Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Form 1040 married filing jointly With the following information provided I would like to know how which one to put in the form and where

Form 1040 married filing jointly With the following information provided I would like to know how which one to put in the form and where does it go in the form 1040?

image text in transcribed
Penalty for underpayment of last year's state income tax Real estate taxes on personal residence 15 4,762 Interest on home mortgage (paid to Home State Savings & Loan) 8,250 Interest on credit cards (consumer purchases) 595 Cash contribution to St. Matthew's church 9,080 Payroll deductions for Lourdes's contributions to the United Way 150 Allowable itemized deductions will be reported on Form 1040 Schedule A. hapter 8 12. Armando and Lourdes paid $4,000 for Ricardo's tuition to attend law school during 2020. Ricardo received a Form 1098-T for the year 2020 from the University of Cincinnati, 123 Oak St., Cincinnati, Ohio, 45211, EIN 74-1234567. Ricardo was a full- time student earning a law degree. He already completed a 4-year undergraduate degree in Political science. He has never been convicted of a felony. The Gonzales's would like to claim the educational benefits on Form 8863. 13. The Gonzales's made timely estimated federal income tax payments of $1,500 each quarter during 2020 but the fourth-quarter payment was made on December 31, 2020. They also made estimated state income tax payments of $300 each quarter and estimated city income tax payments of $160 each quarter. They would like to receive a refund for any overpayments. 14. Armando is subject to the self-employment tax on his schedule C net profit. Form 1040 Schedule SE is used to compute the self-employment tax. Chapter 9 15. Armando practices under the name "Armando Z. Gonzales, DDS." His business is located at 645 West Avenue, Cincinnati, Ohio 45211, and his employer identification number is 01-2222222. Also, the business income and deductions will be reported on the Form 1040 Schedule C. The business code number is 621210. He didn't make any payments in 2020 that would require him to file Form(s) 1099. Armando's gross receipts during the year were $111,000. Armando uses the cash method of accounting for his business. Armando's business expenses are as follows: $ 1,200 Advertising 490 Professional dues 360 Professional journals 2,000 Contributions to employee benefit plans 3,200 Malpractice insurance

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

Financial & Managerial Accounting

Authors: Carl Warren

12th Edition

1285534646, 978-1133952428

More Books

Students also viewed these Accounting questions

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago