Complete schedule 1 of form 1040
Required Information Comprehensive Problem 8-65 (LO 6-1, LO 6-2, LO 6-3) (Static) {The following information applies to the questions displayed below] Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172,900 (which consists only of salary for purposes of this problem. December 31, 2020 To the friendly student tax preparer: Hi, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more Information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. Thad to move this year after getting my job at Roca Cola. I moved on February 3 of this year , and I worked my Job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost us Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in Interest on my old student loans this year. Since Roca Coca (my employer) never started a retirement plan. I decided I should probably start saving for my golden years. I contributed $3.000 to what the bank referred to as a regular IRA (or was It a REM?). Oh yeah. I also did a little Investing this year. I bought a limited partnership Interest in Duos Ltd. for $10,000. I thought it was going to be a real winner, but this year they took a bath. My portion of the loss was $8.000. Well, at least I did not actually do any work for Duds, and I get the tax deduction-right? That should be all the information you need right now. 2019 11040 Department of the Treasury - Internal Revenue Service U.S. Individual Income Tax Return OMB No. 1546-0074 RSUS Only-Do not will or staple in this space Filing Status Single Married filing jointly Married filing separately MES Head of household (HOH Qualifying widower) (OW) Check only one box. If you checked the MFS box, enter the name of spouse. If you checked the HOH or OW box, enter the child's name ithe qualifying person is a child but not your dependent. Your first name and middle initial Last name Your social security number If joint retum, 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. Apt. no. Presidential Election Campaign Check here it you or your spouset filing jointly, wants to go to this fund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions Checking a box below will not change your tax or round. You Spouse Foreign country name Foreign province/state/county Foreign postal code more than four dependents, see instructions and/hare 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, 1965 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions (2) Social security number B) Relationship to you 14 i qualifies for see instructions: (1) First name Last name Child tax credit Credit for other dependents 1 2b 3b 4b 4d 5b 6 7a 1 Wages, salaries, tips, etc. Attach Forms) W-2 Tax-exempt interest 20 b Taxable interest. Attach Sch. Bit required 3a Standard 3a Qualified dividends b Ordinary dividends. Attach Sch. Bit required Deduction for 4a IRA distributions. 45 b Taxable amount Single or Married c Pensions and annuities 40 ing party d Taxable amount $12,200 Social security benefits 5a b Taxable amount Marrieding 6 Jointly or Quilting Capital gain or loss). Attach Schedule Dif required. If not required, check here widow 7a Other income from Schedule 1. line 9 b Add lines 1,2b, ab, 45, 4, 5, 6 and 7a. This is your total income household $18.860 Ba Adjustments to income from Schedule 1, line 22 you checked b Subtract line Ba from ine To. This is your adjusted gross income ary box under 9 Standard Standard deduction or itemized deductions from Schedule A Deduction 10 Qualified business income deduction. Attach Form 2966 or Form 9986-A 10 so Instructions 11a Add lines 9 and 10. b Taxable income. Subtract line 1ta from line Bb. If zero or less, enter-0- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 113200 $24.400 7b Ba 8b 11a 11b Form 1040 (2010) Required Information Comprehensive Problem 8-65 (LO 6-1, LO 6-2, LO 6-3) (Static) {The following information applies to the questions displayed below] Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172,900 (which consists only of salary for purposes of this problem. December 31, 2020 To the friendly student tax preparer: Hi, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more Information from me in order to complete my tax return. I'm an open book! I'll tell you whatever I think you need to know. Thad to move this year after getting my job at Roca Cola. I moved on February 3 of this year , and I worked my Job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost us Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in Interest on my old student loans this year. Since Roca Coca (my employer) never started a retirement plan. I decided I should probably start saving for my golden years. I contributed $3.000 to what the bank referred to as a regular IRA (or was It a REM?). Oh yeah. I also did a little Investing this year. I bought a limited partnership Interest in Duos Ltd. for $10,000. I thought it was going to be a real winner, but this year they took a bath. My portion of the loss was $8.000. Well, at least I did not actually do any work for Duds, and I get the tax deduction-right? That should be all the information you need right now. 2019 11040 Department of the Treasury - Internal Revenue Service U.S. Individual Income Tax Return OMB No. 1546-0074 RSUS Only-Do not will or staple in this space Filing Status Single Married filing jointly Married filing separately MES Head of household (HOH Qualifying widower) (OW) Check only one box. If you checked the MFS box, enter the name of spouse. If you checked the HOH or OW box, enter the child's name ithe qualifying person is a child but not your dependent. Your first name and middle initial Last name Your social security number If joint retum, 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. Apt. no. Presidential Election Campaign Check here it you or your spouset filing jointly, wants to go to this fund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions Checking a box below will not change your tax or round. You Spouse Foreign country name Foreign province/state/county Foreign postal code more than four dependents, see instructions and/hare 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, 1965 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions (2) Social security number B) Relationship to you 14 i qualifies for see instructions: (1) First name Last name Child tax credit Credit for other dependents 1 2b 3b 4b 4d 5b 6 7a 1 Wages, salaries, tips, etc. Attach Forms) W-2 Tax-exempt interest 20 b Taxable interest. Attach Sch. Bit required 3a Standard 3a Qualified dividends b Ordinary dividends. Attach Sch. Bit required Deduction for 4a IRA distributions. 45 b Taxable amount Single or Married c Pensions and annuities 40 ing party d Taxable amount $12,200 Social security benefits 5a b Taxable amount Marrieding 6 Jointly or Quilting Capital gain or loss). Attach Schedule Dif required. If not required, check here widow 7a Other income from Schedule 1. line 9 b Add lines 1,2b, ab, 45, 4, 5, 6 and 7a. This is your total income household $18.860 Ba Adjustments to income from Schedule 1, line 22 you checked b Subtract line Ba from ine To. This is your adjusted gross income ary box under 9 Standard Standard deduction or itemized deductions from Schedule A Deduction 10 Qualified business income deduction. Attach Form 2966 or Form 9986-A 10 so Instructions 11a Add lines 9 and 10. b Taxable income. Subtract line 1ta from line Bb. If zero or less, enter-0- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 113200 $24.400 7b Ba 8b 11a 11b Form 1040 (2010)
