Could you please help me fill out this Individual income tax return 1040 for 2021 please.
Tax Problem 4-56 (Not Graded) Print Item Instructions Form 1040 Schedule 1 Schedule 3 Schedule 8812 Qualified Dividends and Cepital Gain Tax Worksheet Form 1040 Form 1040 (2021) Daniel and Freida C Butler 111111112 Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814249723 17 Amount from Schedule 2 , line 3 18 Add lines 16 and 17 19 Nonrefunda hild tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3 , line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18 . If zero or less, enter -0 - 23 Other taxes, including self-employment tax, from Schedule 2, line 21 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 25 a through 25c If you have a 262021 estimated tax payments and amount applied from 2020 return 25d x 26 X Note: This problem is for the 2021 tax year. Daniel B. Butler and his spouse Freida C. Butler file a joint return. The Butlers live at 625 Oak Street in Corbin, KY 40701. Dan's Social Security number is 111-11-1112, and Freida's is 123-45-6780. Dan was born on January 15, 1970, and Freida was born on August 20, 1971. During 2021, Dan and Freida furnished over half of the total support of each of the following individuals, all of whom still live at home: a. Gina, their daughter, age 22, a full-time student, who married on December 21 , has no income of her own and did not file a joint retur with her husband, Casey, who earned \$10,600 during 2021. Gina's Social Security number is 123456788. b. Willie, their son, age 19, graduated high school in May 2021. He is taking a leap year and will not begin college until 2022. He had gro income of $6,300 in 2021. Willie's Social Security number is 123456787. c. Ben, their oldest son, age 26 , is a full-time graduate student with gross income of $5,200. Ben's Social Security number is 1234567 Dan was employed as a manager by WJJJ, Inc. (employer identification number 11-1111111, 604 Franklin Street, Corbin, KY 40702), an Freida was employed as a salesperson for Corbin Realty, Inc. (employer identification number 987654321,899 Central Street, Corbin, K 40701). Selected information from the W2 forms provided by the employers is presented below. Dan and Freida use the cash method. Freida sold a house on December 30,2021 , and will be paid a commission of $3,100 (not included in the $86,000 reported on the W-2) the January 10,2022 , closing date. Other income (as reported on 1099 Forms) for 2021 consisted of the following: Freida sold a house on December 30,2021 , and will be paid a commission of $3,100 (not included in the $86,000 reported on the W-2) on the January 10,2022 , closing date. Other income (as reported on 1099 Forms) for 2021 consisted of the following: The $382 from First Bank was an original issue discount. Dan and Freida collected $16,000 on the First Bank CD that matured on September 30,2021 . The CD was purchased on October 1,2018 , for $14,995, and the yield to maturity was 3.3%. Dan participated on a game show and won a cash prize of $7,000. In addition to the above information, Dan and Freida's itemized deductions included the following: Sales tax from the sales tax table is $1,860. Dan and Freida made Federal estimated tax payments of $8,000. They have never owned or used any virtual currency, and they do not wish to contribute to the Presidential Election Campaign. For 2021 , they received the correct amount of economic imbact davments (2021 recoverv credits). The Kentuckv income tax rate is 4%. Dan participated on a game show and won a cash prize of $7,000. In addition to the above information, Dan and Freida's itemized deductions included the following: Sales tax from the sales tax tab' is $1,860. Dan and Freida made Federal estimated tax payments of $8,000. They have never owned or used any virtual currency, and they do not wish to contribute to the Presidential Election Campaign. For 2021 , they received the correct amount of economic impact payments (2021 recovery credits). The Kentucky income tax rate is 4%. Required: Compute Dan and Freida's 2021 Federal income tax payable (or refund due). Use Form 1040 and Schedules 1 , B, 8812 and the Qualified Dividends and Capital Gain Tax Worksheet to complete this tax return. If there is a tax overpayment, the Butlers would like a refund. If additional tax is due, assume no underpayment penalty applies. It may be necessary to complete the tax schedules before completing Form 1040 . - Enter all amounts as positive numbers. - If an amount box does not require an entry or the answer is zero, enter "0". - When computing the tax liability, do not round your immediate calculations. - If required, round your answers to the nearest dollar. - Make realistic assumptions about any missing data. - Use the Tax Rate Schedule provided. Do not use the Tax Tables
