Question
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
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 and Michelle also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in the amount of $1,500. 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 $1,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $5,500 in federal income taxes withheld from their paychecks during the course of the year. (use the tax rate schedules. )
Complete the first two pages of Marc and Michelles Form 1040.
Marc and Michelles address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
Marc: 111-22-3333 Michelle: 222-33-4444
Matthew: 333-44-5555 Alimony recipient: 000-11-2222
(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. Use 2016 tax laws and 2015 tax form)
Income 7 7 Wages, salaries, tips, etc. Attach Form (s) W-2 8a 8a Taxable interest. Attach Schedule B if required b Tax-exempt interest. Do not include on line 8a 8b 9a Ordinary dividends. Attach Schedule B if required Attach Form (s) W-2 Qualified Dividends 9b here. Also attach 10 Taxable refunds, credits, or offsets of state and local income taxes Forms W-2G and 1099-R if tax was 11 Alimony received withheld. 12 Business income o (loss). Attach Schedule Cor C-EZ 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here Other gains or (losses). Attach Form 4797 14 15a RA distributions 5a 16a 16a Pensions and annuities 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E. If you did not get a W 18 Farm income or (loss). Attach Schedule F 2, see instructions 19 Unemployment compensation 20a Social security benefits 20a 21 Other income. List type and amount 22 Combine the amounts in the far right column for lines 7through 21. This is your total income 23 Adjusted 23 Educator expenses Gross 24 Certain business expenses of reservists, performing artists, and Income fee-basis government officials. Attach Form 2106 or 2106-EZ 25 25 Health savings account deduction. Attach Form 8889 26 Moving expenses. Attach Form 3903 27 Deductible part of self-employment tax. Attach Schedule SE 28 Self-employed SEP, SIMPLE, and qualified plans 29 Self-employed health insurance deduction 30 30 Penalty on early withdrawal of savings 31a Alimony paid 32 RA deduction 33 Student loan interest deduction 34 Tuition and fees. Attach Form 8917 35 Domestic production activities deduction. Attach Form 8903 36 Add lines 23 through 35 Subtract line 36 from line 22. This is your adjusted gross income 7 9a 10 14 b Taxable amount 15b b Taxable amount 16b 17 18 19 b Taxable amount 20b 21 36Step by Step Solution
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