Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The Jacksons file a joint tax return. The couple received salary income of $96,000 and qualified business income of $19,000 from an investment in a partnership, and they sold their home this year.
They initially purchased the home three years ago for $245,000 and they sold it for $295,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,300 of itemized deductions, and they had $4,000 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.)
Complete page 1, page 2, and Schedule 1 of the Jacksons' Form 1040 (use the most recent form available).
Demarco and Janine Jackson's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
Demarco: 123-45-6789 Janine: 234-56-7890
Son: Damarcus: 345-67-8901
Son: Michael : 567-89-0123
Daughter: Jasmine : 456-78-9012
Daughter: Candice: 678-90-1234
Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear and the order in which they appear in any given information or Problem Statement. Input all the values as positive numbers. Use 2023 tax laws and 2022 tax form. Do not round your intermediate calculations. Round final answers to the nearest whole dollar amount. Neither Demarco nor Janine wish to contribute to the Presidential Election Campaign fund or had any virtual currency transactions or interests.
Complete Form 1040, page 1, page 2, and Schedule 1.
PLEASE USE THIS INFORMATION TO FILL OUT THOSE 4 IMAGES QUESTIONS. (FORM 1040, PAGES 1 AND 2, AND SCHEDULE 1).
[The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The Jacksons file a joint tax return. The couple received salary income of $96,000 and qualified business income of $19,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $245,000 and they sold it for $295,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,300 of itemized deductions, and they had $4,000 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 rateschedules.) Complete page 1, page 2, and Schedule 1 of the Jacksons' Form 1040 (use the most recent form available). Demarco and Janine Jackson's address is 19010 N.W. 135th Street, Miami, FL. 33054. Social security numbers: Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear and the order in which they appear in any given information or Problem Statement. Input all the values as positive numbers. Use 2023 tax laws and 2022 tax form. Do not round your Intermediate calculations. Round final answers to the nearest whole dollar amount. Nelther Demarco nor Janine wish to contribute to the Presidential Election Campaign fund or had any virtual currency transactions or interests. Complete Form 1040, page 1, page 2, and Schedule 1. 2023 Tax Rate Schedules Individuals Srhedule X.Sincle Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$10 & $11,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$346,875 & $346,875 & $52,832 plus 35% of the excess over $231,250 \\ \hline & - & $93,300.75 plus 37% of the excess over $346,875 \\ \hline \end{tabular} 1040 U.S. Individual Income Tax Return 2022OngNa13550074 Filling Status Single Married fling jointy Married fling separately MFS; Hand of household MOH Qualtying surviving Check only spouse (OSS) one box. If you checked the MFS box, enter the name of your spouse. If you checled the HOH or QSS box, enter the childs name it the qualifying person is a child but not your dependent: \begin{tabular}{|c|c|c|} \hline \multirow{2}{*}{\begin{tabular}{l} SCHEDULE 1 \\ (Form 1040) \\ Department of the Treasury \\ internal Revenue Service \end{tabular}} & \multirow{2}{*}{\begin{tabular}{l} Additional Income and Adjustments to Income \\ Attach to Form 1040, 1040-SR, or 1040-NR. \\ Go to www.irs.gov/Form 1040 for instructions and the latest information. \end{tabular}} & OMB No. 1545-0074 \\ \hline & & \begin{tabular}{l} 20201 \\ Astachment \\ Sequence No. 01 \end{tabular} \\ \hline \multicolumn{2}{|c|}{ Name(s) shown on Form 1040, 1040-SR, or 1040-NR } & Your social security number \\ \hline \end{tabular} Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received b Date of original divorce or separation agreement (see instructions): 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F. 7 Unemployment compensation 8 Other income: a Net operating loss b Gambling c Cancellation of debt d Foreign earned income exclusion from Form 2555 e Income from Form 8853 f Income from Form 8889 g Alaska Permanent Fund dividends h Jury duty pay i Prizes and awards j Activity not engaged in for profit income k Stock options. I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property m Olympic and Paralympic medals and USOC prize money (see instructions) n Section 951(a) inclusion (see instructions) - Section 951A(a) inclusion (see instructions) p Section 461(i) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) r Scholarship and fellowship grants not reported on Form W-2 s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d. t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan u Wages earned while incarcerated z Other income. List type and amount: \begin{tabular}{|c|c|} \hline 8a & \\ \hline 8b & \\ \hline 8c & \\ \hline 8d & \\ \hline 8e & \\ \hline 8f & \\ \hline 8g & \\ \hline 8h & \\ \hline 8i & \\ \hline 8j & \\ \hline 8k & \\ \hline 8i & \\ \hline 8m & \\ \hline 8n & \\ \hline 8o & \\ \hline 8p & \\ \hline 8q & \\ \hline 8r & \\ \hline 8s & \\ \hline 8t & \\ \hline 8u & \\ \hline 8z & \\ \hline \end{tabular} 9 Total other income. Add lines 8 a through 8z. 10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 \begin{tabular}{|c|c|} \hline 9 & \\ \hline 10 & \\ \hline \end{tabular} For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 7t47rgf Schedule 1 (Form 1040) 2022 Schedule 1 (Form 1040) 2022 Page 2 Part II Adjustments to Income Schedule 1 (Form 1040) 2022
