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I need help with line 12 a 12 b, 14, 20 Alfred ed E. Old and Beulah A. Crane, each age 42, married on September
I need help with line 12 a 12 b, 14, 20
Alfred ed E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will tile a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. . Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior yearst Income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal Income taxes and $3,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal I.D. NO. 11-1111111), as a public defender. She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign. Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and Schedule 1 to complete this tax return. It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers. . If an amount box does not require an entry or the answer is zero, enter "O". Make realistic assumptions about any missing data. . When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. . Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables. 1 Form 1040 (2019) Alfred E. and Beulah A. Old 111-11-1109 Page 2 2 12a Tax (see inst.) Check if any from Form(s): 108814 2 04972 33 12a 26,133 x b Add Schedule 2, line 3, and line 12a and enter the total 12b 26,133 x 13b 13a Child tax credit or credit for other dependents...... 13a b Add Schedule 3, line 7, and line 13a and enter the total b 7, 14 Subtract line 136 from line 12b. If zero or less, enter -- 15 Other taxes, including self-employment tax, from Schedule 2 line 10. 14 26,133 x 15 16 Add lines 14 and 15. This is your total tax... 16 26,133 x 32,400 17 . If you have a qualifying child astach Sch. EIC . If you have nontaxable combat pay, see instructions. 18d 17 Federal Income tax withheld from Forms W-2 and 1099 18 Other payments and refundable credits:.. a Earned Income credit (EIC)..... 18a b Additional child tax credit. Attach Schedule 8812... 18b c American opportunity credit from Form 8863, line 8 18c d d Schedulo 3, line 14... e Add lines 13e through 18d. These are your total other payments and refundable credits... 19 Add lines 17 and 18e. These are your total payments. 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid... 21a Amount of line 20 you want refunded to you. If Form 6888 is attached, check here Routing number Type: Checking Savings d Account number 18e 19 32,400 Refund 20 6,267 X 21a 6,267 X Direct deposit? See Instructions Alfred ed E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will tile a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. . Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior yearst Income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal Income taxes and $3,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal I.D. NO. 11-1111111), as a public defender. She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign. Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and Schedule 1 to complete this tax return. It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers. . If an amount box does not require an entry or the answer is zero, enter "O". Make realistic assumptions about any missing data. . When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. . Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables. 1 Form 1040 (2019) Alfred E. and Beulah A. Old 111-11-1109 Page 2 2 12a Tax (see inst.) Check if any from Form(s): 108814 2 04972 33 12a 26,133 x b Add Schedule 2, line 3, and line 12a and enter the total 12b 26,133 x 13b 13a Child tax credit or credit for other dependents...... 13a b Add Schedule 3, line 7, and line 13a and enter the total b 7, 14 Subtract line 136 from line 12b. If zero or less, enter -- 15 Other taxes, including self-employment tax, from Schedule 2 line 10. 14 26,133 x 15 16 Add lines 14 and 15. This is your total tax... 16 26,133 x 32,400 17 . If you have a qualifying child astach Sch. EIC . If you have nontaxable combat pay, see instructions. 18d 17 Federal Income tax withheld from Forms W-2 and 1099 18 Other payments and refundable credits:.. a Earned Income credit (EIC)..... 18a b Additional child tax credit. Attach Schedule 8812... 18b c American opportunity credit from Form 8863, line 8 18c d d Schedulo 3, line 14... e Add lines 13e through 18d. These are your total other payments and refundable credits... 19 Add lines 17 and 18e. These are your total payments. 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid... 21a Amount of line 20 you want refunded to you. If Form 6888 is attached, check here Routing number Type: Checking Savings d Account number 18e 19 32,400 Refund 20 6,267 X 21a 6,267 X Direct deposit? See InstructionsStep by Step Solution
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