Part 1 - Scenario 2 Review the following scenario. Use the information provided to answer questions about the taxpayers 2020 rotum Chris (45) and Alcon (46) Castioare maried, and they will joint retum. During the year, they canned $82.300 in woes. They also had investment come consting of . $200 interest come from a savings account with their local bank, reported on Form 1099-INT $350 interest income from a certificate of deposit held with another local bank, reported on For 1099-INT $250 interest income from a US Treasury note, reported on Form 1099-INT 5500 tal-kemot interest income from a municipal bond investment, reported on Form 1090-NT $1,700 in ordinary dividends from a malfund investment reported on Form 1099 DIV. They had no other inom What amount wil Chris and Alison report for taxable interest on their Form 10407 The couple's partially completed Form 1040, page 5, is shown below. You may use the form to assist you in answering the question 1040 U.S. Individual income Tax Return 2020 OM 1945-OON Fling Status Uring en dood www Check you checked the son of your you the HOOGW Borne DO Bet your det You and me YOUR CHRIS CASTILLO XXX-XX-XOX jane Spouse's me ALLISON CASTILLO XXX-XX-XXXX Home od 700 AL FC Carlo 801. HEMLOCK STREET Check you REY ha chochanga YOUR CITY YS xxxxx borow with For For Ford Alcante 2000, YOU Hordand change the concernant les Benet You do we do De As you want tomtebody Open GO 1 05.09 WoW IR T- W! body Sad T . M . From www Source 12 and D D WA AN T Die Alle 13 19 100 SUMMIT Wir Standard Someone can claim: You as a dependent Your spouso as a dependent Deduction Spouso koni208 on a separalo return or you were a dual-status alien Ago/Blindness You: Woro bom bolore January 2, 1956 Aro Blind Spouse: I was born boloro January 2, 1956 is blind Dependents (see instructions): (2) Social security (3) Relationship (4) fulfies for its (1) First Date Last name number to you Chi credit for other Condents more than thout dependent Boston and check here 1 Wagos, salarios, tips, ote. Altach Forms) W-2 1 82,500 Attach Sch. B 2a Tox-complinterest 28 b Taxablo intoros 2b roquired 3a Outed dividends. 3a b Ordinary dividonds 3b 48 IRA distributions 4a b Taxable amount 4b Standard 58 Pensions and annuits 5a b Taxable amount 5b Deduction for a Social security benefits 6a b Taxable amount 6b glor Married 7 Captain or Attach the required, check here. rately $12.400 8 Othor income from Schodulo 1. line 0 8 Married Add lines 1, 2, 3, 4, 5, 6, 7, and . This is your total income Oy Quying 10 Adjustments to income widow a From Schedulo 1, no 22 524.800 b Chance control you take the dard de Bon. . Hedel 100 be Add lines 100 and 10. These are your total adjustments to income $10.00 Noc if you checked 11 Subtract lino 10c from lino 9. This is your adjusted gross income 11 any box under 12 Standard deduction or itemized deductions (from Schedulo A) Standard 12 24/ 800 Deut 13 Outfied business income deduction. Attach Fon 6005 or Form 2005-A sto 13 14 Add lines 12 and 13 14 15 Taxable income. Subtract in 16 from line 11. 1 200 or los, enter -- 15 For Disclosure. Privacy Act, and Paperwork Reduction Act Notico, seo separate Instructions Form 1040 (2020) $550 $800 $1,050 $1,300 hoo 8
