Question
Determine which of Schedules 1 through 5 the taxpayer(s) will file with Form 1040 for each case: Form 1040 schedule filed a. Abby and Bert
Determine which of Schedules 1 through 5 the taxpayer(s) will file with Form 1040 for each case:
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| Form 1040 schedule filed | ||
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a. | Abby and Bert are married, file a joint tax return, and have two qualifying children (ages 4 and 8). Their only income is $70,000 of salaries and wages, from which $4,500 of federal income taxes are withheld. They claim the standard deduction and child care credit. |
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b. | Celeste is a full-time college student and a qualifying child of her parents. Her only income is $7,500 of wages from a part-time job. She claims the standard deduction. |
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c. | Donna and Ernie (ages 64 and 67) are married, file a joint tax return, and have no dependents. Donna receives a $125,000 salary for the year, and Ernie receives $45,000 of taxable pension benefits. Federal income taxes of $30,000 are withheld. Donna and Ernie have $10,000 of qualified dividends and a $4,000 long-term capital gain from their investments. They claim itemized deductions rather than the standard deduction. |
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d. | Fiona is age 12 and a dependent of her parents. Her only income is $25,000 of taxable interest from bonds she inherited from a grandparent. She made $3,100 of estimated tax payments. |
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Will any of A-D file a Schedule 1,2,3,4,5 with the1040?
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