Question
I need Form 1040, Schedule B, Form 8615, and the Tax Computation Worksheet from the Form 8615. Thank you. Comprehensive Problem 6-1 Richard and Christine
I need Form 1040, Schedule B, Form 8615, and the Tax Computation Worksheet from the Form 8615. Thank you.
Comprehensive Problem 6-1
Richard and Christine McCarthy have a 19-year-old son (born 10/2/2000; Social Security number 555-55-1212), Jack, who is a full-time student at the University of Key West. Years ago, the McCarthys shifted a significant amount of investments into Jack's name. In 2019, Jack received Forms 1099-INT and 1099-DIV that reported the following:
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The dividends are not qualified dividends. In addition, Jack works part-time as a waiter in an upscale seafood restaurant in Miami, FL. His 2019 Form W-2 reported:
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In spite of his fairly large income, the McCarthys provide over 50 percent of his support and claim Jack as a dependent in 2019. Jack's mailing address is 100 Duval Street, Apt. #B12, Key West, FL 33040. Richard's Social Security number is 100-10-9090.
Required: Complete Jack McCarthy's Form 1040, Schedule B, Form 8615, and the Tax Computation Worksheet from the Form 8615.
- Make realistic assumptions about any missing data.
- The taxpayer had health insurance coverage for the entire year and does not want to make a contribution to the presidential election campaign.
- Enter all amounts as positive numbers.
- If an amount box does not require an entry or the answer is zero, enter "0".
- If required round any dollar amount to the nearest dollar (unless instructed otherwise on the tax form).
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