Income Tax Fundamentalist

Yes, Taxation for California (Income Tax Fundamentalist)

CA Problem 1.2 (Spring 2020 Practice Problem) Required: Complete the tax return on 2019 Form 540 and Schedule CA (540) Charlie and Camilla Garry live at 456 Main Street, Roseville, CA 95661. They have two children, Bobby and Bart, ages 7 and 20. Bart is taking a break from the University of San Diego this year. He lives with Charlie and Camilla and works part-time at Wells Fargo Bank, earning W-2 wages of $12,780 in 2019, Garry's federal adjusted gross income was $94,578 which included $95,598 in wages, $160 interest from Bank of America, $1,820 California income tax refund received in 2019, and ($3,000) long term capital loss. Not included in that amount was $3,600 interest on City of San Diego bonds, and $980 interest on Michigan State bonds. Previously, in 2018, the Garry family used itemized deductions and got full advantage from State Income Tax paid. . Federal itemized deductions were $28,490 and after limitations include: Home mortgage interest $13,200 (principal amount $350,000) Home equity loan interest $1,040, principle amount $75,000 (proceeds used to remodel their kitchen in 2017) Real estate tax $5,400 Personal property tax on value of autos 5670 California income tax $8,100 (withholding on 2019 W-2 Forms) State disability insurance (SDI) $956 Cash donations (verifiable) $4,250 . . . See the copy of the Federal Form 1040 and Schedule A provided in Canvas. The Garry family elect to contribute $200 to the School Supplies for Homeless Children Fund (code 422). The Social Security numbers are: Charlie 111-22-2020 birth date 1/1/1976; Camilla 222-33-2020 birth date 2/1/1976; Bobby 333-44-5555 birth date 3/1/2012; and Bart 555-66-7777 birth date 4/1/1999. 1040 2019 U.S. Individual Income Tax Return Filing Status Chon By How bor I dhe thellac HOH WOW als 22233230 Your Charlie camy Home Lastnane Camilla Home del com Sb Main Street Che two love to Rose, CA 95661 Free Forway Standard Someone wanaume Your postes dat Deduction As You Whey used Sw.heast Dependentement ma Booty Gary 133445555 Son 1 1 dandane PE- ng . 1300 Wagon, Wach. T- 4.580 Quell ta bayan State Pw dabant Sonos Ba bach Cari Arachche DuredIn hack come 1.2.4 and. This is your local income Antero che line 22 Baterih red gross incare standarden and ethicans Schedule 10 Quotath Form8881 FormA 10 TA ha 13 DEE 11 Fa , ri Aan Paa Matee, hutrula 1040 Form 1040 Page 2 12 Taxis Check it any tron Form +14 2 4072 123 Asa Schein 19 and enter the total 12 1.3a ta Chid accordinhoidons ta Add Bebedule 3, 7, and inte ta nder the 13h 14 14 Statione 15 cressenter 15 15 Others, including components, trom Schedeine 10 TE 15 Adde 14 and 18. This your totale 17 17 Fantax with bomo wond 10 18 Tys Other payment and state crede 2 Ered income cred) 1 chachd -Y Adana textul Alchedule 2012 18b ro Anterican pornityrechtron form Ac d 18d Schen 14 18 Addines 10h Thomayor total other payments and refundable credit 19 19 Addins land. These are your sal payments 20 20 Refund Inimene, wat 16 fromine 1. Thou you ove 21a Amount of 20 you want refunded to you. It-tai atached, chuck her zla det? Focting number hc Type B creen Account number 22 Arusuntoine you want me to your 2020 estimated tax 22 Amount Amount you owe Butrine 1 from 16. For on how to pay soon 23 You Owe 24 24 Estimated to penalty stron Third Party Do you want to low another on other this year and to do them with the Bunbructions Yes. Complete halow, Designee No Designer's Phena Pas foton no number Sign Upadhwered and add the edge and and cared that which are Here Your signature Date You couco trecent you an identity Protection Near it hare what dostum Sonun Spouse's signature Itur, both ustan Spouse'n the RS sent your spouse an Koor Identy Protection des your SL) Phone no . Enaloddrest Prese Preparar Date Check: Paid and Party Designer Preparer Pronana Selemployed Use Only mis en Firm's EN to www.in. powood for andre latest hormon Fam 1040 Diane SCHEDULE 1 OMO NO. 114-0074 Form 1040 OF 1040-5) Additional Income and Adjustments to Income 2019 Department of crear Attach to Form 1040 or 1040-SA. Intern Attent Go to www.lrs.gowlForm1040 for instructions and the latest information Sagence No. 01 Namat shown on Fem 1040 1040-5 Your social security number Charlie Garry 111-22-2020 At any time during 