Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I think the refund amount might be 1,576.20 but could someone please help me understand how to get there? I actually dont know the answer

I think the refund amount might be 1,576.20 but could someone please help me understand how to get there? image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
I actually dont know the answer at all but everything is based on 2019 forms, tax rables and standard deduction amounts
Tax return 1 fact pattern Prepare a 2019 Form 1040 and Form 1040 Schedule 1 for the Smiths from the IRS website, Type your amounts into the form and save it to be uploaded through Blackboard. Do not prepare any additional forms. Be sure to calculate the tax using the 2019 tax tables and standard deduction amounts and determine if the Smiths will have a refund or will owe additional tax. DO NOT USE tax software to prepare the forms. DO NOT work with other students. age 42 Terry Smith Robyn Smith Emma Smith age 40 343-88-9259 315-88-1445 422-55-8893 age 9 W-2s attached for salary and with holding information Interest earned: see 1099-int forms attached State tax refund: see 10996 form attached Dividends: see 1099-DIV form attached the se dividends are ordinary (non-qualifying) Robyn received $2,500 in unemployment benefits during 2019. Robyn was divorced in 2011. This year, she paid alimony to her previous spouse, Sam, in the amount of $9,000 and she also paid $15,000 in child support for her son Mike Mike lived with his dad the entire year and Robyn cannot claim him as a dependent. Sam's social security number is 432-22-1159 and Mike's is 336-78-4555. Terry won $10,000 in an online contest on October 5, 2019. He received the check for his prize on December 24, but he was out of town until January 2, 2020. He deposited the check on January 3, 2020. If this income is taxable, it would be considered "other in come" for the 1040 form. Terry's dad passed away on May 7, 2019. Terry inherited money from his dad's estate. Terry received $65,000 in November, 2019. If this income is taxable, it would be considered "other income" for the 1040 form. The Smiths did itemize last year and their itemized deductions exceeded the standard deduction by $1,000 The Smiths did not make any estimated payments during 2019. Their Federal withholding can be found on their W-2 forms. Do not calculate any alternative minimum tax. Assume the Smiths qualify for $2000 child tax credit for Emma. The Smiths will take the standard deduction for married filing jointly for 2019 OMB No. 1545-0008 1 Wages, tips, other compensation 22222 a Employee's social security number 343-88-9259 b Employer identication number 71-0543921 Employer's name, address, and ZIP code The Green Man 2319 Colfax Denver CO 87113 d Control number 55,000.00 55,000.00 SOCIOCUy wogos 2 Federalncome tax Whold 8400.00 4 Social security tax withhold 3410.00 Medic wax winnea 797.00 & AS 3 Medicare wagos and tips 55.000.00 7 Social Security tips 9 Varilication coda 10 Dependent care benefits Last name . Employee's first name and it 120 Su 11 Non qualified plans 13 w 125 po Terry Smith 4798 Pine Street Litheton. C087123 14 Other 120 12d + Employee's address and ZIP code 15 st Employer'a viale ID number 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locally 16 Sute wages ips.ic. 55.000.00 2 100.00 Department of the Treasury-Iniemal Revenue Service Wage and Tax Form Statement Copy 1 -For State, City, or Local Tax Department W-2 2019 22222 . Employee's sodal security number 315-88-445 OMB No. 1545-000 Employer identication number (EIN YATA B.Com 71-6974329 95.000.00 Employer's name, address, and ZIP code 3 Social security wages Starbuds 95,000.00 Medicare wages and tip 147 Hwy 6 95,000.00 Aurora, CO 87219 7 Social security tips d Control number Verification code 2 Pedersinoome ex withheld 1700.00 4 Social security tax withheld 5890.00 & Medicar lax withold 1377. OU 8 Alocated lips 10 Dependent care benefis 