Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help I know its a lot, but I need a good grade on this. Please and thank you, I think I might cry! This

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Please help I know its a lot, but I need a good grade on this. Please and thank you, I think I might cry!

image text in transcribedimage text in transcribed

This is all my correct information!

Page 2 b Form(s) 1099 c Other forms (see instructions) d Add lines 25a through 25c 262022 estimated tax payments and amount applied from 2021 return \begin{tabular}{|c|c|c|c|c|c|} \hline & b Form(s) 1099 & 25b & 10,500 & & \\ \hline & c Other forms (see instructions) & 25c & 0 & & \\ \hline & d Add lines 25a through 25c & & & 25d & 10,500 \\ \hline & 262022 estimated tax payments and amount applied from 2021 return & & & 26 & \\ \hline \begin{tabular}{l} - If you have \\ a qualifying \\ child, attach \\ Sch. EIC \end{tabular} & 27 Earned income credit (EIC) & 27 & & & \\ \hline & 28 Additional child tax credit from Schedule 8812 & 28 & 0 & & \\ \hline & 29 American opportunity credit from Form 8863, line 8 . & 29 & 0 & & \\ \hline & 30 Reserved for future use & 30 & & & \\ \hline & 31 Amount from Schedule 3, line 15 & 31 & & & \\ \hline & 32 Add lines 27,28,29, and 31 . These are your total other payments and refundable credits & & & 32 & 0 \\ \hline & 33 Add lines 25d,26, and 32 . These are your total payments & & & 33 & 10,500 \\ \hline \end{tabular} 34 If line 33 is more than line 24 , subtract line 24 from line 33 . This is the amount vou overpaid Part I 1 2a b 3 4 5 6 7 8 a b c d e Additional Income Taxable refunds, credits, or offsets of state and local income taxes Alimony received Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C Other gains or (losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation Other income: Net operating loss Gambling Cancellation of debt Foreign earned income exclusion from Form 2555 Income from Form 8853 \begin{tabular}{|c|c|c|c|c|} \hline & & & & \\ \hline r & Scholarship and fellowship grants not reported on Form W-2 & 8r & & \\ \hline s & \multirow{2}{*}{\begin{tabular}{l} Nontaxable amount of Medicaid waiver payments included on Form \\ 1040 , line 1a or 1d \\ Pension or annuity from a nonqualifed deferred compensation plan or \\ a nongovernmental section 457 plan \end{tabular}} & 8s & & \\ \hline t & & 8t & & \\ \hline u & Wages earned while incarcerated & 8u & & \\ \hline z & Other income. List type and amount & 8z & & \\ \hline 9 & \multicolumn{2}{|l|}{ Total other income. Add lines 8a through 8z } & 9 & \\ \hline 10 & \multicolumn{2}{|c|}{ Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8} & 10 & 0 \\ \hline \end{tabular} Part II Adjustments to Income 11 Educator expenses 12 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 13 Health savings account deduction. Attach Form 8889 14 Moving expenses for members of the Armed Forces. Attach Form 3903 15 \begin{tabular}{|c|c|} \hline 11 & \\ \hline 12 & \\ \hline 13 & \\ \hline 14 & \\ \hline 15 & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline b & \begin{tabular}{l} Deductible expenses related to income reported on line 81 from the \\ rental of personal property engaged in for profit \end{tabular} \\ \hline c & \begin{tabular}{l} Nontaxable amount of the value of Olympic and Paralympic medals \\ and USOC prize money reported on line 8m \end{tabular} \\ \hline d & Reforestation amortization and expenses \\ \hline e & \begin{tabular}{l} Repayment of supplemental unemployment benefits under the Trade Act of \\ 1974 \end{tabular} \\ \hline f & Contributions to section 501(c)(18)(D) pension plans \\ \hline g & Contributions by certain chaplains to section 403(b) plans \\ \hline h & \begin{tabular}{l} Attorney fees and court costs for actions involving certain unlawful \\ discrimination claims (see instructions) \end{tabular} \\ \hline i & \begin{tabular}{l} Attorney fees and court costs you paid in connection with an award from the \\ IRS for information you provided that helped the IRS detect tax law violations \end{tabular} \\ \hline j & Housing deduction from Form 2555 \\ \hline k & Excess deductions of section 67(e) expenses from Schedule K-1(Form 1041) \\ \hlinez & \begin{tabular}{l} Other adjustments: List type and \\ amount \end{tabular} \\ \hline \end{tabular} \begin{tabular}{|l|rr|} \hline Gross Income: & & \\ \hline Salary & $ & 37,800 \\ \hline Alimony received & $ & 14,400 \\ \hline Rental receipts & $ & 51,000 \\ \hline Disability insurance payments & $ & 1,200 \\ \hline Interest income from corporate bonds & $ & 0 \\ \hline Interest income from municipal bonds & $ & 106,600 \\ \hline (1) Gross income & & \\ \hline Deductions for AGI: & $ & 19,500 \\ \hline Expenses for rental property & $ & 19,500 \\ \hline (2) Total for AGI deductions & & \\ \hline (3) AGI & $ & 3,100 \\ \hline From AGl deductions: & $ & 6,100 \\ \hline Medical expenses & $ \\ \hline State income taxes & $ & \\ \hline \end{tabular} \begin{tabular}{|l|rr|} \hline \multicolumn{1}{|l|}{ Charitable contributions } & $ & 13,150 \\ \hline (4) Total itemized deductions & $ & 22,768 \\ \hline (5) Standard deduction & $ & 20,800 \\ \hline (6) Greater of itemized deductions or standard deduction & $ & 22,768 \\ \hline (7) Taxable income & $ & 64,332 \\ \hline(8) Tax on taxable income & $ & (64,854 \\ \hline(9) Credits & $ & 10,500 \\ \hline(10) Tax prepayments & $ & (3,291) \\ \hline Tax refund & $ & $ \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Reporting Analysis And Decision Making

Authors: Shirley Carlon, Rosina Mcalpine, Chrisann Lee, Lorena Mitrione, Ngaire Kirk, Lily Wong

7th Edition

0730395294, 978-0730395294

More Books

Students also viewed these Accounting questions