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Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $101,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $250,000 and they sold it for $300,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,500 of itemized deductions (no charitable contributions), and they had $1,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Form 1040 Department of the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Use Only-Do not write or staple in this space Single Married filing jointly Married filing separately (MFS) Head of household (HOH Qualifying widow(er) (GW) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or GW box, enter the child's name if the qualifying person is a child but not your dependent Filing Status Check only one box 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 PO box, see Instructions Apt.no Presidential Election Campaign City, town, or post office. If you have a foreign address, also complete spaces below , a State ZIP code Check here if you, or your spouse if Kling jointly, want $3 to go to this fund Checking a box below will not change 55555 your tax or refund Foreign country name Foreign province/state county Foreign postal code You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire 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 Age/Blindness You: Were bom before January 2, 1956 Are blind Spouse: Was bom before January 2, 1956 Is blind Dependents (see instructions): (2) Social security number (3) Relationship to you 4) il qualities for (see Instructions) Dependents (see instructions): 2) SOCHI Soci Security home Child tax credit Credit for other dependents (1) First name last name If more than four dependents, see Instructions and check here 0 Attach Sch B required 2a 3a 25 3b b Taxable interest b Ordinary dividends. b Taxable amount 4b 4a 5 5a b Taxable amount 6b Wages, salanes, tips, etc. Altach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 4a RA distributions 5a Pensions and annuities 6a Social security benefits 7 Capital gain or loss) Attach Schedule Dif required 3 Other Income from Schedule 1. line 9 9 Add lines 1, 2b, 36, 45, 55, 56, 7 and 8. This is your total income 10 Adjustments to income b Taxable amount o 7 8 9 0 10a From Schedule 1, line 22 Standard Deduction for - Single or Mamed filing separately, 512.400 - Marned filing jointly or Qualitying widowier). $24 BDO - Head of household SIB 650 - If you checked any box under Standard Deduction see instructions 100 100 11 b Chantable contributions if you take the standard deduction. See Instructions Add lines 10a and 10b. These are your total adjustments to income 11 Subtract line 10c from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions from Schedule A) 13 Qualified business income deduction Attach Form 8995 or Form 1995-A 12 13 14 0 0 15 0 14 Add lines 12 and 13 15 Taxable income. Subtract line 14 from line 11. If ze or less enter-O Page 2 8814 4972 16 16 Tax (see instructions). Check if any from Form(s): 17 Amount from Schedule 2, line 3 18 Add lines 16 and 17 17 18 0 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 0 22 23 24 0 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter-O- 23 Other taxes, including self-employment tax, from Schedule 2, line 10 2 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 c Other forms (see instructions) d Add lines 25a through 250 25a 25b 250 250 0 qualifying ch. EIC 26 2020 estimated tax payments and amount applied from 2019 return 26 27 27 Earned Income credit (EIC) 28 Additional child tax credit. Attach Schedule 8812 28 29 ns 29 American opportunity credit from Form 8863, line 8 30 Recovery rebate credit. See Instructions 30 31 Amount from Schedule 3, line 13 31 32 Add lines 27 through 31. These are your total other payments and refundable credits A 32 0 33 Add lines 25d, 26, and 32. These are your total payments 33 0 m. 32 0 33 0 Required information CIUITM 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 34 0 0 35a 0 b Routing number c Type: : Direct deposit? See instructions Checking Savings d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 36 Amount You Owe 37 Subtract line 33 from line 24. This is the amount you owe now 37 Note: Schedule Hand Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its Instructions for details 38 Estimated tax penalty (see instructions) 39 For details on how to pay, see Instructions. Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Yes. Complete below. No Designee's name Phone no Personal Identification (PIN) number 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) 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 Paid Preparer Use Only Firm's name Phone no Firm's EIN Fim's address Required information orm 1040) Additional Income and Adjustments to Income 2020 epartment of the Treasury ternal Revenue Service Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form 1040 for instructions and the latest information Attachment Sequence No. 01 ame(s) shown on Form 1040, 1040-SR or 1040-NR Your social security number Parti Additional Income Taxable refunds, credits, or offsets state and local income taxes 1 1 2a Alimony received 2a b 3 3 4 4 S Date of original divorce or separation agreement (see instructions) Business income or loss). Attach Schedule C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other income. List type and amount 5 6 7 8 8 Part II Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Adjustments to Income 9 0 10 Educator expenses 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 12 12 13 13 14 14 15 15 16 16 17 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. 