12 Employee's Irst name and in Last name Sufl. 11 Nonqualled plans 513 126 pa Robyn Smith 120 14 Other 4795 Pine Street Littleton, co 81123 120 19 Local income tax 20 Locate 1 Employee's address and ZIP code 15 Employer's state number 18 Local wage, 17 State income tax 16 Sale Wages, tips, etc. 95000.00 3.475.00 Department of the Treasury Internal Revenue Service 2019 Form Statement Copy 1-For State, City, or Local Tax Department VOID CORRECTED PAYER'S name, street address, aty or town, see or province, country, ZIP Payar's RTN optional or foreign postal code, and telephone no. OMB No. 1545-0112 2019 Interest Income 1 Interest Income Golden Trail Investments 3342 Markham DR. . Golden.co 87243 $ 1,46000 2 Early withdrawal penalty Form 1099-INT Copy1 PAYER'S TIN RECIPIENTS TIN 3 Interest on us. Savings Bonds and da and Treas, obligations For State Tax Department 71-0697439 315-88-1445 RECPIENTS name 4 Federal income tax withheld investment expenses Foreign tax paid 7 Foreign country or U.S. Porta Robyn Smith 4795 Pine Street Street address including uplno) & Tax-exempt interest Specified private activity bord interest City or town, state or province, country, and ZIP or foreign postal code s 495.00 10 Market discount 11 Bond premium Littleton, CO 87123 $ Account number (see Instructions FATCA filing $ requirement 12 Bond premium on Treasury optero 13 Bond premium on tas-cept bend $ 14 Tax-empt and tax credit 15 State 16 lederation no. 17 State tax withheld bond CUSIP Ico $ $ www.ingowForm1099INT Department of the Treasury - nemal Revenue Service Form 1099-INT OMB No. 1545-0110 CORRECTED of checked PAYER'S name, street address, city or town state or province, country, ZIP 10 Total ordinary dividends or foreign postal code, and telephone no. $ 875.00 1b Qualified dividends 2019 Dividends and Distributions Mile High Investments 2340 ctaxton Avenue Denver, CO 87113 2a Total capital gaindisi Form 1099-DIV 2b Unrecap. Soc. 1250 gain $ 2d Collectibles 28%) gan Copy B For Recipient PAYER'S TIN RECIPIENT'S TIN 20 Section 1202 gan 71-9372469343-88-9239 Terry Smith 4795 Pine Street uttleton, CO 87123 $ RECIPIENT'S name 3 Nondividend distributions Federal come tax withhold $ This is important tax $ Information and is 5 Section 10A dividends 6 investment expenses being mished to Street address including apl. no.) the is. you are $ $ required to fle 7 Foreign laxpud & Foot US ponesi rolum, a negligence penalty or other sanction may be Cry or town, state or province, country, and ZIP or foreign postal code $ imposed on you if this income is taxable 9 Cashiquidation distribution 10 Norashiquidation distribucion and the IRS $ $ determines that has FATCA fing|11 Exempt interest dividends 12 Specified private actMV not been reported requirement bond interest dividends $ $ Account number se Instruction 13 Stat 14 Suresi 15 State tax withhold $ $ Form 1099-DIV (keep for your records) www.in.gov/Form 1099DW Department of the Treasury - Internal Revenue Service 2019 CORRECTED (f checked) PAYER'S name, wret address, alty or town, state or province, country, ZP 1 Unemployment compensation OMB No. 1545-0120 or foreign postal code, ang telephone no Certain Government 2 State of local income tax rolunds, credits, or offsets Payments Form 1099-G PAYER'S federal identification number RECIPIENT'S Identification number 3 Box 2 amount is for tax your Federal income tax withold Copy B For Recipient RECIPIENTS nome SRTAA payments Taxable grants This is important tax $ $ Wormation and is being furnished to the 7 Agoulture payments 8 If checked,box 25 Intemal Flavou trade or business Service W you are Street address including apl.no) Income required to a rotum. Marketgan a negligence penally or other sanction may be Chy or town, we or province country, and ZIP or foreign postal code imposed on you if this 100 5 100 Sento 11 kw ncome taxable and the IRS determines that Account imberbe instruction It has not been reported Form 1099-G op for