I need help answering this 1040 (2019) homework problem

57. Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and Clair are both retired, and during 2019, they received Social Security benefits of $10,000. Both Alton and Clair are covered by Medicare. Alton's Social Security number is 111-11-1119, and Clair's is 123-45-6786. They reside at 210 Col- lege Drive, Columbia, SC 29201. Alton, who retired on January 1, 2019, receives benefits from a qualified pension plan of $2,750 a month for life. His total contributions to the plan (none of which were deductible) were $168,250. In January 2019, he received a bonus of $2,000 from his former employer for service performed in 2018. No income taxes were withheld on this bonus by his former employer (Amalgamated Industries, Inc.; EIN 12-3456789; 114 Main Street, Columbia, SC 29201). Although Amalgamated Indus- tries, Inc., accrued the bonus in 2018, it was not paid until 2019. Clair, who retired on December 31, 2018, started receiving benefits of $1,400 a month on January 1, 2019. Her contributions to the qualified pension plan (none of which were deductible) were $74,100. On September 27, 2019, Alton and Clair received a pro rata 10% stock dividend on 600 shares of stock they owned. They had bought the stock on March 5, 2012, for $20 a share. On December 16, 2019, they sold the 60 dividend shares for $55 a share. On October 10, 2019, Clair sold the car she had used in commuting to and from work for $17,000. She had paid $31,000 for the car in 2013. On July 14, 2011, Alton and Clair received a gift of 1,000 shares of stock from their son, Thomas. Thomas's basis in the stock was $35 a share (fair market value atthe date of gift was $25). No gift tax was paid on the transfer. Alton and Clairjsold the stock on October 8, 2019, for $24 a share. .. '- On May 1, 2019, Clair's mother died, and Clair inherited her personal residence. In February 2019, her mother had paid the property taxes for 2019 of $2,100. The residence had a fair market value of $235,000 and an adjusted basis to the mother of $160,000 on the date of her death. Clair listed the house with a real estate agent, who estimated it was worth $240,000 as of December 31, 2019. Clair received rent income of $6,000 on a beach house she inherited three years ago from her uncle Charles. She had rented the property for one week during the July 4 holiday and one Week during the Thanksgiving holiday. Charles's adjusted basis in the beach house was $150,000, and its fair market value on the date of his death was $240,000. Clair and Alton used the beach house for personal purposes for 56 days during the year. Expenses associated with the house were $3,700 for utilities, maintenance, and repairs; $2,200 for property taxes; and $800 for insurance. There are no mortgages on the property. Clair and Alton paid estimated Federal income tax of $2,000 and had itemized deductions of $6,800 (excluding any itemized deductions associated with the beach house). They did not engage in any Virtual currency transactions during the year. If they have overpaid their Federal income tax, they want the amount refunded. Both Clair and Alton want $5 to go to the Presidential Election Campaign Fund. Compute their net tax payable or refund due for 2019. If you use tax forms for your computations, you will need at a minimum Form 1040SR and Schedule D. Suggested software: ProConnect Tax Online. 1040-SR Department of the Treasury-Internal Revenue Service (99) 2019 U.S. Tax Return for Seniors OMB No. 1545-0074 IRS Use Only- Do not write or staple in this space. Filing Single Married filing jointly Married filing separately (MFS) Status Head of household (HOH) Qualifying widow(er) (QW) Check only one If you checked the MFS box, enter the name of spouse. If you checked the HOH or QW box, enter the child's box. name if the qualifying person is a child but not your dependent. Your first name and middle initial Last name Your social security number Alton Newman 1 1 1 1 1 1 1 9 If joint return, spouse's first name and middle initial Last name Spouse's social security number Clair Newman 1 2 3 4 5 6 7 8 6 Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign 210 College Drive Check here if you, or your spouse if filing jointly, 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 Columbia, SC 29201 tax or refund. You Spouse Foreign country name Foreign province/state/county Foreign postal code | If more than four dependents, see inst. and . here Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1955 Are blind Spouse: I Was born before January 2, 1955 Is blind Dependents (see instructions): (2) Social security number (3) Relationship to you (4) . if qualifies for (see inst.): (1) First name Last name Child tax credit Credit for other dependents 1 Wages, salaries, tips, etc. Attach Form(s) W-2 . 