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 Date of original divorce or separation agreement (see instructions) ( IRA deduction Student loan interest deduction Tuition and fees deduction. Attach Form 8917 17 18a 19 b c 19 19 20 20 21 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 040-SR, or 1040-NR line 10 22 For Paperwork Reduction Act Notice, see your tax return instructions Cat. No. 71479F Schedule 1 Form 104012020 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, Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $101,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $250,000 and they sold it for $300,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,500 of itemized deductions (no charitable contributions), and they had $1,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Form 1040 Department of the Treasury-Internal Revenue Service (99) U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Use Only-Do not write or staple in this space Single Married filing jointly Married filing separately (MFS) Head of household (HOH Qualifying widow(er) (GW) If you checked the MFS box, enter the name of your spouse. If you checked the HOH or GW box, enter the child's name if the qualifying person is a child but not your dependent Filing Status Check only one box 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 PO box, see Instructions Apt.no Presidential Election Campaign City, town, or post office. If you have a foreign address, also complete spaces below , a State ZIP code Check here if you, or your spouse if Kling jointly, want $3 to go to this fund Checking a box below will not change 55555 your tax or refund Foreign country name Foreign province/state county Foreign postal code You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire 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 Age/Blindness You: Were bom before January 2, 1956 Are blind Spouse: Was bom before January 2, 1956 Is blind Dependents (see instructions): (2) Social security number (3) Relationship to you 4) il qualities for (see Instructions) Dependents (see instructions): 2) SOCHI Soci Security home Child tax credit Credit for other dependents (1) First name last name If more than four dependents, see Instructions and check here 0 Attach Sch B required 2a 3a 25 3b b Taxable interest b Ordinary dividends. b Taxable amount 4b 4a 5 5a b Taxable amount 6b Wages, salanes, tips, etc. Altach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 4a RA distributions 5a Pensions and annuities 6a Social security benefits 7 Capital gain or loss) Attach Schedule Dif required 3 Other Income from Schedule 1. line 9 9 Add lines 1, 2b, 36, 45, 55, 56, 7 and 8. This is your total income 10 Adjustments to income b Taxable amount o 7 8 9 0 10a From Schedule 1, line 22 Standard Deduction for - Single or Mamed filing separately, 512.400 - Marned filing jointly or Qualitying widowier). $24 BDO - Head of household SIB 650 - If you checked any box under Standard Deduction see instructions 100 100 11 b Chantable contributions if you take the standard deduction. See Instructions Add lines 10a and 10b. These are your total adjustments to income 11 Subtract line 10c from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions from Schedule A) 13 Qualified business income deduction Attach Form 8995 or Form 1995-A 12 13 14 0 0 15 0 14 Add lines 12 and 13 15 Taxable income. Subtract line 14 from line 11. If ze or less enter-O Page 2 8814 4972 16 16 Tax (see instructions). Check if any from Form(s): 17 Amount from Schedule 2, line 3 18 Add lines 16 and 17 17 18 0 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 0 22 23 24 0 21 Add lines 19 and 20 22 Subtract line 21 from line 18. If zero or less, enter-O- 23 Other taxes, including self-employment tax, from Schedule 2, line 10 2 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 c Other forms (see instructions) d Add lines 25a through 250 25a 25b 250 250 0 qualifying ch. EIC 26 2020 estimated tax payments and amount applied from 2019 return 26 27 27 Earned Income credit (EIC) 28 Additional child tax credit. Attach Schedule 8812 28 29 ns 29 American opportunity credit from Form 8863, line 8 30 Recovery rebate credit. See Instructions 30 31 Amount from Schedule 3, line 13 31 32 Add lines 27 through 31. These are your total other payments and refundable credits A 32 0 33 Add lines 25d, 26, and 32. These are your total payments 33 0 m. 32 0 33 0 Required information CIUITM 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 34 0 0 35a 0 b Routing number c Type: : Direct deposit? See instructions Checking Savings d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 36 Amount You Owe 37 Subtract line 33 from line 24. This is the amount you owe now 37 Note: Schedule Hand Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its Instructions for details 38 Estimated tax penalty (see instructions) 39 For details on how to pay, see Instructions. Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Yes. Complete below. No Designee's name Phone no Personal Identification (PIN) number 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) 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 Paid Preparer Use Only Firm's name Phone no Firm's EIN Fim's address Required information orm 1040) Additional Income and Adjustments to Income 2020 epartment of the Treasury ternal Revenue Service Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form 1040 for instructions and the latest information Attachment Sequence No. 01 ame(s) shown on Form 1040, 1040-SR or 1040-NR Your social security number Parti Additional Income Taxable refunds, credits, or offsets state and local income taxes 1 1 2a Alimony received 2a b 3 3 4 4 S Date of original divorce or separation agreement (see instructions) Business income or loss). Attach Schedule C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other income. List type and amount 5 6 7 8 8 Part II Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Adjustments to Income 9 0 10 Educator expenses 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 12 12 13 13 14 14 15 15 16 16 17 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. 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 Date of original divorce or separation agreement (see instructions) ( IRA deduction Student loan interest deduction Tuition and fees deduction. Attach Form 8917 17 18a 19 b c 19 19 20 20 21 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 040-SR, or 1040-NR line 10 22 For Paperwork Reduction Act Notice, see your tax return instructions Cat. No. 71479F Schedule 1 Form 104012020 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