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need help filling out 1040, schedule 1 and 3 for head of household for the following problem ! Required information [The following information applies to
need help filling out 1040, schedule 1 and 3 for head of household for the following problem
! Required information [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced on 12/31/2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she L!-..---L---11-...LE ------ -..-.-.-.-.-.---LI-I ------- --L---:non I--I--I------ Insurance premiums $7,952 Medical care expenses $1,100 Prescription medicine $ 350 Nonprescription medicine $ 100 New contact lenses for Heather $ 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, paid 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40 percent portion. A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $12,000, but she did not sell any of her stocks. Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments. Reba had qualifying insurance for purposes of the Answer is complete and correct. Description Amount Gross Income: Salary $ 38,000 Alimony received $ 14,400 Rental receipts $ 50,000 $ 1,200 Disability insurance payments Interest income from corporate bonds $ 2,200 $ 0 (1) 0 105,800 Interest income from municipal bonds Gross income Deductions for AGI: Expenses for rental property Total for AGI deductions $ 19,500 (2) $ 19,500 121 ACI 26 ann 14) TULLI IUI MUI UeuucLUNIS IP , (3) AGI $ 86,300 From AGI deductions: $ 3,130 $ 5,800 $ 12,500 (4) $ 21,430 Medical expenses State income taxes Charitable contributions Total itemized deductions Standard deduction Greater of itemized deductions or standard deduction Taxable income Tax on taxable income (5) $ 18,650 000000000 (6) $ 21,430 (7) $ 64,870 (8) $ 8,619 (9) Credits $ 685 (10) $ 10,000 Tax prepayments Tax refund $ (2,066) Using the information from part a-1, Complete pages 1 and 2, Schedule 1, and Schedule 3 of Form 1040 for Reba. Reba Dixon's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Reba Dixon: 111-11-1111 Heather Dixon: 222-22-2222 (Input all the values as positive numbers. Use 2020 tax rules regardless of year on tax form. Round your intermediate computations and final answers to the nearest whole dollar amount.) 1040 for a couple Married Filing Jointly with two dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 3 Page 1 of Form 1040. Use provided information and follow instructions on form. ! Required information [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced on 12/31/2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia. Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January and throughout the rest of the year at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses. Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she L!-..---L---11-...LE ------ -..-.-.-.-.-.---LI-I ------- --L---:non I--I--I------ Insurance premiums $7,952 Medical care expenses $1,100 Prescription medicine $ 350 Nonprescription medicine $ 100 New contact lenses for Heather $ 200 Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn't able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, paid 60 percent of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40 percent portion. A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba's stock portfolio appreciated by $12,000, but she did not sell any of her stocks. Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather's only source of income for the year. Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments. Reba had qualifying insurance for purposes of the Answer is complete and correct. Description Amount Gross Income: Salary $ 38,000 Alimony received $ 14,400 Rental receipts $ 50,000 $ 1,200 Disability insurance payments Interest income from corporate bonds $ 2,200 $ 0 (1) 0 105,800 Interest income from municipal bonds Gross income Deductions for AGI: Expenses for rental property Total for AGI deductions $ 19,500 (2) $ 19,500 121 ACI 26 ann 14) TULLI IUI MUI UeuucLUNIS IP , (3) AGI $ 86,300 From AGI deductions: $ 3,130 $ 5,800 $ 12,500 (4) $ 21,430 Medical expenses State income taxes Charitable contributions Total itemized deductions Standard deduction Greater of itemized deductions or standard deduction Taxable income Tax on taxable income (5) $ 18,650 000000000 (6) $ 21,430 (7) $ 64,870 (8) $ 8,619 (9) Credits $ 685 (10) $ 10,000 Tax prepayments Tax refund $ (2,066) Using the information from part a-1, Complete pages 1 and 2, Schedule 1, and Schedule 3 of Form 1040 for Reba. Reba Dixon's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Reba Dixon: 111-11-1111 Heather Dixon: 222-22-2222 (Input all the values as positive numbers. Use 2020 tax rules regardless of year on tax form. Round your intermediate computations and final answers to the nearest whole dollar amount.) 1040 for a couple Married Filing Jointly with two dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 3 Page 1 of Form 1040. Use provided information and follow instructions on formStep by Step Solution
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