Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412- 34 5670

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412- 34 5670 (date of birth 3/15/1980) Her W-2 contained the following information Wages (box 1) = Federal w/H (box 2) = Social security wages (box 3) = Social security W/H (box 4) = Medicare wages (box 5) = Medicare W/H (box 6) = $ 48,965.25 $ 5,943.40 $ 48,965.25 $ 3,035.85 $ 48,965.25 $ 710.00 She has gambling winnings of $1,050 and the following expenses $ 3,200 1,150 6,400 State income taxes Real estate property taxes Medical expenses Charitable cash contributions (no single contribution was more than $250) Mortgage interest expense Personal property taxes Gambling losses 450 5,605 720 1,160 Required: Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets (Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within the forms.) Use the appropriate Tax Tables 1040 for a single taxpayer with no dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule A Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 Department of the Treasury-Antemal Revenue Service (99) U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Use Only-Do not write or staple in this space Filing Status Single Married filing jointly O Married filing separately (MFS) Head of household (HOH) Qualifying widower) (W) Check only If you checked the MFS box enter the name of your spouse. If you checked the HOH or QW 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 Enteras xxx xx xxxx) 5855 Ridge Drive ity town or post office. If you have a foreign address also complele spaces below Lafayette, LA 70593 oreign country name Foreign province/stale county Check here if you or your spouse if filing jointly want $3 to go to this fund Checking a box below will not change your tax or refund Foreign postal code You Spouse Bl any time during 2020, did you receive sell send exchange or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemczes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was bom before January 2 1956 Is blind Dependents (see instructions) (2) Social security number (3) Relationship to you (4) if qualifies for see instructions If more than four (1) First name Last name (Enter as xxx-CCCX) Child tax credit Credit for other dependents see dependents instructions and check here Attach Sch B required 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 1 18 965 2a 25 3a 0 4a IRA distributions Ob Taxable interest Ob Ordinary dividends ob Taxable amount 5a Pensions and annuities 4a 4 0 5a 5a Social security benefits Ob Taxable amount 50 60 0 Ob Taxable amount 7 Capital gain or (105) Altach Schedule D if required if not required, check here 3 Other income from Schedule 1 line 9 1 OSO 50015 9 Add lines 1. 2. 3. 4. 5. 6. 7 and 8 This is your total income 10 Adjustments to income Standard Deduction for a From Schedule 1 line 22 10a 1 050 Single or Mamed ting separately b Charitable contributions if you take the standard deduction See instructions 10 450 512 400 Married fling Add lines 10a and 106 These are your total adjustments to income y or Cualifying widower 524 000 11 Subtract line 10ctromline This is your adjusted gross income Head of household 518 650 12 Standard deduction or itemured deductions from Schedule A) you checked any box under Standard 15 Oualified business income deduction Altach Form 1995 or Form $995 A Deduction see 14 Add lines 12 and 13 15 Taxable income. Subtractine 14 tromi 11 free lessenter For Discose Privacy Act, and Paperwork Reduction Act Notice se separate instructions CH THIS TOIMIS A SIMULATION OF AN OFFICIAL U.5. TAX FORM. IT IS NOT THE OFFICIAL FORMISELT. DO NOT USE THE FORM FOR TAX ... 100 12 14 16 1040 PG 1 1040 PG 2 Schedule 1 Schedule A Page 2 of Form 1040. Some information does not carry over from Page 1. Page 2 Form 1040 (2020) Elise Dubois 412-34-5670 (1) 8814 12) 4972 16 (3) 16 Tax (see instructions) Check if any from Form(s) 17 0 17 Amount from Schedule 2 line 3 18 0 18 Add lines 16 and 17 19 0 20 19 Child tax credit or credit for other dependents 20 Amount from Schedule 3, line 7 0 21 21 Add lines 19 and 20 22 22 Subtract line 21 from line 18. If zero or less enter 0. > 24 0 23 Other laxes, including self-employment tax, from Schedule 2 line 10 24 Add lines 22 and 23. This is your total 25 Federal income tax withheld from a Formis) W-2 b Form(s) 1099 25a 5043 256 0 250 0 c Other forms (see instructions) 250 5043 26 0 d Add lines 25a through 250 26 2020 estimated tax payments and amount applied from 2019 return 27 Earned income credit (EIC) 27 0 28 0 If you have a qualifying child attach Sch EIC . If you have nontaxable combat pay