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Dan M. and Cheryl A. Peters are married, file a joint return, and have no children. Dan, age 45, is an independent contractor working in pharmaceutical sales and Cheryl, age 42, is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan oper- ates his business from his home office. During 2019, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2019 of $45,400, with the following withholdings: $6,000 federal taxes, $1,800 state taxes, $2,815 OASDI (Social Security), and $658 Medicare taxes. During 2019, Dan and Cheryl had interest income from corporate bonds and bank ac- counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2019: LTCG $4,900 LTCL (3,200) STCG 0 STCL (7,800) He had no capital loss carryovers from previous years. Basis for the stocks were re- ported to the IRS by the brokerage firm. Dan does a considerable amount of travel in connection with his business and uses his own car. During 2019, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the follow- ing travel expenses while away from home during the year: Hotel $4,200 Meals 820 Entertainment of customers 1,080 Tips 100 Laundry and cleaning 150 Total $6,350 Dan uses the simplified method to deduct expenses for his office-in-home. His office measures 15 feet by 12 feet in size. Cheryl incurred several expenses in connection with her nursing job. She paid $450 in professional dues, $200 in professional journals, and $350 for uniforms. Dan and Cheryl had the following other expenditures during the year: 470 Health insurance premiums (after-tax) $ 4,400* Doctor bills Real estate taxes on home 6,800 Personal property taxes 1,400 Mortgage interest-all deductible 7,400 Charitable contributions-cash 9,000 Charitable contributionsApple stock owned for 5 years: FMV $8,000 Adjusted basis 2,000 Tax preparation fees ($250 allocated to Dan's business) 750 * Paid by Dan in connection with his business. During 2019, Dan and Cheryl paid federal and state estimated tax payments on a quarterly basis. Federal payments for the year amounted to $20,000. State estimated pay- ments for the year amounted to $2,200. Compute Dan and Cheryl's income tax liability for 2019. Disregard the alternative minimum tax but include the self-employment tax. Department of the Treasury - Internal Revenue Service 1040 U.S. Individual Income Tax Retum 2019 OMB No 1545-0074 IRS Use Only-Do not write or staple in this space Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH Qualifying widower) (GW) Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH or GW box, enter the child's name if the qualifying person is one box a child but not your dependent Your first name and middle initial Last name Your social security number Dan M. Peters 2 if joint return, spouse's first name and middle initial Last name Spouse's social security number Cheryl A. Pelers Home address number and street). you have a P.O. box, see instructions Apt.no Presidential Election Campaign 2033 Palmetto Drive Check here it you or your spouse ting ointly, want $3 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 Atlanta, 30304 tax or rotund You Spouse Foreign country name Foreign province/State/county Foreign postal code if more than four dependents, see instructions and here 20 9 400OOO Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate retum or you were a dual status alien Age/Blindness You Were bom before January 2, 1955 Are blind Spouse: Was bom before January 2, 1955 is blind Dependents (see instructions): (2) Social security number (2) Relationship to you (4) f qualities for see instructions: (1) First name Last name Child tax credit Credit for other dependents 1 1 45400 2a 2b 1450 3a 35 5950 Standard 4a 4b 0 Wages, salaries, tips, etc. Attach Formis) W-2 Tax-exempt interest. b Taxable interest. Attach Sch. Bit required Qualified dividends 3a 59501 b Ordinary dividends. Attach Sch. Bit required 4a IRA distributions b Taxable amount Pensions and annuities 0 40 d Taxable amount Sa Social security benefits 0 b Taxable amount 6 Capital gain or loss). Attach Schedule Dif required. If not required, check here Ta Other income from Schedule 1, line 9 o 0 4d Sa Deduction for - Single or Married Filing separately $12.200 Marleding jointly or Qualitying widower). $24.400 Head of household 0 -3000 6 7a 100150 Tb 144000 b Add lines 1, 2, 3, 4h, 4, 5, 6, and 7a. This is your total income Ba Adjustments to income from Schedule 1, line 22 8a 11475.37 $18.950 Subtract line Ba from line 7b. This is your adjusted gross income Sb 132524.63 If you checked any box under Standard 9 Standard deduction or itemized deductions from Schedule A) 9 68979 Deduction 10 Qualified business income deduction. Attach Form 1995 or Form 1995-A 10 19984.93 see instructions 11a Add lines 9 and 10 52584.93 11a 85889.7 b 11b Taxable income. Subtract line 11a from line 8b. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cal. No. 119200 Form 1040 2019) Form 1040 (2019) Page 2 12a 10193.5 12b 10193.5 13a 0 A 13b 0 14 0 12a Tax see inst.) Check if any from Formist 1 8814 2 4972 3 b Add Schedule 2, line 3, and line 12a and enter the total 13a Child tax creditor credit for other dependents b Add Schedule 3. ine 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. If zero or less, enter-O- 15 Other taxes, including self-employment tax, from Schedule 2. line 10 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 18 Other payments and refundable credits: Earned Income credit (BIC).. b Additional child tax credit. Attach Schedule 8812 15 14150.75 24346.98 16 6000 17 you have a qualifying child nach Sch. Bc. 18a 0 18b 0 . If you have noritatile 180 0 combat pays instructions 20000 18d 18e 20000 19 26000 1653.02 Refund 20 20 21a Direct deposit? See instructions o American opportunity credit from Form 1963, line 8 d Schedule 3, line 14. . Add lines 18a through 18d. These are your total other payments and refundable credits 19 Add lines 17 and 186. These are your total payments If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpald 21a Amount of line 20 you want refunded to you. If Form 8988 is attached, check here Routing number Type: Checking Savings Account number Amount of line 20 you want applied to your 2020 estimated tax Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions Estimated tax penalty (see instructions) Do you want to allow another person (other than your paid preparer) to discuss this return with the RS? See instructions. 22 23 23 24 24 Amount You Owe Third Party Designee ( 8 Yes. Complete below. No Phone Other than paid prepare Sign Here Designee's Personal identification name no number (PIN) Under penalties of perjury, I declare that I have examined this retum and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, conect, and complete. Declaration of preparer father than taxpayer) is based on all information of which preparar has any knowledge Your signature Your occupation if the IRS sent you an identity Protection PIN, enter it here Date (see inst.) Joint return See instructions. Keep a copy for your records Spouse's signature. Ia joint ratum, both must sign. Date Spouse's occupation If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Phone no. Email address Date PTIN Preparer's name Preparer's signature Paid Preparer Firm's name Use Only Firm's address Go to www.is.gov/ Farm1040 for instructions and the latest information. Check it 3rd Party Design Self-employed Phone no Firm's EIN Form 1040 2019