2019, did you receive, sel, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Part 1 Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 1 1 B20 2a Almony received 2a b Date of original divorce or separation agreement en instructions) 3 Business Income or loss. Attach Schedule 3 4 Other gains or losses). Attach For 4797 4 5 Rental real estate, royalties, partnerships, corporations, trusts, etc. Attach Schedule E 5 6 Fant Income or ass), Attach Schedule F 6 7 Unemployment compensation 7 8 Other income. List type and amount 8 Combine ines through 8. Enter here and on Form 1040 or 1040-SA, ine 7a 9 1,820 Part 11 Adjustments to Income 10 Educator expenses 10 Certain business expenses of reservists performing artists and fee-bass government officials. Attach Form 2106 11 12 Health savings account deduction. Attach For 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 2909 13 14 Deductible part of self-employment tax. Attach Schedule SE 14 15 Self-employed SEP, SIMPLE, and qualified plans 15 16 Self-employed health insurance deduction 16 17 Penalty an early withdrawal of savings 17 18a Alimony paid 18a b Recipient's SSN Date of original divorce or separation agreement (sne instructions) 19 IRA deduction 19 20 Student loan interest deduction 20 21 Tuition and foes. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, ne la For Paperwork Reduction Act Notice, see your tax return instructions, Gal Na 170 Schedule 1 Form 100 or 1040-SR 2013 SCHEDULE A Itemized Deductions OM NA 150.00 Form 1040 or 1040-SRU dany 2000 Go to www.lrs.gov/Schedule for instructions and the latest Information 2019 Departh Attach to Form 1040 or 1040-5R. Mar CautionIf you are enganalind date on Form 1684. sethindruction for line 16 Se Na. 07 Nane shown on 1040 1040 GR Your son rumber Chandle Gary 101.22.2020 Medical Caution: Do not include expenses reimbursed or paid by others and 1 Medical and dental expenses (see instructions) 1 Dental 2 Enter amount from Form 1040 or 1000-SR,Ine B 2 44.520 Expenses 3 3 Multiplyine 2 by 7.5% (0.075) 7.09 4 Subtract in 3 from Intl line 3 is more than ingenter Taxes You 5 State and local taxes Paid a State and local income taxes or general sales taxes. You may include either income taxes or generales taxes online , but not both you clect to include general sales taxes instead of income taxes, check this box Sa 9,056 b State and local real estate taxes e instructions 5b 5.400 State and local personal property taxes 5c 670 d Add fra 5a through 50 50 15,124 e Enter the sale of line 3d or $10,000 $5,000 if married ling Bepantly 5e 10,000 6 Other takes. Listyne and amount G 7 Add lines 5e and 7 10.000 Interest 8 Home mortgage interest and points. If you didn't use all of your home You Paid mortgage loans to buy build, of improve your home, see Cat. You instructions and check this box Tronto Andet a Home mortgage interest and points reported to you on Form 1098, med See Instructions if limited Ba 16.240 Home mortgage interest not reported to you on Form 1095. See Instructions imited, I paid to the person from whom you bought the home, se instructions and show that person's name, identifying no. and address Be 9 Bb Points not reported to you on Form 1098. See Instructions for special rules 8c d Mortgage insurance pretium ee instructions) Bd e Add lines a through Bd 10240 investment interest. Attach Form 4952 if required. See instructions 10 Add neli Band 9 10 14240 Gifts to 11 Gifts by cash or check you made any gift of $250 or more, see Charity instructions 11 Caution it you 12 Other than by cash or check you made any gift of $250 or more matan 12 see instructions. You must attach Form 1283 F over $500 poto 13 Carryover from prior year 13 14 Add lines 11 through 13 14 Casualty and 15 Casualty and the lossles from a federally declared disaster (other than not qualified Theft Losses disaster losses). Attach Form 4684 and enter the amount from In 18 of that form See Instructions 15 Other 16 Other-from ist in instructions. List type and amount Itemized Deductions 16 Total 17 Add the amounts in the right column for lines 4 through 10. Also, enter this amount on Itemized Form 1040 or 104-SR Ine 9 17 Deductions 18 you clect to itemize deductions even though they are less than your standard deduction Check this box Ch1450 Schee A100101 For Paperwork Reduction Act Notice, see