see instructions 28 Additional child tax credit. Attach Schedule 8812 0 29 30 0 29 American opportunity credit from Form 8863, line 8 30 Recovery rebate credit See instructions 31 31 Amount from Schedule 3 line 13 > 0 32 Add lines 27 through 31. These are your total other payments and refundable credits 5040 14 33 Add lines 25d, 26, and 32. These are your total payments 34 If line 33 is more than line 24, subtract line 24 from line 33 This is the amount you overpaid Refund 35a Amount of line 34 you want refunded to you, if Form 8888 is attached, check here Savings 30 37 b Routing number -c Type Checking Direct deposit? See instructions d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax Amount You 37 Subtract line 33 from line 24 This is the amount you owe now Owe Note: Schedule H and Schedule Se flers, line 37 may not represent all of the taxes you owe for 2020 See Schedule 3 in 12 For details on how to and its instructions for details pay see instructions Fimated to rently see instructions OMB No 1545-0074 SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income 2020 Attach to Form 1040, 1040-SR, or 1040-NR. Attachment Sequence No 01 Go to www.irs.gov/Form 1040 for instructions and the latest information. Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 or 1040-SR Elise Dubois Part 1 Additional Income Your social security number 412-34-5670 1 Taxable refunds, credits or offsets of state and local income taxes 1 2a 2a Alimony received Date of onginal divorce or separation agreement (see instructions) b 0 3 Business income or (oss) Allach Schedule C 3 0 4 4 0 5 Other gains or losses) Allach Form 4797 Rental real estate, royalties partnerships S corporations, trusts elc Altach Schedule E Farm income or loss) Attach Schedule F 5 6 6 0 7 7 Unemployment compensation Other income List type and amount 8 Gambling winnings 1 050 9 1.050 Part II 10 Combine lines 1 through 8 Enter here and on Form 1040, 1040-SR or 1040-NR line 8 Adjustments to Income Educator expenses Certain business expenses of reservists performing artists and fee-basis government officials Altach Fom 2106 Health savings account deduction Altach Form 8889 10 0 11 11 0 12 12 0 13 Moving expenses for members of the Armed Forces Allach Form 3903 11 0 14 Deductible part of self-employment tax Allach Schedule SE 14 15 Self-employed SEP SIMPLE and qualified plans 15 16 Self employed health insurance deduction 16 17 Penalty on early withdrawal of savings 17 0 15 b Alimony paid Recipients SSN Date of original divorce or separation agreement (see instructions IRA deduction 19 1 20 20 71 Student loan interest deduction Tuition and fees deduction Altach Form 1917 Add lines 10 throunh 21 These we vouladustments to income Enter here and on Form 10-10 1840 SR 1040 R 10 21 0 22 22 PIGW 1 AlloCinem Styuence NU. VI Met di Revenue Service (99) instructions for line 16 Name(s) shown on Form 1040 or 1040-SR Your social security number 412-34-5670 Dubois Elise Medical and Dental Expenses Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see instructions) 1 6,400 2 Enter amount from Form 1040 or 1040-SR line 11 2 3 Multiply line 2 by 7.5% (0.075) 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-O- 4 6,400 Taxes You Paid 5 State and local taxes a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a but not both. If you elect to include general sales taxes instead of income taxes, check this box 5a 3,200 5b 1,150 720 5c b State and local real estate taxes (see instructions) c State and local personal property taxes d Add lines 5a through 5c e Enter the smaller of line 5d or $10.000 ($5,000 if married filing separately) 6 Other taxes. List type and amount 5d 5,070 5e 5,070 6 0 5,070 Interest You Paid 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan's) to buy build or improve your home. See instructions and check this box a Home mortgage interest and points reported to you on Form 1098 See instructions if limited b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no. and address 8 5,605 Caution: Your mortgage interest deduction may be limited (see Instructions) 8b c Points not reported to you on Form 1098. See instructions for special rules 8 5605 d Mortgage insurance premiums (see instructions) e Add lines Sa through Sd 9 Investment interest. Attach Form 4952 If required. See instructions 8d 8e 11,210 9 10 11,210 Gifts to Charity 10 Add lines 8e and 9 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions 12 Other than by cash or check. If you made any gift of $250 or more, 11 450 Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412- 34 5670 (date of birth 3/15/1980) Her W-2 contained the