Marc and Michelle are married and earned salaries this year of $65,200 and $12,450, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $650 from corporate bonds. Marc contributed $2,650 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,650 (under a divorce decree effective June 1, 2006). 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 $3,000 child tax credit for Matthew. Marc and Michelle paid $6,300 of expenditures that qualify as itemized deductions (no charitable contributions) and they had a total of $2,605 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.)

c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI d. What is Marc and Michelle's taxable income? Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year? 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. Use 2021 tax laws and 2020 tax form.) Nelther 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 Form 1040 Page 1 and 2. Department of the TreasuryInternal Revenue Service (99) Form 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is one box a child but not your dependent Your first name and middle initial Your social security number Last name If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a PO box, see instructions. Apt. no. Presidential Election Campaign City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code Check here if you, or your spouse if filing jointly, want 53 to go to this fund. Checking a box below will not change your tax or refund. Foreign country name Foreign province/state county Foreign postal code You Spouse Yes No At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction | Spouse itemizes on a separate return or you were a dual-status alien