your records) www.lrs.gov/10000 Department of the Treasury hom venue Service State of Colorado 101 Capitol Drive Denver.co $ 525.00 11-0234976 343-88-9259 Terry smith 4795 Ane Street Utteloo.co 87123 Tax return 1 fact pattern Prepare a 2019 Form 1040 and Form 1040 Schedule 1 for the Smiths from the IRS website, Type your amounts into the form and save it to be uploaded through Blackboard. Do not prepare any additional forms. Be sure to calculate the tax using the 2019 tax tables and standard deduction amounts and determine if the Smiths will have a refund or will owe additional tax. DO NOT USE tax software to prepare the forms. DO NOT work with other students. age 42 Terry Smith Robyn Smith Emma Smith age 40 343-88-9259 315-88-1445 422-55-8893 age 9 W-2s attached for salary and with holding information Interest earned: see 1099-int forms attached State tax refund: see 10996 form attached Dividends: see 1099-DIV form attached the se dividends are ordinary (non-qualifying) Robyn received $2,500 in unemployment benefits during 2019. Robyn was divorced in 2011. This year, she paid alimony to her previous spouse, Sam, in the amount of $9,000 and she also paid $15,000 in child support for her son Mike Mike lived with his dad the entire year and Robyn cannot claim him as a dependent. Sam's social security number is 432-22-1159 and Mike's is 336-78-4555. Terry won $10,000 in an online contest on October 5, 2019. He received the check for his prize on December 24, but he was out of town until January 2, 2020. He deposited the check on January 3, 2020. If this income is taxable, it would be considered "other in come" for the 1040 form. Terry's dad passed away on May 7, 2019. Terry inherited money from his dad's estate. Terry received $65,000 in November, 2019. If this income is taxable, it would be considered "other income" for the 1040 form. The Smiths did itemize last year and their itemized deductions exceeded the standard deduction by $1,000 The Smiths did not make any estimated payments during 2019. Their Federal withholding can be found on their W-2 forms. Do not calculate any alternative minimum tax. Assume the Smiths qualify for $2000 child tax credit for Emma. The Smiths will take the standard deduction for married filing jointly for 2019 OMB No. 1545-0008 1 Wages, tips, other compensation 22222 a Employee's social security number 343-88-9259 b Employer identication number 71-0543921 Employer's name, address, and ZIP code The Green Man 2319 Colfax Denver CO 87113 d Control number 55,000.00 55,000.00 SOCIOCUy wogos 2 Federalncome tax Whold 8400.00 4 Social security tax withhold 3410.00 Medic wax winnea 797.00 & AS 3 Medicare wagos and tips 55.000.00 7 Social Security tips 9 Varilication coda 10 Dependent care benefits Last name . Employee's first name and it 120 Su 11 Non qualified plans 13 w 125 po Terry Smith 4798 Pine Street Litheton. C087123 14 Other 120 12d + Employee's address and ZIP code 15 st Employer'a viale ID number 17 State income tax 18 Local wages, tips, etc. 19 Local income tax 20 Locally 16 Sute wages ips.ic. 55.000.00 2 100.00 Department of the Treasury-Iniemal Revenue Service Wage and Tax Form Statement Copy 1 -For State, City, or Local Tax Department W-2 2019 22222 . Employee's sodal security number 315-88-445 OMB No. 1545-000 Employer identication number (EIN YATA B.Com 71-6974329 95.000.00 Employer's name, address, and ZIP code 3 Social security wages Starbuds 95,000.00 Medicare wages and tip 147 Hwy 6 95,000.00 Aurora, CO 87219 7 Social security tips d Control number Verification code 2 Pedersinoome ex withheld 1700.00 4 Social security tax withheld 5890.00 & Medicar lax withold 1377. OU 8 Alocated lips 10 Dependent care benefis 12 Employee's Irst name and in Last name Sufl. 11 Nonqualled plans 513 126 pa Robyn Smith 120 14 Other 4795 Pine Street Littleton, co 81123 120 19 Local income tax 20 Locate 1 Employee's address and ZIP code 15 Employer's state number 18 Local wage, 17 State