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It is a its a 1040 form, U.S Individual Income tax return Required information [The following information applies to the questions displayed below.) Marc and

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedIt is a its a 1040 form, U.S Individual Income tax returnimage text in transcribedimage text in transcribed

Required information [The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available). Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333-44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Do not skip rows, while entering in Deductions section of Form 1040 PG1. The refundable portion of the Child Tax Credit is $1,400. Use 2020 tax laws and 2019 tax form. ) Neither Marc nor Michelle wish to contribute to the Presidential Election Campaign fund. Form 1040 for a couple Married Filing Jointly with one dependent. 1040 PG 1 1040 PG 2 Schedule 1 Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 IRS Use Only-Do not write Department of the TreasuryInternal Revenue Service (99) U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 Single O Married filing jointly O Married filing separately (MFS) O Head of household (HOH) If you checked the MFS box, enter the name of spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is a child but not your dependent. Filing Status Qualifying widow( Check only one box. Your first name and middle initial Last name Your so If joint return, spouse's first name and middle initial Last name Your so Home address (number and street). If you have a P.O. box, see instructions. Apt. no. President Check here if you, or ! to go to this fund. Che your tax or refund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). You puuuu FLUTTUU vruuupurur vi you mrvu uuui uuluv ! Were born before January 2, 1955 Are blind Spouse: Was born before January 2, 1955 Age/Blindness You: Dependents (see instructions): (2) Social security number (3) Relationship to you (4) V if qual (1) First name Last name Child tax credit 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 2a 2 b Taxable interest. Attach Sch. B if required b Ordinary dividends. Attach Sch. B if required 3a Qualified dividends 3 4a IRA distributions 4a b Taxable amount 2 c Pensions and annuities 4c d Taxable amount . 5a Social security benefits 5a b Taxable amount 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here Standard Deduction for- Single or Married filing separately, $12,200 Married filing jointly or Qualifying widow(er), $24,400 Head of household, $18,350 If you checked any box under 7a Other income from Schedule 1, line 9 7 b Add lines 1, 2b, 36, 4b, 4d, 5b, 6, and 7a. This is your total income 7 8 a Adjustments to income from Schedule 1, line 22 b Subtract line 8a from line 7b. This is your adjusted gross income Form 1040 for a couple Married Filing Jointly with one dependent. 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1040. Some information does not carry over from Page 1. Form 1040 (2019) Page 2 12a Tax (see inst.) Check if any from Form(s): (1) 8814 (2) 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 0 15 Other taxes, including self-employment tax, from Schedule 2, line 10 15 16 Add lines 14 and 15. This is your total tax 16 0 17 Federal income tax withheld from Forms W-2 and 1099 17 18 Other payments and refundable credits: a Earned income credit (EIC) 18a If you have a qualifying child, attach Sch. EIC. If you have nontaxable combat pay, see instructions b Additional child tax credit. Attach Schedule 8812 18b c American opportunity credit from Form 8863, line 8 18C Drev r of 2 Neyt b Routing number c Type: : Checking Savings Direct deposit? See instructions. Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions 23 Amount You Owe 24 Estimated tax penalty (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss this return with the IRS? See instructions. Yes. Complete below. Third Party Designee No Phone Personal identification (Other than paid preparer) Designee's name no. number (PIN) Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation Joint return? See instructions. Keep a copy for your records. If the IRS sent you an Identity Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) Spouse's signature. If a joint return, both must sign. Date Spouse's occupation Phone no. Email address Preparer's name Preparer's signature Date PTIN Check if: Paid Preparer 3rd Party Designee Cirmanoma Phone no Solf_amoloved 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $ 163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 $47,367.50 plus 35% of the excess over $207,350 $311,025 $83,653.75 plus 37% of the excess over $311,025

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