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Note: This problem is for the 2019 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years Income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal 1.D. No. 987654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal Income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal 1.D. NO: 11-1111111), as a public defender. She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and s2,000 for state Income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest Income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They caimed the standard deduction on their 2018 Federal Income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church. They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign Required: Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and Schedule 1 to complete this tax return. It may be necessary to complete the tax schedule and worksheet before completing Form 1040. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter"0". Make realistic assumptions about any missing data. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables of the amount over 10% $ 0 13,850 52,850 84,200 2019 Tax Rate Schedules Single-Schedule X Head of household Schedule z I taxable of the If taxable Income is: But not amount Income is: But nor Over over The taxis Over Over over The tax is: $ 0 $ 9,700 ... 10% $ 0 5 0 $ 13,850 9,700 39,475 $ 970.00+ 12% 9,700 13,850 52.850 $ 1,385.00+ 12% 39.475 84.200 4,543.00 - 22% 39,475 52,850 84,200 6,065.00 +22% 84,200 160,725 14,382.50 +24% 84,200 84,200 160,700 12,962.00 +249 160,725 204,100 32,748.50 + 32% 160,725 160,700 204,100 31,322.00+32 204,100 510,300 46,628.50 + 35% 204,100 204,100 510,300 45,210.00 + 35% 510,300 153,798.50 +37% 510,300 510, 100 152,380.00 + 37 Married filing jointly or Qualifying widowler)- Married filing separately-Schedule Y-2 Schedule Y-1 I taxable of the If taxable Income is: But not amount Income is: Burno Over Over The taxis OWY Over Over The tax is: 5 $ 19,400 5 0 5 0 59,700 19.400 78.950 5 1.940.00 + 12% 19,400 9,700 39,475 5970.00 + 129 78.950 168.400 9.086.00 229 78.950 39.475 84.200 4,543.00 229 16400 321.450 28.765.00 245 168.400 14.200 100.725 14,382,50 24% 121.450 408.200 65,497.00 - 32 321.450 160,725 204.100 32.748 50 329 408 200 012,350 93.257.00 - 35% 408.200 204,100 306,125 46,628,50 - 359 612,350 164.709.50379 012-350 306,125 82.354,75379 160.700 204,100 510,300 of the amount Over $ 0 ...10 10% 9.700 39,475 84,200 160,725 204,100 306,175 Complete Form 1040 for the Olds. Form Department of the Treasury Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Married filing jointly Last name Your first name and middle initial Alfred E. Old Last name if joint return, spouse's first name and middle initial Beulah A. Old Apt. no. Home address (number and street). If you have a P.O. box, see Instructions. 211 Brickstone Drive Your social security number 111-11-1109 Spouse's social security number 123-45-6780 Presidential Election Campaign check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. None City, town or post office, state, and ZIP code. If you have a foreign address also complete spaces below see instructions) Atlanta, GA 30304 Foreign country name Foreign province/State/county Foreign postal code If more than four dependents, see instructions and here Standard Deduction Someone can claim: None Age/Blindness You: None Spouse: None Dependents (see instructions): (2) Social security number (3) Relationship to you (4) Vif qualifies for (see instructions): Child tax credit Credit for other dependents (1) First name Last name DO 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 192,000 2a Tax-exempt interest 2a 2b 5007 b Taxable interest. Attach Sch. B if required b Ordinary dividends. Attach Sch. Bif required 3a Qualified dividends. 3b 4a TRA distributions 4a b Taxable amount 4b Standard Deduction for Single or Married filing separately. $12,200 Married filing Jointly or Oualifying Pensions and annuities 40 d Taxable amount 4d Sa Social security benefits Sa b Taxable amount 5b 6 Capital gain or loss). Attach Schedule D if required. If not required, check here 6 Print Item 6 7a 7b JULI sa 8b jointly or 6 Capital gain or loss). Attach Schedule D if required. If not required, check here... Qualifying widow(er), 7a Other income from Schedule 1, line 9 $24,400 Head of b Add lines 1, 2b, 36, 45, 4, 5, 6, and 7a. This is your total income. household $18,350 sa Adjustments to income from Schedule 1, line 22 . If you checked any box under b Subtract line 8a from line 7b. This is your adjusted gross income Standard 9 Standard deduction or itemized deductions (from Deduction, see instructions. Schedule A). 24,400 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A... 10 110 Add lines 9 and 10 b Taxable income. Subtract line 11a from line 3b. If zero or less, enter 0 BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 9 11a 24,400 11b Form 1040 (2019) Form 1040 (2019) 111-11-1109 Page 2 Alfred E. and Beutah A. Old 12a Tax (see inst.) Check if any from Form(s): 1 2 1814 2-4972 3 b Add Schedule 2. line 3, and line 12a and enter the total 12a 12b 13a Child tax credit or credit for other dependents 13a BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 1040 (2019) 111-11-1109 Page 2 12b 13b 14 Form 1040 (2019) Alfred E. and Beulah A. Old 12a Tax (see inst.) Check if any from Form(s): 108814 20 4972 30 12a b Add Schedule 2, line 3, and line 12a and enter the total 13a Child tax credit or credit for other dependents 13a b Add Schedule 3, line 7, and line 13a and enter the total. 14 Subtract line 13b from line 12b. If zero or less, enter-O- 15 Other taxes, including self-employment tax, from Schedule 2, line 10 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 If you have a 18 Other payments and refundable credits: qualifying child a Earned Income credit (EIC).. 18a attach Sch. EIC If you have b Additional child tax credit. Attach Schedule 8812 185 nontaxable 180 combat pay, see C American opportunity credit from Form 8863, line 0. instructions, d Schedule 3, line 14 180 15 16 17 32,400 e Add lines 18a through 18d. These are your total other payments and refundable credits 18e e Add lines 18a through 18d. These are your total other payments and refundable credits 18e 19 32,400 Refund 19 Add lines 17 and 18e. These are your total payments 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid 210 Amount of line 20 you want refunded to you. If Form 8888 is attached, check here Routing number Type: Checking a Savings 20 21a Direct deposit? See instructions. d Account number tax Amount You Owe 22 Amount of line 20 you want applied to your 2020 estimated 22 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see Instructions ...... 23 24 Estimated tax penalty (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss this return with a Yes. Complete below. the IRS? See instructions No Third Party Designee (other than paid preparer) Sign Designee's Phone Personal identification name no. number (PIN) Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge, Here Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Your occupation If the IRS sent you an Identity Protection PIN, enter it here (see Inst.) Date Joint return? See Instructions. Keep a copy for your records. Executive Spouse's signature. If a Joint Date return, both must slon Spouse's occupation If the IRS sent your spouse an Identity Protection PIN, enter it here (see Inst.) Lawyer Phone no Email address Preparer's name Date PTIN Preparer's signature Self-Prepared Check it: Paid Preparer Use Only 3rd Party Designee Self-employed Firm's name Phone no. Firm's address Firm's EIN