the bructions for Forma 1040 and 1040-SR. CA Problem 1.2 (Spring 2020 Practice Problem) Required: Complete the tax return on 2019 Form 540 and Schedule CA (540) Charlie and Camilla Garry live at 456 Main Street, Roseville, CA 95661. They have two children, Bobby and Bart, ages 7 and 20. Bart is taking a break from the University of San Diego this year. He lives with Charlie and Camilla and works part-time at Wells Fargo Bank, earning W-2 wages of $12,780 in 2019, Garry's federal adjusted gross income was $94,578 which included $95,598 in wages, $160 interest from Bank of America, $1,820 California income tax refund received in 2019, and ($3,000) long term capital loss. Not included in that amount was $3,600 interest on City of San Diego bonds, and $980 interest on Michigan State bonds. Previously, in 2018, the Garry family used itemized deductions and got full advantage from State Income Tax paid. . Federal itemized deductions were $28,490 and after limitations include: Home mortgage interest $13,200 (principal amount $350,000) Home equity loan interest $1,040, principle amount $75,000 (proceeds used to remodel their kitchen in 2017) Real estate tax $5,400 Personal property tax on value of autos 5670 California income tax $8,100 (withholding on 2019 W-2 Forms) State disability insurance (SDI) $956 Cash donations (verifiable) $4,250 . . . See the copy of the Federal Form 1040 and Schedule A provided in Canvas. The Garry family elect to contribute $200 to the School Supplies for Homeless Children Fund (code 422). The Social Security numbers are: Charlie 111-22-2020 birth date 1/1/1976; Camilla 222-33-2020 birth date 2/1/1976; Bobby 333-44-5555 birth date 3/1/2012; and Bart 555-66-7777 birth date 4/1/1999. 1040 2019 U.S. Individual Income Tax Return Filing Status Chon By How bor I dhe thellac HOH WOW als 22233230 Your Charlie camy Home Lastnane Camilla Home del com Sb Main Street Che two love to Rose, CA 95661 Free Forway Standard Someone wanaume Your postes dat Deduction As You Whey used Sw.heast Dependentement ma Booty Gary 133445555 Son 1 1 dandane PE- ng . 1300 Wagon, Wach. T- 4.580 Quell ta bayan State Pw dabant Sonos Ba bach Cari Arachche DuredIn hack come 1.2.4 and. This is your local income Antero che line 22 Baterih red gross incare standarden and ethicans Schedule 10 Quotath Form8881 FormA 10 TA ha 13 DEE 11 Fa , ri Aan Paa Matee, hutrula 1040 Form 1040 Page 2 12 Taxis Check it any tron Form +14 2 4072 123 Asa Schein 19 and enter the total 12 1.3a ta Chid accordinhoidons ta Add Bebedule 3, 7, and inte ta nder the 13h 14 14 Statione 15 cressenter 15 15 Others, including components, trom Schedeine 10 TE 15 Adde 14 and 18. This your totale 17 17 Fantax with bomo wond 10 18 Tys Other payment and state crede 2 Ered income cred) 1 chachd -Y Adana textul Alchedule 2012 18b ro Anterican pornityrechtron form Ac d 18d Schen 14 18 Addines 10h Thomayor total other payments and refundable credit 19 19 Addins land. These are your sal payments 20 20 Refund Inimene, wat 16 fromine 1. Thou you ove 21a Amount of 20 you want refunded to you. It-tai atached, chuck her zla det? Focting number hc Type B creen Account number 22 Arusuntoine you want me to your 2020 estimated tax 22 Amount Amount you owe Butrine 1 from 16. For on how to pay soon 23 You Owe 24 24 Estimated to penalty stron Third Party Do you want to low another on other this year and to do them with the Bunbructions Yes. Complete halow, Designee No Designer's Phena Pas foton no number Sign Upadhwered and add the edge and and cared that which are Here Your signature Date You couco trecent you an identity Protection Near it hare what dostum Sonun Spouse's signature Itur, both ustan Spouse'n the RS sent your spouse an Koor Identy Protection des your SL) Phone no . Enaloddrest Prese Preparar Date Check: Paid and Party Designer Preparer Pronana Selemployed Use Only mis en Firm's EN to www.in. powood for andre latest hormon Fam 1040 Diane SCHEDULE 1 OMO NO. 114-0074 Form 1040 OF 1040-5) Additional Income and Adjustments to Income 2019 Department of crear Attach to Form 1040 or 1040-SA. Intern Attent Go to www.lrs.gowlForm1040 for instructions and the latest information Sagence No. 01 Namat shown on Fem 1040 1040-5 Your social security number Charlie Garry 111-22-2020 At any time during 2019, did you receive, sel, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Part 1 Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 1 1 B20 2a Almony received 2a b Date of original divorce or separation agreement en instructions) 3 Business Income or loss. Attach Schedule 3 4 Other gains or losses). Attach For 4797 4 5 Rental real estate, royalties, partnerships, corporations, trusts, etc. Attach Schedule E 5 6 Fant Income or ass), Attach Schedule F 6 7 Unemployment compensation 7 8 Other income. List type and amount 8 Combine ines through 8. Enter here and on Form 1040 or 1040-SA, ine 7a 9 1,820 Part 11 Adjustments to Income 10 Educator expenses 10 Certain business expenses of reservists performing artists and fee-bass government officials. Attach Form 2106 11 12 Health savings account deduction. Attach For 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 2909 13 14 Deductible part of self-employment tax. Attach Schedule SE 14 15 Self-employed SEP, SIMPLE, and qualified plans 15 16 Self-employed health insurance deduction 16 17 Penalty an early withdrawal of savings 17 18a Alimony paid 18a b Recipient's SSN Date of original divorce or separation agreement (sne instructions) 19 IRA deduction 19 20 Student loan interest deduction 20 21 Tuition and foes. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, ne la For Paperwork Reduction Act Notice, see your tax return instructions, Gal Na 170 Schedule 1 Form 100 or 1040-SR 2013 SCHEDULE A Itemized Deductions OM NA 150.00 Form 1040 or 1040-SRU dany 2000 Go to www.lrs.gov/Schedule for instructions and the latest Information 2019 Departh Attach to Form 1040 or 1040-5R. Mar CautionIf you are enganalind date on Form 1684. sethindruction for line 16 Se Na. 07 Nane shown on 1040 1040 GR Your son rumber Chandle Gary 101.22.2020 Medical Caution: Do not include expenses reimbursed or paid by others and 1 Medical and dental expenses (see instructions) 1 Dental 2 Enter amount from Form 1040 or 1000-SR,Ine B 2 44.520 Expenses 3 3 Multiplyine 2 by 7.5% (0.075) 7.09 4 Subtract in 3 from Intl line 3 is more than ingenter Taxes You 5 State and local taxes Paid a State and local income taxes or general sales taxes. You may include either income taxes or generales taxes online , but not both you clect to include general sales taxes instead of income taxes, check this box Sa 9,056 b State and local real estate taxes e instructions 5b 5.400 State and local personal property taxes 5c 670 d Add fra 5a through 50 50 15,124 e Enter the sale of line 3d or $10,000 $5,000 if married ling Bepantly 5e 10,000 6 Other takes. Listyne and amount G 7 Add lines 5e and 7 10.000 Interest 8 Home mortgage interest and points. If you didn't use all of your home You Paid mortgage loans to buy build, of improve your home, see Cat. You instructions and check this box Tronto Andet a Home mortgage interest and points reported to you on Form 1098, med See Instructions if limited Ba 16.240 Home mortgage interest not reported to you on Form 1095. See Instructions imited, I paid to the person from whom you bought the home, se instructions and show that person's name, identifying no. and address Be 9 Bb Points not reported to you on Form 1098. See Instructions for special rules 8c d Mortgage insurance pretium ee instructions) Bd e Add lines a through Bd 10240 investment interest. Attach Form 4952 if required. See instructions 10 Add neli Band 9 10 14240 Gifts to 11 Gifts by cash or check you made any gift of $250 or more, see Charity instructions 11 Caution it you 12 Other than by cash or check you made any gift of $250 or more matan 12 see instructions. You must attach Form 1283 F over $500 poto 13 Carryover from prior year 13 14 Add lines 11 through 13 14 Casualty and 15 Casualty and the lossles from a federally declared disaster (other than not qualified Theft Losses disaster losses). Attach Form 4684 and enter the amount from In 18 of that form See Instructions 15 Other 16 Other-from ist in instructions. List type and amount Itemized Deductions 16 Total 17 Add the amounts in the right column for lines 4 through 10. Also, enter this amount on Itemized Form 1040 or 104-SR Ine 9 17 Deductions 18 you clect to itemize deductions even though they are less than your standard deduction Check this box Ch1450 Schee A100101 For Paperwork Reduction Act Notice, see the bructions for Forma 1040 and 1040-SR