Question
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all taxpayers did NOT receive,
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem.
Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year.
Jose and Dora Hernandez are married filing jointly. They are 50 and 45 years old, respectively. Their address is 32010 Lake Street, Atlanta, GA 30294. Additional information about Mr. and Mrs. Hernandez is as follows:
Social security number: | |
Jose: 412-34-5670 | |
Date of birth: 4/23/1970 | |
W-2 for Jose shows these amounts: | |
Wages (box 1) = | $ 45,800.00 |
---|---|
Federal W/H (box 2) = | $ 4,038.00 |
Social security wages (box 3) = | $ 45,800.00 |
Social security W/H (box 4) = | $ 2,839.60 |
Medicare wages (box 5) = | $ 45,800.00 |
Medicare W/H (box 6) = | $ 664.10 |
Social security number: | |
Dora: 412-34-5671 | |
Date of birth: 7/12/1975 | |
W-2 for Dora shows these amounts: | |
Wages (box 1) = | $ 31,000.00 |
---|---|
Federal W/H (box 2) = | $ 2,290.00 |
Social security wages (box 3) = | $ 31,000.00 |
Social security W/H (box 4) = | $ 1,922.00 |
Medicare wages (box 5) = | $ 31,000.00 |
Medicare W/H (box 6) = | $ 449.50 |
Form 1099-INT for Jose and Dora shows this amount:
Box 1 = $300.00 from City Bank.
Dependent: Daughter Adela is 5 years old. Her date of birth is 3/15/2015. Her social security number is 412-34-5672.
Jose is a store manager, and Dora is a receptionist.
Required:
Prepare Form 1040 plus all the appropriate Schedules and worksheets for Mr. and Mrs. Hernandez for 2020. They are entitled to a $2,000 child tax credit. For now, enter the credit on the appropriate line of the form. They want to contribute to the presidential election campaign. Mr. and Mrs. Hernandez had qualifying health care coverage at all times during the tax year. (List the names of the taxpayers in the order in which they appear in the problem. Input all the values as positive numbers. Do not skip rows while entering in Dependents section of Form 1040 PG1.)
Use the appropriate Tax Tables.
PAGE 1 AND PAGE 2 ON THE TAX FORMS
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