Question
Mary Smith lives at xxx Street in Boston, MA-xxx. Mary is married but hasnt seen her husband John in years. She lives with her children,
Mary Smith lives at xxx Street in Boston, MA-xxx. Mary is married but hasnt seen her husband John in years. She lives with her children, Robert, and Alice. Other than Mary, everyone else is single with no dependents of their own. Person Social Security Number Date of Birth Mary Smith 987-65-4321 03/01/1981 Robert Smith 542-91-1122 01/01/2005 Alice Smith 254-19-2211 02/01/2000 Mary received the first Economic Impact Payment of $1,200 plus $500 for each qualifying child in 2020. She also received the Second Economic Impact Payment of $600 plus $600 for each qualifying child in January 2021. Mary and Alice are the only members of the household who are employed. Mary earned $75,000 and Alice earned $24,000. Alice is a full-time student at BU. Mary provided more than 50% of the support for all members of the household. She did not contribute to the Presidential Election Campaign nor do she have any dealings in virtual currency. Lastly, there are no additional items of income, adjustments to income, or credits (Other than ODC or CTC)of any kind for them to use. Mary takes the standard deduction. Required: Using the above information, prepare a Form 1040 up to Line 24 (Total Tax).
* Can you please show me Which lines in the 1040 form should I fill the first and second Economic Impact Payment?
1040 U.S. Individual Income Tax Return 2020 Department of the Treasury-Internal Revenue Service (99) 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 widow(er) (QW) 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 it the qualifying one box. person is a child but not your dependent Your first name and middle initial Last name Your social security number Mary Smith 9 8 7 6 5 4 3 2 1 I 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 P.O. box, see instructions. XXX City, town, or post office. If you have a foreign address, also complete spaces below. State xxxx Foreign country name Foreign province/state/county Apt. no. Presidential Election Campaign Check here if you, or your .ZIP.cade. spouse if filing jointly, want $3 to go to this fund. Checking a XXX box below will not change Foreign postal code your tax refund. You Spouse XX At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No 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 Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 Is blind Dependents (see instructions): (2) Social security (3) Relationship (4) it qualifies for (see instructions): (1) First name Last name number to you Child tax credit If more Credit for other dependents than four Robert Smith 5 4 2 9 1 1 1 2 2 Son V dependents, Alice Smith 2 5 4 1 9 2 2 1 1 Daughter see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 75,000 1 Attach 2a Tax-exempt interest. 2a b Taxable interest 2b Sch. Bif 3a Qualified dividends 3a b Ordinary dividends 3b required. 4a IRA distributions. 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount. 5b Standard 6a Social security benefits b Taxable amount 6b Deduction for- 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 7 Single or Marned filing 8 Other income from Schedule 1, line 9. 8 separately 9 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income 9 75,000 $12.400 + (D Page view A Read aloud y Draw Highlight 10a 10b 0 10c Married filing 10 Adjustments to income: jointly or Qualifying a a From Schedule 1, line 22 widower, b $24.800 Charitable contributions if you take the standard deduction. See instructions Head of C Add lines 10a and 10b. These are your total adjustments to income household, $18,650 11 Subtract line 10c from line 9. This is your adjusted gross income If you checked 12 Standard deduction or itemized deductions (from Schedule A) any box under Standard 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A Deduction, 14 Add lines 12 and 13 see instructions. 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 11 12 0 75,000 18,650 13 14 15 18,650 56,350 Form 1040 (2020) Cat No. 11320B Form 1040 (2020) Page 2 16 2 . 4972 3 16 17 Tax (see instructions). Check if any from Form(s): 1 1 8814 Amount from Schedule 2, line 3 Add lines 16 and 17 Child tax credit or credit for other dependents Amount from Schedule 3, line 7 17 18 19 20 18 119 20 11 75,000 18,650 12 household $18.650 11 Subtract line 10c from line 9. This is your adjusted gross income . If you checked 12 Standard deduction or itemized deductions (from Schedule A) any box under Standard 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A Deduction, 14 Add lines 12 and 13 see instructions 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 13 14 18,650 56,350 15 Cat. No 11320B For 1040 (2000) Page 2 Form 1040 (2020) 16 17 3 16 17 18 18 19 19 20 20 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 Amount from Schedule 2, line 3 Add lines 16 and 17 Child tax credit or credit for other dependents Amount from Schedule 3, line 7 Add lines 19 and 20 Subtract line 21 from line 18. If zero or less, enter -0- Other taxes, including self-employment tax, from Schedule 2, line 10 Add lines 22 and 23. This is your total tax 21 22 23 21 22 23 24 24
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