2,000 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Schedule B if required. 3a Qualified dividends 3a b Ordinary dividends 3b 4a IRA distributions . 4a b Taxable amount 4b c Pensions and annuities 4c 49,800 d Taxable amount 4d 36,766 5a Social security benefits . 5a b Taxable amount 5b 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here 6 7a Other income from Schedule 1, line 9 . .. 7a b Add lines 1, 2b, 3b, 4b, 4d, 5b, 6, and 7a. This is your total income 7b Ba Adjustments to income from Schedule 1, line 22 8a 8b Standard b Subtract line 8a from line 7b. This is your adjusted gross income Deduction 9 Standard deduction or itemized deductions (from Schedule A) 9 See Standard 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A 10 Deduction Chart below 11a Add lines 9 and 10 . .. 11a b Taxable income. Subtract line 11a from line 8b. If zero or less, enter -0- 11b Standard Add the number of boxes checked in the "Age/Blindness" section of Standard Deduction Deduction IF your filing AND the number of THEN your standard IF your filing AND the number of THEN your standard Chart* status is. .. boxes checked is. . . deduction is. . . status is. . . boxes checked is. . . deduction is. . . 13,850 Single Head of 20,000 household IN 15,500 21,650 Married 25,700 13,500 filing jointly WN - N N - 27,000 Married filing 14,800 or Qualifying 28,300 separately 16,100 widow(er) 29,600 17,400 *Don't use this chart if someone can claim you (or your spouse if filing jointly) as a dependent, your spouse itemizes on a separate return, or you were a dual-status alien. Instead, see instructions. For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 71930F Form 1040-SR (2019)Form 1040-SR (2019) Page 2 12a Tax (see instructions). Check if any from: 1 Form(s) 8814 2 0 Form 4972 3 12a b Add Schedule 2, line 3, and line 12a and enter the total 12b 13a Child tax credit or credit for other dependents .. 13a b Add Schedule 3, line 7, and line 13a and enter the total 13b 14 Subtract line 13b from line 12b. If zero or less, enter -0- 14 5 Other taxes, including self-employment tax, from Schedule 2, line 10 15 16 Add lines 14 and 15. This is your total tax 16 17 Federal income tax withheld from Forms W-2 and 1099 17 Other payments and refundable credits: If you have a qualifying child, attach a Earned income credit (EIC) . 18a Sch. EIC. If you have b Additional child tax credit. Attach Schedule 8812 . 18b nontaxable combat pay, c American opportunity credit from Form 8863, line 8 18c see Instructions. d Schedule 3, line 14 . 18d e Add lines 18a through 18d. These are your total other payments and refundable credits 18e 19 Add lines 17 and 18e. These are your total payments 19 Refund 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid 20 242 21a Amount of line 20 you want refunded to you. If Form 8888 is attached, check here _ 21a Direct deposit? b Routing number Ic Type: Checking Savings See instructions. d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 Amount 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions 23 1758 You Owe 24 Estimated tax penalty (see instructions) 24 Third Party Do you want to allow another person (other than your paid preparer) to discuss this return with the IRS? See instructions. Yes. Complete below. Designee NC Other than Designee's Phone Personal identification paid preparer) name no. number (PIN) Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of Sign my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information Here of which preparer has any knowledge. Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Keep a copy for Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an your records. dentity Protection PIN, enter it here (see inst.) Phone no Email address Preparer's name Preparer's signature Date PTIN Check if: Paid 3rd Party Designee Preparer Self-employed Use Only Firm's name Phone no . Firm's address Firm's EIN Go to www.irs.gov/Form 1040SR for instructions and the latest information. Form 1040-SR (2019)