following information Wages (box 1) = Federal w/H (box 2) = Social security wages (box 3) = Social security W/H (box 4) = Medicare wages (box 5) = Medicare W/H (box 6) = $ 48,965.25 $ 5,943.40 $ 48,965.25 $ 3,035.85 $ 48,965.25 $ 710.00 She has gambling winnings of $1,050 and the following expenses $ 3,200 1,150 6,400 State income taxes Real estate property taxes Medical expenses Charitable cash contributions (no single contribution was more than $250) Mortgage interest expense Personal property taxes Gambling losses 450 5,605 720 1,160 Required: Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets (Input all the values as positive numbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within the forms.) Use the appropriate Tax Tables 1040 for a single taxpayer with no dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule A Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 Department of the Treasury-Antemal Revenue Service (99) U.S. Individual Income Tax Return 2020 OMB No 1545-0074 IRS Use Only-Do not write or staple in this space Filing Status Single Married filing jointly O Married filing separately (MFS) Head of household (HOH) Qualifying widower) (W) Check only If you checked the MFS box enter the name of your spouse. If you checked the HOH or QW 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 Enteras xxx xx xxxx) 5855 Ridge Drive ity town or post office. If you have a foreign address also complele spaces below Lafayette, LA 70593 oreign country name Foreign province/stale county Check here if you or your spouse if filing jointly want $3 to go to this fund Checking a box below will not change your tax or refund Foreign postal code You Spouse Bl any time during 2020, did you receive sell send exchange or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemczes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was bom before January 2 1956 Is blind Dependents (see instructions) (2) Social security number (3) Relationship to you (4) if qualifies for see instructions If more than four (1) First name Last name (Enter as xxx-CCCX) Child tax credit Credit for other dependents see dependents instructions and check here Attach Sch B required 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 1 18 965 2a 25 3a 0 4a IRA distributions Ob Taxable interest Ob Ordinary dividends ob Taxable amount 5a Pensions and annuities 4a 4 0 5a 5a Social security benefits Ob Taxable amount 50 60 0 Ob Taxable amount 7 Capital gain or (105) Altach Schedule D if required if not required, check here 3 Other income from Schedule 1 line 9 1 OSO 50015 9 Add lines 1. 2. 3. 4. 5. 6. 7 and 8 This is your total income 10 Adjustments to income Standard Deduction for a From Schedule 1 line 22 10a 1 050 Single or Mamed ting separately b Charitable contributions if you take the standard deduction See instructions 10 450 512 400 Married fling Add lines 10a and 106 These are your total adjustments to income y or Cualifying widower 524 000 11 Subtract line 10ctromline This is your adjusted gross income Head of household 518 650 12 Standard deduction or itemured deductions from Schedule A) you checked any box under Standard 15 Oualified business income deduction Altach Form 1995 or Form $995 A Deduction see 14 Add lines 12 and 13 15 Taxable income. Subtractine 14 tromi 11 free lessenter For Discose Privacy Act, and Paperwork Reduction Act Notice se separate instructions CH THIS TOIMIS A SIMULATION OF AN OFFICIAL U.5. TAX FORM. IT IS NOT THE OFFICIAL FORMISELT. DO NOT USE THE FORM FOR TAX ... 100 12 14 16 1040 PG 1 1040 PG 2 Schedule 1 Schedule A Page 2 of Form 1040. Some information does not carry over from Page 1. Page 2 Form 1040 (2020) Elise Dubois 412-34-5670 (1) 8814 12) 4972 16 (3) 16 Tax (see instructions) Check if any from Form(s) 17 0 17 Amount from Schedule 2 line 3 18 0 18 Add lines 16 and 17 19 0 20 19 Child tax credit or credit for other dependents 20 Amount from Schedule 3, line 7 0 21 21 Add lines 19 and 20 22 22 Subtract line 21 from line 18. If zero or less enter 0. > 24 0 23 Other laxes, including self-employment tax, from Schedule 2 line 10 24 Add lines 22 and 23. This is your total 25 Federal income tax withheld from a Formis) W-2 b Form(s) 1099 25a 5043 256 0 250 0 c Other forms (see instructions) 250 5043 26 0 d Add lines 25a through 250 26 2020 estimated tax payments and amount applied from 2019 return 27 Earned income credit (EIC) 27 0 28 0 If you have a qualifying child attach Sch EIC . If you have nontaxable combat pay see instructions 28 Additional child tax credit. Attach Schedule 8812 0 29 30 0 29 American opportunity credit from Form 8863, line 8 30 Recovery