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please helppppp please help me fill out both 1040 and schedule 1 Required information [The following information applies to the questions displayed below.] Ken is
please helppppp
please help me fill out both 1040 and schedule 1
Required information [The following information applies to the questions displayed below.] Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken files as a single taxpayer. a. Ken won $1,480 in an illegal game of poker (the game was played in Utah, where gambling is illegal). b. Ken sold 1,280 shares of stock for $32 a share. He inherited the stock two years ago. His tax basis (or investment) in the stock was $31 per share. c. Ken received $27,800 from an annuity he purchased eight years ago. He purchased the annuity, to be paid annually for 20 years, for $233,520. d. Ken received $13,700 in disability benefits for the year. He purchased the disability insurance policy last year. e. Ken decided to go back to school to learn about European history. He received a $780 cash scholarship to attend. He used $440 to pay for his books and tuition, and he applied the rest toward his new car payment. f. Ken's son, Mike, instructed his employer to make half of his final paycheck of the year payable to Ken as a gift from Mike to Ken. Ken received the check on December 30 in the amount of $1,520. g. Ken received a $750 refund of the $3,880 in state income taxes his employer withheld from his pay last year. Ken claimed $12,880 in itemized deductions last year (the standard deduction for a single filer was $12,550). h. Ken received $32,800 of interest from corporate bonds and money market accounts. Attach Sch. Bif required. Standard Deduction for Single or Married filing separately. $12,550 Marted filing jointly or Qualifying widow(er). $25,100 Head of household, $18,800 If you checked any box under Standard Deduction, see instructions 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 4a IRA distributions 5a Pensions and annuities. 2a 3a 4a 5a 6a Social security benefits 68 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here 8 Other income from Schedule 1, line 10 9 Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income 10 Adjustments to income from Schedule 1, line 26 11 Subtract line 10 from line 9. This is your adjusted gross income 12a Standard deduction or itemized deductions (trom Schedule A) b Charitable contributions if you take the standard deduction (see instructions) cAdd ines 12a and 12b 13 Qualified business income deduction from Form 8995 or Form 8995-A 14 Add lines 120 and 13 b Taxable interest. b Ordinary dividends b Taxable amount b Taxable amount b Taxable amount 12a 12b 1 HOREEEEEE 2b 3b 4b 5b 6b 7 8 9 10 11 120 13 14 15 0 Cat. No. 113208 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-0- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF, DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGraw-Hill Education. Form 1040 (2021) ******* Part I 1 2a b 3 4 5 6 7 8 a b C d e f 9 h 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 income Cancellation of debt Foreign earned income exclusion from Form 2555 Taxable Health Savings Account distribution Alaska Permanent Fund dividends Jury duty pay Prizes and awards Activity not engaged in for profit income 8a 8b 8c 8d Be 8f 8g 8h 81 1 2a 3 45 6 7 d f 9 1 m n ON Net operating loss Gambling income Cancellation of debt Foreign earned income exclusion from Form 2555 Taxable Health Savings Account distribution Alaska Permanent Fund dividends Jury duty pay Prizes and awards Activity not engaged in for profit income Stock options Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property Olympic and Paralympic medals and USOC prize money (see instructions) Section 951(a) inclusion (see instructions) Section 951A(a) inclusion (see instructions) + Section 461() excess business loss adjustment Taxable distributions from an ABLE account (see instructions) Other income. List type and amount 2288 g 8a 8b 8c 8d Be 81 8g 8h Bi 8j 8k 81 8m 8n 80 8p 8z Part II 11 12 13 14 15 16 17 18 19a b C 20 22222. 21 23 24 a SAVIEN BA Adjustments to Income Educator expenses Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN Date of original divorce or separation agreement (see instructions) IRA deduction Student loan interest deduction Reserved for future use Archer MSA deduction Other adjustments Jury duty pay (see instructions) Panted to be medan Olm 24a 11 12 13 14 15 16 17 18 19a 2522 20 21 23 Required information C 20 21 22 23 24 a b C d 0 f 9 h 1 J k 2 25 Date of original divorce or separation agreement (see instructions) IRA deduction 26 Student loan interest deduction Reserved for future use Archer MSA deduction Other adjustments: Jury duty pay (see instructions) Deductible expenses related to income reported on line 8k from the rental of personal property engaged in for profit Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 81 Reforestation amortization and expenses Repayment of supplemental unemployment benefits under the Trade Act of 1974 Contributions to section 501(c)(18)(D) pension plans Contributions by certain chaplains to section 403(b) plans Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions) 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 Housing deduction from Form 2555 Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) Other adjustments. List type and amount 24a 24b 24c 24d 240 24f 24g 24h 241 24) 24k 24z 20 2222 21 Total other adjustments. Add Ines 24a through 24z 26 Add lines 11 through 23 and 25, These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 10, or Form 1040-NR, line 10a For Paperwork Reduction Act Notice, see your tax return instructions. THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2022 McGraw-Hill Education. Cat. No. 71479F Schedule 1 (Form 1040) 2021 23 25 Step by Step Solution
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