Prepare an Income Tax Return for the following information above:

Hint: The deduction for Qualified Business Income on line 13 is $2,000. The Child Tax Credit which appears on line 19 is $6,500.

Below is the Tax Return to fill out:

Requlred Information [The following Information applies to the questions displayed below.] Demarco and Janine Jackson have been marrled for 20 years and have four children (no children under age 6 at yearend) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple recelved salary Income of $105,000 and qualfied business income of $10,000 from an Investment in a parthership, and they sold their home this year. They Initlally purchased the home three years ago for $200,000, and they sold It for $250,000. The gain on the sale qualified for the excluslon from the sale of a principal residence. The Jacksons Incurred $16,500 of Itemized deductions (no charltable contributions), and they had $4,000 wlthheld from thelr paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credlt for other qualifylng dependents for Candice. (Use the tax rate schedules.) Complete page 1, page 2, and Schedule 1 of the Jacksons' Form 1040 (use the most recent form avallable). Demarco and Janine Jackson's address is 19010 N.W. 135th Street, Miami, FL 33054. Soclal security numbers: Demarco: 123456789 Janine: 234567890 Son: Damarcus: 345-67-8901 Daughter: Jasmine: 456-78-9012 Son: Michael:567-89-0123 Daughter: Candice: 678-90-1234 Enter any non-financlal Information, (e.g. Names, Addresses, soclal securlty numbers) EXACTLY as they appear and the order In whlch they appear In any glven Informatlon or Problem Statement. Input all the values as positive numbers. Use 2022 tax laws and 2021 tax form. Do not round your Intermedlate calculatlons. Round final answers to the nearest whole dollar amount. Nelther Demarco nor Janine wlsh to contrlbute to the Presidential Election Campalgn fund or had any virtual currency transactlons or Interests. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (OW) person is a child but not your dependent Form 1040 [2021] Go to www.rs goniForm1G40 for instructions and the lafest information. Form 1040 (2021)