Based on the given information, fill out the 1040 form. (Some basic information such as SSN and address questions are not provided and can be left blank)

TAX FORM PROBLEM: Jane Cerny is a 22-year old recent graduate who started working for a big-4 firm in May 2021. Prior to her start date, she was a full-time Kogod student and worked part-time for the Kogod Tax Policy center (from Jan. 2021 May 2021). She had health insurance for the full year under her parents' insurance. She moved into her own apartment in May, after graduation and started studying for the CPA exam. She also received $1,500 in interest from a savings account that her grandparents has set up for her. Her parents paid her rent until she started working. Details regarding her salary and withholding from her employment are as follows. Prepare a Form 1040 and calculate her tax liability. KTPC . $2,000 $200 Salary: Federal Withholding State Withholding Social Security $150 Big 4 $33,000 $3,300 $1,000 . $75 $2,475 1040 Department the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return 2021 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. State Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 ZIP code to go to this fund. Checking a box below will not change Foreign postal code your tax or refund. You Spouse Foreign country name Foreign province/state/county Yes At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien vable interest Age/Blindness You: Were born before January 2, 1957 Are blind Spouse: Was born before January 2, 1957 blind Dependents (see instructions): (2) Social security (3) Relationship (4) if qualifies for (see instructions): (1) First name number If more Last name to you Child tax credit Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. Bif 3a Qualified dividends required. 3b b Ordinary dividends 4a IRA distributions. 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard Social security benefits 6a b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married filing 8 Other income from Schedule 1, line 10 8 separately, $12,550 9 9 Add lines 1, 2, 3, 4, 5b, 6, 7, and 8. This is your total income Married filing 10 Adjustments to income from Schedule 1, line 26 10 jointly or Qualifying 11 Subtract line 10 from line 9. This is your adjusted gross income 11 widow(er), 12a $25,100 12a Standard deduction or itemized deductions (from Schedule A) Head of b Charitable contributions if you take the standard deduction (see instructions) 12b household, $18,800 12c Add lines 12a and 12b If you checked 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 any box under Standard 14 Add lines 12c and 13 14 Deduction, 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 15 see instructions. . For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2021) a : : b VO Form 1040 (2021) Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 30 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17. 18 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 19 20 Amount from Schedule 3, line 8 20 21 Add lines 19 and 20. 21 22 Subtract line 21 from line 18. If zero or less, enter-O- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 21 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: Form(s) W-2 25a b Form(s) 1099 25b Other forms (see instructions) 25c d Add lines 25a through 25C 25d 26 2021 estimated tax payments and amount applied from 2020 return 26 If you have a qualifying child 27a Earned income credit (EIC) 27a attach Sch. 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 Nontaxable combat pay election 27b Prior year (2019) earned income 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Recovery rebate credit. See instructions 30 31 Amount from Schedule 3, line 15 31 32 Add lines 27a and 28 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 35a Direct deposit? Routing number c Type: Checking Savings See instructions. d Account number 36 Amount of line 34 you want applied to your 2022 estimated tax.. 36 Amount 37 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions 37 You Owe 38 Estimated tax penalty (see instructions) 38 Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions Yes. Complete below. No Designee's Phone Personal identification name no. number (PIN) Sign 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. Here Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records, (see inst.) DI Phone no. Email address Preparer's name Preparer's signature Date PTIN Check if: Paid Self-employed Preparer Firm's name Phone no. Use Only Firm's address Firm's EIN Go to www.irs.gov/Form 1040 for instructions and the latest information. Form 1040 (2021) po type icon TAX FORM PROBLEM: Jane Cerny is a 22-year old recent graduate who started working for a big-4 firm in May 2021. Prior to her start date, she was a full-time Kogod student and worked part-time for the Kogod Tax Policy center (from Jan. 2021 May 2021). She had health insurance for the full year under her parents' insurance. She moved into her own apartment in May, after graduation and started studying for the CPA exam. She also received $1,500 in interest from a savings account that her grandparents has set up for her. Her parents paid her rent until she started working. Details regarding her salary and withholding from her employment are as follows. Prepare a Form 1040 and calculate her tax liability. KTPC . $2,000 $200 Salary: Federal Withholding State Withholding Social Security $150 Big 4 $33,000 $3,300 $1,000 . $75 $2,475 1040 Department the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return 2021 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. State Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 ZIP code to go to this fund. Checking a box below will not change Foreign postal code your tax or refund. You Spouse Foreign country name Foreign province/state/county Yes At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien vable interest Age/Blindness You: Were born before January 2, 1957 Are blind Spouse: Was born before January 2, 1957 blind Dependents (see instructions): (2) Social security (3) Relationship (4) if qualifies for (see instructions): (1) First name number If more Last name to you Child tax credit Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. Bif 3a Qualified dividends required. 3b b Ordinary dividends 4a IRA distributions. 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard Social security benefits 6a b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married filing 8 Other income from Schedule 1, line 10 8 separately, $12,550 9 9 Add lines 1, 2, 3, 4, 5b, 6, 7, and 8. This is your total income Married filing 10 Adjustments to income from Schedule 1, line 26 10 jointly or Qualifying 11 Subtract line 10 from line 9. This is your adjusted gross income 11 widow(er), 12a $25,100 12a Standard deduction or itemized deductions (from Schedule A) Head of b Charitable contributions if you take the standard deduction (see instructions) 12b household, $18,800 12c Add lines 12a and 12b If you checked 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 any box under Standard 14 Add lines 12c and 13 14 Deduction, 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 15 see instructions. . For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2021) a : : b VO Form 1040 (2021) Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 30 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17. 18 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 19 20 Amount from Schedule 3, line 8 20 21 Add lines 19 and 20. 21 22 Subtract line 21 from line 18. If zero or less, enter-O- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 21 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: Form(s) W-2 25a b Form(s) 1099 25b Other forms (see instructions) 25c d Add lines 25a through 25C 25d 26 2021 estimated tax payments and amount applied from 2020 return 26 If you have a qualifying child 27a Earned income credit (EIC) 27a attach Sch. 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 Nontaxable combat pay election 27b Prior year (2019) earned income 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Recovery rebate credit. See instructions 30 31 Amount from Schedule 3, line 15 31 32 Add lines 27a and 28 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 35a Direct deposit? Routing number c Type: Checking Savings See instructions. d Account number 36 Amount of line 34 you want applied to your 2022 estimated tax.. 36 Amount 37 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions 37 You Owe 38 Estimated tax penalty (see instructions) 38 Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions Yes. Complete below. No Designee's Phone Personal identification name no. number (PIN) Sign 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. Here Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records, (see inst.) DI Phone no. Email address Preparer's name Preparer's signature Date PTIN Check if: Paid Self-employed Preparer Firm's name Phone no. Use Only Firm's address Firm's EIN Go to www.irs.gov/Form 1040 for instructions and the latest information. Form 1040 (2021) po type icon