income tax 16 Sale Wages, tips, etc. 95000.00 3.475.00 Department of the Treasury Internal Revenue Service 2019 Form Statement Copy 1-For State, City, or Local Tax Department VOID CORRECTED PAYER'S name, street address, aty or town, see or province, country, ZIP Payar's RTN optional or foreign postal code, and telephone no. OMB No. 1545-0112 2019 Interest Income 1 Interest Income Golden Trail Investments 3342 Markham DR. . Golden.co 87243 $ 1,46000 2 Early withdrawal penalty Form 1099-INT Copy1 PAYER'S TIN RECIPIENTS TIN 3 Interest on us. Savings Bonds and da and Treas, obligations For State Tax Department 71-0697439 315-88-1445 RECPIENTS name 4 Federal income tax withheld investment expenses Foreign tax paid 7 Foreign country or U.S. Porta Robyn Smith 4795 Pine Street Street address including uplno) & Tax-exempt interest Specified private activity bord interest City or town, state or province, country, and ZIP or foreign postal code s 495.00 10 Market discount 11 Bond premium Littleton, CO 87123 $ Account number (see Instructions FATCA filing $ requirement 12 Bond premium on Treasury optero 13 Bond premium on tas-cept bend $ 14 Tax-empt and tax credit 15 State 16 lederation no. 17 State tax withheld bond CUSIP Ico $ $ www.ingowForm1099INT Department of the Treasury - nemal Revenue Service Form 1099-INT OMB No. 1545-0110 CORRECTED of checked PAYER'S name, street address, city or town state or province, country, ZIP 10 Total ordinary dividends or foreign postal code, and telephone no. $ 875.00 1b Qualified dividends 2019 Dividends and Distributions Mile High Investments 2340 ctaxton Avenue Denver, CO 87113 2a Total capital gaindisi Form 1099-DIV 2b Unrecap. Soc. 1250 gain $ 2d Collectibles 28%) gan Copy B For Recipient PAYER'S TIN RECIPIENT'S TIN 20 Section 1202 gan 71-9372469343-88-9239 Terry Smith 4795 Pine Street uttleton, CO 87123 $ RECIPIENT'S name 3 Nondividend distributions Federal come tax withhold $ This is important tax $ Information and is 5 Section 10A dividends 6 investment expenses being mished to Street address including apl. no.) the is. you are $ $ required to fle 7 Foreign laxpud & Foot US ponesi rolum, a negligence penalty or other sanction may be Cry or town, state or province, country, and ZIP or foreign postal code $ imposed on you if this income is taxable 9 Cashiquidation distribution 10 Norashiquidation distribucion and the IRS $ $ determines that has FATCA fing|11 Exempt interest dividends 12 Specified private actMV not been reported requirement bond interest dividends $ $ Account number se Instruction 13 Stat 14 Suresi 15 State tax withhold $ $ Form 1099-DIV (keep for your records) www.in.gov/Form 1099DW Department of the Treasury - Internal Revenue Service 2019 CORRECTED (f checked) PAYER'S name, wret address, alty or town, state or province, country, ZP 1 Unemployment compensation OMB No. 1545-0120 or foreign postal code, ang telephone no Certain Government 2 State of local income tax rolunds, credits, or offsets Payments Form 1099-G PAYER'S federal identification number RECIPIENT'S Identification number 3 Box 2 amount is for tax your Federal income tax withold Copy B For Recipient RECIPIENTS nome SRTAA payments Taxable grants This is important tax $ $ Wormation and is being furnished to the 7 Agoulture payments 8 If checked,box 25 Intemal Flavou trade or business Service W you are Street address including apl.no) Income required to a rotum. Marketgan a negligence penally or other sanction may be Chy or town, we or province country, and ZIP or foreign postal code imposed on you if this 100 5 100 Sento 11 kw ncome taxable and the IRS determines that Account imberbe instruction It has not been reported Form 1099-G op for your records) www.lrs.gov/10000 Department of the Treasury hom venue Service State of Colorado 101 Capitol Drive Denver.co $ 525.00 11-0234976 343-88-9259 Terry smith 4795 Ane Street Utteloo.co 87123

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions