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Instructions Form 1040 Schedule 1 2020 Tax Rate Schedules Instructions Note: This problem is for the 2020 tax year. Lance H. and Wande B. Dean are married and test 431 Yucca Drive, Santa Fe, NR 87501. Lance works for the convention buren of the local Chamber of Commerce, while Wande is employed part-time as a paralegal for a few tiem. During 2020, the Deans had the following receipts: Salaries ($60,000 for Lance, 542,000 for wanda) 5102.000 Interest income- City of Albuquerque general purpose bonds 51.000 Ford Motor Company bonds 1,100 Ally Bank certificate of deposit 400 2.500 Child support payments from John Allen 7,200 Annual gifts from parents 26.000 Settlement from Roadrunner Touring Company 90,000 600 Lottery winnings 400 Federal income tax refund (for tax year 2019) Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay almony and child support-the alimony payments were to terminate if Wanda remarried. wanda was previously married to John Allen, When they divorced several years ago, Wanda was warded custody of their two culdren Penny and Kyle. (Note: Wanda has never trued Form 3332 wan) Under the divorce decree, John was obligated to pay men and child support the alimony payments were to terminate if Wanderemarried In July, while going to lunch in downtown Santa Fe, Wanda wa Injured by a tour bus. As the driver was clearly trout, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in hospital). To avoid unner also transferred 190,000 to her in settlement of the personal injuries she sustained 57.300 The Deans had the following expenditures for 2020: Medical expenses (not covered by insurance) Taxe Property taxes on personal residence 53.600 State of New Mexico income tax (includes amount withheld from wages during 2020) 4,200 7,000 Interest on home mortgage (First National Bank) 6.000 Charitable contributions (cash) 3,600 Life insurance premiums (policy on Lance's life) 1.200 Contribution to traditional IRA (on Wanda's behalt) 6.000 Traffic fines 300 500 Contribution to the reelection campaign fund of the mayor of Santa Fe 6,300 Funeral expenses for Wayne Boyle nemligy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee CH 9 TAX FORM PR The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee Wanda is excluded from coverage under her employer's pension plan. Consequently, the provides for her own retirement with traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance for compelled to make the political contribution The Deans' household Includes the following for whom they provide more than halt of the support: Social Security Number Birth Date Lance Dean (age 42) 123-45-6786 123-45-6787 12/1671978 08/08/1980 Wanda Dean (age 40) Panny Allen (age 19) Kyle Allen (age 16) Wayne Boyle (age 75) 123-45-6780 123-45-6709 10/09/2001 05/03/2004 123-45-6785 06/15/1945 *In the interest of privacy and to protect against taxpayer identification misuse, Social Security numbers used throughout the textbook have been replaced with fictitious numbers. Penny graduated from high school on May 9, 2020, and is undecided about college. During 2020, she earned $3,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father, who died on January 20, 2020. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was withheld The Deans received the appropriate coronavirus recovery rebates (economie impact payments); related questions in ProConnect Tax should be ignored. Required: Determine the Federal income tax for 2020 for the Deans on a joint return by completing the appropriate forme. Use Form 1040 and Schedule 1 to complete this tax return. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign fund. If an overpayment result, it is to be refunded to them. Note: For 2020, itemizers may deduct up to $300 of cash charitable contributions Make realistic assumptions about any missing data. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "o". Use the tax rate schedules included with this problem. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Form 1040 Complete Form 1040 below for Lance and Wanda Dean 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 TRS U Only Filing Status Married ning jointly Your first name and middle initial Last name Your social security number Lance H. Dean 123-45-6786 19 joint return, spouse's first name and middle initial Last name Spouse's social security number Wanda B. Dean 123-45-6787 Home address (number and street). If you have a RO box, se instructions Aptno Presidential Election Campaign 431 Yucca Drive Check here if you, or your spouse State ZIP code ring jointly want to go to this City, town, or post office. If you have a foreign address, also complete fund. Checking a box below will not spaces below change your tax or refund Santa Fe, NM 87501 None Foreign country name Foreign province/state/county Foreign postal code At any time during 2020, did you receive, sell, send exchange, or otherwise acquire any financial interest in any virtual currency? No Standard Partition Someone can claim: None At any time during 2020, did you receive soll, send, exchange, or otherwise cuire any financial interest in any virtual currency New Standard Someone can claim: None Deduction Age/Blindness You: None Spouse: None (see instructions: (1) First name Last name Penny Allen Dependents If more than four dependents, so instructions and check here (2) Social security (3) Relationship number to you (4) V If qualifies for constructions: Child tax credit Credit for other dependenta No - 123-45-6780 Child Kyle Allen 123-45-6780 Chad Yes . No Wayne Boyle 123-45-6785 Parent . YOS 1 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2b Attach Sch. Bir required 3b 41 2a Tax-exempt interest 2a b Taxable interest 3a Qualified dividends 3a b Ordinary dividends 4a IRA distributions ... b Thxable amount 5a Pensions and annuities Sa bTaxable amount 6a Social security benefits 6a b Taxable amount 7 Capital gain or loss). Attach Schedule D if required. If not required, check here.... Sb ob 0 7 Standard Deduction for Single or 1 Wages salaries, tips, etc. Altach Form) W-2 1 Attach Sch. Bit required 26 3b 46 2a Txempt interest 2a Taxable interest Ja Qualified dividends.. Ja b Ordinary dividende 4a TRA distributions 4 b Taxable amount sa Pensions and annuities Taxable amount 6a Social security benefits Taxable amount 7 Capital gain or loss). Attach Schedule required. If not required, check here 8 Other income from Schedule 1 to 9 # 3 3 5b ob 7 8 9 Add lines 1, 2, 3, 4, 5, 6, 7, and B. This is your total income . 10 Adjustments to income 10a Standard Deduction for Single or Married ling separately. $12,400 Married fring jointly or Qualifying widower), $24.800 Head of household $18,650 . If you checked any box under Standard Deduction, see Instructions a From Schedule 1. in 22. b Charitable contributions you take the standard deduction See instructions 10b 10 Add lines 10 and 10b. These are your total adjustments to income 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 12 Standard deduction or itemized deductions (from Schedule A) 11 | | | htttnnn de tim thnh form 700 THy PG & Standard Deduction, see instructions 12 Standard deduction or itemized deductions from Schedule A) 12 13 13 Qualified business income deduction. Attach Form 1995 or Form 14 Add lines 12 and 13... 14 15 Taxable income. Subtract line 14 from line 11. If zero or looser. 15 BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions Form 1040 (2020) Form 1040 (2020) Lance H. Dean 123-45-6786 Page 2 16 Tax (see instructions). Check it any from Form(s): 1-3824 2 4972 3 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 19 Child tax credit or credit for other dependents 20 20 Amount from Schedule 3, line 7 21 21 Add lines 19 and 20. 22 22 Subtract line 21 from line 10. 1fore or less, enter -0. 23 23 Other taxes, including self-employment tax, from Schedule 2 line 10 24 24 Add lines 22 and 23. This is your total tax 25 Federal Income tax withheld from 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from Form(a) W-2 . 25a b Form(s) 1099 Other forms (see Instructions) 256 256 d Add lines 25 a through 250 25d 26 2020 estimated tax payments and amount applied from 2019 return Earned Income credit (EIC) 27 N . If you have a 26 qualifying child, attach Sch. ETC. 27 If you have nontaxable combat pay, sea 28 Instructions Additional child tax credit. Attach Schedule 8812 28 American opportunity credit from Form 3863, tine ..... 29 29 Recovery rebate credit. See Instructions 30 30 Amount from Schedule 3, line 13 31 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 22 33 He 126 and These are total aumento 33 Refund 33 Add lines 250, 26, and 32. There are your total payments 34 If line is more than in 24. subtract line 24 from line 33. This is the amount you overpaid 35a Amount of line 34 you want refunded to you. If Form 588 is attached, check here Routing number TV a checking Gavings d Account number UJO 34 35a Direct deposit Se instructions 36 Amount of in 34 you want applied to your 2021 estimated 36 Amount 37 Subtract line 33 from time 24. This is the amount you owe now 37 You Owe Note: Schedule and schedule Se filer, line 37 may not represent all of the taxes you For details on how one for 2020. See Schedule 3. line 12e, and its instructions for details to pay, see instructions 38 Estimated tax penalty (see instructions) 38 Third Party Do you want to allow another person to discuss this return with the IRS See instructions Yes. Complete below No Designee Designee's Phone Personal identification number (PIN) no name Sign Under penalties of pergury, I declare that I have examined this return and accompanying schedules and statements, and CH 9 TAX FORM PR Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedies and statements, and 1 to the best of my knowledge and belief, they are true correct and complete. Declaration of eart (other than taxpayer) is based on all information of which preparar has any knowledge Your signature Date Your occupation the IRS sent you an identity Protection Penter it here Manager (seeint.) Joint return See instructions Keep a copy for your records Spouse's occupation Spouse's signature. If joint Date return, both must sign the Sant your spouse Identity Protection Peter there (See Inst.) Paralegal Phone no. Email address Date PTIN Check Self employed Preparer's name Preparer's signature Self-Prepared Paid Phone no Firm's name Preparer Use Only Firm's EIN Firm's address Form 1040 (2020) Go to www.lrs.gov/ Form1040 for instructions and the latest information Instructions Form 1040 Schedule 1 2020 Tax Rate Schedules Instructions Note: This problem is for the 2020 tax year. Lance H. and Wande B. Dean are married and test 431 Yucca Drive, Santa Fe, NR 87501. Lance works for the convention buren of the local Chamber of Commerce, while Wande is employed part-time as a paralegal for a few tiem. During 2020, the Deans had the following receipts: Salaries ($60,000 for Lance, 542,000 for wanda) 5102.000 Interest income- City of Albuquerque general purpose bonds 51.000 Ford Motor Company bonds 1,100 Ally Bank certificate of deposit 400 2.500 Child support payments from John Allen 7,200 Annual gifts from parents 26.000 Settlement from Roadrunner Touring Company 90,000 600 Lottery winnings 400 Federal income tax refund (for tax year 2019) Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay almony and child support-the alimony payments were to terminate if Wanda remarried. wanda was previously married to John Allen, When they divorced several years ago, Wanda was warded custody of their two culdren Penny and Kyle. (Note: Wanda has never trued Form 3332 wan) Under the divorce decree, John was obligated to pay men and child support the alimony payments were to terminate if Wanderemarried In July, while going to lunch in downtown Santa Fe, Wanda wa Injured by a tour bus. As the driver was clearly trout, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in hospital). To avoid unner also transferred 190,000 to her in settlement of the personal injuries she sustained 57.300 The Deans had the following expenditures for 2020: Medical expenses (not covered by insurance) Taxe Property taxes on personal residence 53.600 State of New Mexico income tax (includes amount withheld from wages during 2020) 4,200 7,000 Interest on home mortgage (First National Bank) 6.000 Charitable contributions (cash) 3,600 Life insurance premiums (policy on Lance's life) 1.200 Contribution to traditional IRA (on Wanda's behalt) 6.000 Traffic fines 300 500 Contribution to the reelection campaign fund of the mayor of Santa Fe 6,300 Funeral expenses for Wayne Boyle nemligy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee CH 9 TAX FORM PR The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee Wanda is excluded from coverage under her employer's pension plan. Consequently, the provides for her own retirement with traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance for compelled to make the political contribution The Deans' household Includes the following for whom they provide more than halt of the support: Social Security Number Birth Date Lance Dean (age 42) 123-45-6786 123-45-6787 12/1671978 08/08/1980 Wanda Dean (age 40) Panny Allen (age 19) Kyle Allen (age 16) Wayne Boyle (age 75) 123-45-6780 123-45-6709 10/09/2001 05/03/2004 123-45-6785 06/15/1945 *In the interest of privacy and to protect against taxpayer identification misuse, Social Security numbers used throughout the textbook have been replaced with fictitious numbers. Penny graduated from high school on May 9, 2020, and is undecided about college. During 2020, she earned $3,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father, who died on January 20, 2020. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was withheld The Deans received the appropriate coronavirus recovery rebates (economie impact payments); related questions in ProConnect Tax should be ignored. Required: Determine the Federal income tax for 2020 for the Deans on a joint return by completing the appropriate forme. Use Form 1040 and Schedule 1 to complete this tax return. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign fund. If an overpayment result, it is to be refunded to them. Note: For 2020, itemizers may deduct up to $300 of cash charitable contributions Make realistic assumptions about any missing data. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "o". Use the tax rate schedules included with this problem. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Form 1040 Complete Form 1040 below for Lance and Wanda Dean 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 TRS U Only Filing Status Married ning jointly Your first name and middle initial Last name Your social security number Lance H. Dean 123-45-6786 19 joint return, spouse's first name and middle initial Last name Spouse's social security number Wanda B. Dean 123-45-6787 Home address (number and street). If you have a RO box, se instructions Aptno Presidential Election Campaign 431 Yucca Drive Check here if you, or your spouse State ZIP code ring jointly want to go to this City, town, or post office. If you have a foreign address, also complete fund. Checking a box below will not spaces below change your tax or refund Santa Fe, NM 87501 None Foreign country name Foreign province/state/county Foreign postal code At any time during 2020, did you receive, sell, send exchange, or otherwise acquire any financial interest in any virtual currency? No Standard Partition Someone can claim: None At any time during 2020, did you receive soll, send, exchange, or otherwise cuire any financial interest in any virtual currency New Standard Someone can claim: None Deduction Age/Blindness You: None Spouse: None (see instructions: (1) First name Last name Penny Allen Dependents If more than four dependents, so instructions and check here (2) Social security (3) Relationship number to you (4) V If qualifies for constructions: Child tax credit Credit for other dependenta No - 123-45-6780 Child Kyle Allen 123-45-6780 Chad Yes . No Wayne Boyle 123-45-6785 Parent . YOS 1 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2b Attach Sch. Bir required 3b 41 2a Tax-exempt interest 2a b Taxable interest 3a Qualified dividends 3a b Ordinary dividends 4a IRA distributions ... b Thxable amount 5a Pensions and annuities Sa bTaxable amount 6a Social security benefits 6a b Taxable amount 7 Capital gain or loss). Attach Schedule D if required. If not required, check here.... Sb ob 0 7 Standard Deduction for Single or 1 Wages salaries, tips, etc. Altach Form) W-2 1 Attach Sch. Bit required 26 3b 46 2a Txempt interest 2a Taxable interest Ja Qualified dividends.. Ja b Ordinary dividende 4a TRA distributions 4 b Taxable amount sa Pensions and annuities Taxable amount 6a Social security benefits Taxable amount 7 Capital gain or loss). Attach Schedule required. If not required, check here 8 Other income from Schedule 1 to 9 # 3 3 5b ob 7 8 9 Add lines 1, 2, 3, 4, 5, 6, 7, and B. This is your total income . 10 Adjustments to income 10a Standard Deduction for Single or Married ling separately. $12,400 Married fring jointly or Qualifying widower), $24.800 Head of household $18,650 . If you checked any box under Standard Deduction, see Instructions a From Schedule 1. in 22. b Charitable contributions you take the standard deduction See instructions 10b 10 Add lines 10 and 10b. These are your total adjustments to income 11 11 Subtract line 10c from line 9. This is your adjusted gross income 12 12 Standard deduction or itemized deductions (from Schedule A) 11 | | | htttnnn de tim thnh form 700 THy PG & Standard Deduction, see instructions 12 Standard deduction or itemized deductions from Schedule A) 12 13 13 Qualified business income deduction. Attach Form 1995 or Form 14 Add lines 12 and 13... 14 15 Taxable income. Subtract line 14 from line 11. If zero or looser. 15 BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions Form 1040 (2020) Form 1040 (2020) Lance H. Dean 123-45-6786 Page 2 16 Tax (see instructions). Check it any from Form(s): 1-3824 2 4972 3 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 19 Child tax credit or credit for other dependents 20 20 Amount from Schedule 3, line 7 21 21 Add lines 19 and 20. 22 22 Subtract line 21 from line 10. 1fore or less, enter -0. 23 23 Other taxes, including self-employment tax, from Schedule 2 line 10 24 24 Add lines 22 and 23. This is your total tax 25 Federal Income tax withheld from 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from Form(a) W-2 . 25a b Form(s) 1099 Other forms (see Instructions) 256 256 d Add lines 25 a through 250 25d 26 2020 estimated tax payments and amount applied from 2019 return Earned Income credit (EIC) 27 N . If you have a 26 qualifying child, attach Sch. ETC. 27 If you have nontaxable combat pay, sea 28 Instructions Additional child tax credit. Attach Schedule 8812 28 American opportunity credit from Form 3863, tine ..... 29 29 Recovery rebate credit. See Instructions 30 30 Amount from Schedule 3, line 13 31 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 22 33 He 126 and These are total aumento 33 Refund 33 Add lines 250, 26, and 32. There are your total payments 34 If line is more than in 24. subtract line 24 from line 33. This is the amount you overpaid 35a Amount of line 34 you want refunded to you. If Form 588 is attached, check here Routing number TV a checking Gavings d Account number UJO 34 35a Direct deposit Se instructions 36 Amount of in 34 you want applied to your 2021 estimated 36 Amount 37 Subtract line 33 from time 24. This is the amount you owe now 37 You Owe Note: Schedule and schedule Se filer, line 37 may not represent all of the taxes you For details on how one for 2020. See Schedule 3. line 12e, and its instructions for details to pay, see instructions 38 Estimated tax penalty (see instructions) 38 Third Party Do you want to allow another person to discuss this return with the IRS See instructions Yes. Complete below No Designee Designee's Phone Personal identification number (PIN) no name Sign Under penalties of pergury, I declare that I have examined this return and accompanying schedules and statements, and CH 9 TAX FORM PR Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedies and statements, and 1 to the best of my knowledge and belief, they are true correct and complete. Declaration of eart (other than taxpayer) is based on all information of which preparar has any knowledge Your signature Date Your occupation the IRS sent you an identity Protection Penter it here Manager (seeint.) Joint return See instructions Keep a copy for your records Spouse's occupation Spouse's signature. If joint Date return, both must sign the Sant your spouse Identity Protection Peter there (See Inst.) Paralegal Phone no. Email address Date PTIN Check Self employed Preparer's name Preparer's signature Self-Prepared Paid Phone no Firm's name Preparer Use Only Firm's EIN Firm's address Form 1040 (2020) Go to www.lrs.gov/ Form1040 for instructions and the latest information