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Required information Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Static) [The following information applies to the questions displayed below.) Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba paid $5,800 in state income taxes and $12,500 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather: Insurance premiums Medical care expenses Prescription medicine Nonprescription medicine New contact lenses for Heather $ 7,952 $ 1,100 $ 350 $ 100 $ 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, paid 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40 percent portion. A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $12,000, but she did not sell any of her stocks. Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments. Assume Reba received the correct advance payment for her 2021 individual recovery credit. Comprehensive Problem 8-84 Part a-2 (Static) Using the information from part a-1, Complete pages 1 and 2, Schedule 1, and Schedule 3 of Form 1040 for Reba. Reba Dixon's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Reba Dixon: 111-11-1111 Heather Dixon: 222-22-2222 (Input all the values as positive numbers. Use 2021 tax rules regardless of year on tax form. Round your intermediate computations and final answers to the nearest whole dollar amount.) Required information 0.01 Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number 111-11-1111 Reba dixon Part I Additional Income 1 1 Taxable refunds, credits, or offsets of state and local income taxes Alimony received 2a 2a 14,400 b 3 3 4 4 5 Date of onginal divorce or separation agreement (see instructions) Year 2016 Business income or (loss) Attach Schedule C Other gains or (losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other Income Amount Disability insurance payments 5 6 6 7 7 8 8 9 14,400 Part II Combine bnes 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Adjustments to Income Educator expenses 10 10 11 Certain business expenses of reservists, performing artists, and foe-basis government officials Attach Form 2106 11 12 12 13 13 14 14 15 15 Health savings account deduction Attach Form 8889 Moving expenses for members of the Armed Forces Attach Form 3903 Deductible part of self-employment tex Attach Schedule SE Self employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN 16 16 17 17 18a 18a b 19 19 Date of original divorce or separation agreement (see instructions) IRA deduction Student loan interest deduction Tuition and fees deduction Altach Form 8917 20 20 21 21 22 Add lines 10 through 21 These are your adjustments to income Enter here and on Form 1040,1040-SR, or 1040-NR line 10a 22 For Paperwork Reduction Act Notice, see your tax retum instructions. Cat No. 71479F Schedule 1 (Form 1040)2020 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 2021 McGraw-Hill Education. Form 1040 Schedule 3. Additional Credits and Payments OMB No 1545-0074 SCHEDULE 3 (Form 1040) Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 or 1040-SR 2020 Attach to Form 1040 or 1040-SR. Go to www.irs.gov/Form1040 for instructions and the latest information. Attachment Sequence No 03 Your social security number 1 2 3 4 Part 1 Nonrefundable Credits 1 Foreign tax credit. Attach Form 1116 if required 2 Credit for child and dependent care expenses. 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 credits from Form a 3800 b 8801 7 Add lines 1 through 6 Enter here and on Fom 1040, 1040-SR, or 1040-NR, line 20 Part II Other Payments and Refundable Credits 8 Net premium tax credit. Altach Form 8962 9 Amount paid with request for extension to file (see instructions) 10 Excess social security and tier 1 RRTA tax withheld 5 6 7 0 8 9 10 11 Credit for federal tax on fuels Attach Form 4136 11 12 Other payments or refundable credits a Form 2439 12a b Qualified sick and family leave credits from Schedule(s) H and Form(s) 7202 12b c Health coverage tax credit from Form 8885 12c d Other 12d e Deferral for certain Schedule H or SE filers (see instructions) 12e 1 Add lines 12a through 12e 12f 13 Add lines 8 through 12f Enter here and on Form 1040, 1040-SR, or 1040-NR line 31 13 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71480G THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. ITIS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education. Schedule 3 (Form 1040) 2020 Required information Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) (Static) [The following information applies to the questions displayed below.) Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba paid $5,800 in state income taxes and $12,500 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather: Insurance premiums Medical care expenses Prescription medicine Nonprescription medicine New contact lenses for Heather $ 7,952 $ 1,100 $ 350 $ 100 $ 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, paid 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40 percent portion. A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $12,000, but she did not sell any of her stocks. Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments. Assume Reba received the correct advance payment for her 2021 individual recovery credit. Comprehensive Problem 8-84 Part a-2 (Static) Using the information from part a-1, Complete pages 1 and 2, Schedule 1, and Schedule 3 of Form 1040 for Reba. Reba Dixon's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Reba Dixon: 111-11-1111 Heather Dixon: 222-22-2222 (Input all the values as positive numbers. Use 2021 tax rules regardless of year on tax form. Round your intermediate computations and final answers to the nearest whole dollar amount.) Required information 0.01 Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number 111-11-1111 Reba dixon Part I Additional Income 1 1 Taxable refunds, credits, or offsets of state and local income taxes Alimony received 2a 2a 14,400 b 3 3 4 4 5 Date of onginal divorce or separation agreement (see instructions) Year 2016 Business income or (loss) Attach Schedule C Other gains or (losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other Income Amount Disability insurance payments 5 6 6 7 7 8 8 9 14,400 Part II Combine bnes 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Adjustments to Income Educator expenses 10 10 11 Certain business expenses of reservists, performing artists, and foe-basis government officials Attach Form 2106 11 12 12 13 13 14 14 15 15 Health savings account deduction Attach Form 8889 Moving expenses for members of the Armed Forces Attach Form 3903 Deductible part of self-employment tex Attach Schedule SE Self employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN 16 16 17 17 18a 18a b 19 19 Date of original divorce or separation agreement (see instructions) IRA deduction Student loan interest deduction Tuition and fees deduction Altach Form 8917 20 20 21 21 22 Add lines 10 through 21 These are your adjustments to income Enter here and on Form 1040,1040-SR, or 1040-NR line 10a 22 For Paperwork Reduction Act Notice, see your tax retum instructions. Cat No. 71479F Schedule 1 (Form 1040)2020 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 2021 McGraw-Hill Education. Form 1040 Schedule 3. Additional Credits and Payments OMB No 1545-0074 SCHEDULE 3 (Form 1040) Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 or 1040-SR 2020 Attach to Form 1040 or 1040-SR. Go to www.irs.gov/Form1040 for instructions and the latest information. Attachment Sequence No 03 Your social security number 1 2 3 4 Part 1 Nonrefundable Credits 1 Foreign tax credit. Attach Form 1116 if required 2 Credit for child and dependent care expenses. 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 credits from Form a 3800 b 8801 7 Add lines 1 through 6 Enter here and on Fom 1040, 1040-SR, or 1040-NR, line 20 Part II Other Payments and Refundable Credits 8 Net premium tax credit. Altach Form 8962 9 Amount paid with request for extension to file (see instructions) 10 Excess social security and tier 1 RRTA tax withheld 5 6 7 0 8 9 10 11 Credit for federal tax on fuels Attach Form 4136 11 12 Other payments or refundable credits a Form 2439 12a b Qualified sick and family leave credits from Schedule(s) H and Form(s) 7202 12b c Health coverage tax credit from Form 8885 12c d Other 12d e Deferral for certain Schedule H or SE filers (see instructions) 12e 1 Add lines 12a through 12e 12f 13 Add lines 8 through 12f Enter here and on Form 1040, 1040-SR, or 1040-NR line 31 13 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71480G THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. ITIS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2021 McGraw-Hill Education. Schedule 3 (Form 1040) 2020