rebate credit See instructions 31 31 Amount from Schedule 3 line 13 > 0 32 Add lines 27 through 31. These are your total other payments and refundable credits 5040 14 33 Add lines 25d, 26, and 32. These are your total payments 34 If line 33 is more than line 24, subtract line 24 from line 33 This is the amount you overpaid Refund 35a Amount of line 34 you want refunded to you, if Form 8888 is attached, check here Savings 30 37 b Routing number -c Type Checking Direct deposit? See instructions d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax Amount You 37 Subtract line 33 from line 24 This is the amount you owe now Owe Note: Schedule H and Schedule Se flers, line 37 may not represent all of the taxes you owe for 2020 See Schedule 3 in 12 For details on how to and its instructions for details pay see instructions Fimated to rently see instructions OMB No 1545-0074 SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income 2020 Attach to Form 1040, 1040-SR, or 1040-NR. Attachment Sequence No 01 Go to www.irs.gov/Form 1040 for instructions and the latest information. Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 or 1040-SR Elise Dubois Part 1 Additional Income Your social security number 412-34-5670 1 Taxable refunds, credits or offsets of state and local income taxes 1 2a 2a Alimony received Date of onginal divorce or separation agreement (see instructions) b 0 3 Business income or (oss) Allach Schedule C 3 0 4 4 0 5 Other gains or losses) Allach Form 4797 Rental real estate, royalties partnerships S corporations, trusts elc Altach Schedule E Farm income or loss) Attach Schedule F 5 6 6 0 7 7 Unemployment compensation Other income List type and amount 8 Gambling winnings 1 050 9 1.050 Part II 10 Combine lines 1 through 8 Enter here and on Form 1040, 1040-SR or 1040-NR line 8 Adjustments to Income Educator expenses Certain business expenses of reservists performing artists and fee-basis government officials Altach Fom 2106 Health savings account deduction Altach Form 8889 10 0 11 11 0 12 12 0 13 Moving expenses for members of the Armed Forces Allach Form 3903 11 0 14 Deductible part of self-employment tax Allach Schedule SE 14 15 Self-employed SEP SIMPLE and qualified plans 15 16 Self employed health insurance deduction 16 17 Penalty on early withdrawal of savings 17 0 15 b Alimony paid Recipients SSN Date of original divorce or separation agreement (see instructions IRA deduction 19 1 20 20 71 Student loan interest deduction Tuition and fees deduction Altach Form 1917 Add lines 10 throunh 21 These we vouladustments to income Enter here and on Form 10-10 1840 SR 1040 R 10 21 0 22 22 PIGW 1 AlloCinem Styuence NU. VI Met di Revenue Service (99) instructions for line 16 Name(s) shown on Form 1040 or 1040-SR Your social security number 412-34-5670 Dubois Elise Medical and Dental Expenses Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see instructions) 1 6,400 2 Enter amount from Form 1040 or 1040-SR line 11 2 3 Multiply line 2 by 7.5% (0.075) 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-O- 4 6,400 Taxes You Paid 5 State and local taxes a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a but not both. If you elect to include general sales taxes instead of income taxes, check this box 5a 3,200 5b 1,150 720 5c b State and local real estate taxes (see instructions) c State and local personal property taxes d Add lines 5a through 5c e Enter the smaller of line 5d or $10.000 ($5,000 if married filing separately) 6 Other taxes. List type and amount 5d 5,070 5e 5,070 6 0 5,070 Interest You Paid 7 Add lines 5e and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loan's) to buy build or improve your home. See instructions and check this box a Home mortgage interest and points reported to you on Form 1098 See instructions if limited b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no. and address 8 5,605 Caution: Your mortgage interest deduction may be limited (see Instructions) 8b c Points not reported to you on Form 1098. See instructions for special rules 8 5605 d Mortgage insurance premiums (see instructions) e Add lines Sa through Sd 9 Investment interest. Attach Form 4952 If required. See instructions 8d 8e 11,210 9 10 11,210 Gifts to Charity 10 Add lines 8e and 9 11 Gifts by cash or check. If you made any gift of $250 or more, see instructions 12 Other than by cash or check. If you made any gift of $250 or more, 11 450

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Process Auditing And Techniques Guide

Authors: J.P. Russell

2nd Edition

087389782X, 978-0873897822

More Books

Students also viewed these Accounting questions