking See instructions. d Account number 36 Amount of line 34 you want applied to your 2022 estimated tax Amount You 37 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions Owe 38 Estimated tax penalty (see instructions) Third Party Do you want to allow another person to discuss this return with the RS? See instructions Designee 28 29 30 31 0 32 33 0 34 35a Savings 36 37 38 Yes. Complete below. No Designee's name Phone no. Personal identification number (PIN) Sign Here Joint return? See instructions Keep a copy for your records 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 preparer (other than taxpayer) is based on all information of which preparer has any knowledge Your signature if the IRS sent you an Identity Date Your occupation Protection PIN enter it here (see inst.) ) if the IRS sent your spouse an Spouse's signature. If a joint return, both must sign Date Spouse's occupation Identity Protection PIN enter it here (see inst.) Phone no Email address Preparer's name Preparer's signature Date PTIN Check it Self-employed Firm's name> Phone no. Firm's address Firm's EIN Form 1040 (2021) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGraw-Hill Education Paid Preparer Use Only Schedule 1 of Form 1040 OMB No 1545-0074 SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income 2021 Attachment Sequence No. 01 Your social security number 412-34-5670 Parti 1 1 2a 3 4 5 6 7 5,328 Ba Department of the Treasury Attach to Form 1040, 1040-SR, or 1040-NR. Internal Revenue Service Go to www.irs.gov/Form 1040 for instructions and the latest information Name(s) shown on Form 1040,1040-SR, or 1040-NR John O'Banion Shannon O'Banion Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule ) 4 Other gains or losses). Attach Form 4797 5 Rental real estate, tayalties, partnerships, Scorporations, trusts, etc Attach Schedule E 6 Farm income or loss). Attach Schedule F 7 Unemployment compensation 8 Other income a Net operating loss b Gambling income c Cancellation of debt d Foreign earned income exclusion from Form 2555 e Taxable Health Savings Account distribution f Alaska Permanent Fund dividends f 9 Jury duty pay h Prizes and awards i Activity not engaged in for profit income Stock options k Income from the rental of personal property if you engaged in the tental for profit but were not in the business of renting such property 1 Olympic and Paralympic medals and USOC prize money (see instructions) m Section 951(a) inclusion (see instructions) ( n a Section 951A(a) inclusion (see instructions) o Section 461) excess business loss adjustment ( p Taxable distributions from an ABLE account (see instructions) z Other income. List type and amount Bb 80 Be 8f 89 Bh 81 Bj Bk 81 8m 8n 80 Bz 9 Total other income. Add lines Ba through Bz . 9 0 10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 040-SR, or 1040-NR, line 3 10 5,328 For Paperwork Reduction Act Notice, see your tax return instructions Cat No. 71479F Schedule 1 (Form 1040) 2021 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2022 McGraw-Hill Education Schedule A of Form 1040. OMB No. 1545-0074 SCHEDULE A (Form 1040) Itemized Deductions Go to www.irs.gov/Schedule A for instructions and the latest information. 2021 Attachment Sequence No. 07 Your social security number 412-34-5670 0 Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service (99) Caution: If you are claiming a net qualified disaster loss on Form 4684. see the instructions for line 16. Name(s) shown on Form 1040 or 1040-SR John O'Banion Medical Caution: Do not include expenses reimbursed or paid by others. and 1 Medical and dental expenses (see instructions) 1 Dental 2 Enter amount from Form 2. Expenses 1040 or 1040 SR, line 11 3 Multiply line 2 by 7.5% (0.075) 2 3 4 Subtract line 3 from line 1. If line 3 is more than line 1. enter-O- Taxes You 5 State and local taxes. Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box 5a 4,950 b State and local real estate taxes (see instructions) 5b 4,170 c State and local personal property taxes 5c 765 d Add lines 5a through 5c 5d 9,885 e Enter the smaller of line 5d or $10,000 ($5,000 if married filing 5e 9,885 separately) 6 Other taxes List type and amount 6 6 7 9,885 Interest You Paid 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box a Home mortgage interest and points reported to you on Form 1098 See instructions if limited b Home mortgage interest not reported to you on Form 1098 See instructions if limited. If paid to the person from whom you bought the home see instructions and show that person's name, identifying no, and address 8 Caution: Your mortgage interest deduction may be limited (see instructions) 8b e Points not reported to you on Form 1098. See instructions for special rules 8C 0 11 2,135 d Mortgage insurance premiums (see instructions) 8d e Add lines 8a through 8d 8e 0 9 Investment interest Attach Form 4952 if required. See instructions 9 10 Add lines 8e and 9 10 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more, see 2,135 instructions Charity 12 Other than by cash or check. If you made any gift of $250 or more, Caution: If you made see instructions. You must attach Form 8283 if over $500 12 a gift and got a benefit for it, see 13 Carryover from prior year 13 instructions 14 Add lines 11 through 13 14 Casualty and 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). ) Theft Losses Attach Form 4684 and enter the amount from line 18 of that form. See instructions 15 Other 16 Other-from list in instructions. List type and amount Itemized Deductions 16 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR line 12 - Itemized 17 Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box , For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. Cat. No. 17145C THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL O 2022 McGraw-Hill Education. Total 12,020 Schedule A (Form 1040) 2021
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