Required Information Comprehensive Problem 3-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020. John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29.000. John also does some Web design work on the side and reported revenues of $4.000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying Insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9. Tax Rate Schedule. Dividends and Capital Gains Tax Rates. 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year. State Income taxes of $4.400. Federal tax withholding of $21,000. Allmony payments to John's former wife of $10.000 (divorced on 12/31/2014). Child support payments for John's child with his former wife of $4.100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3.600 to Kid Care day care center for Samantha's care while John and Sandy worked. $14.000 Interest on their home mortgage ($400,000 acquisition debt). $3.000 Interest on a $40.000 home-equity loan. They used the loan to pay for a family vacation and new car. $15.000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The fumiture had a fair market value of $400 and cost $2,000. Comprehensive Problem 8-85 Part b and Complete pages 1 and 2. Schedule 1. Schedule 2 and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 - U.S. Individual Income Tax Return | 2019 OMB No 1545-0074 RS Use Only - Do not write in this space Filling Status Single Married fling jointly Married fling separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH Or O box, enter the child's name if the qualifying person is ane box a chid but not your dependent. Your social security number Your first name and middle initial Last name Enter a XXXXXXX John Ferguson 111-11-1111 If joint ratum, spouse's first name and middle initial Last name Sandy Ferguson 222-22-2222 Home address (number and street). If you have a P.O.box, see instructions. Apt.no Precidential Election Campaign 19010 N.W. 135th Street, Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change City, town or post office, state and ZIP code. If you have a foreign address, also complete spaces below (see instructions). your tax or rotund Miami, FL 33054 You Bpouco Foreign country name Foreign province/statcounty Foreign postal code If more than four dependents, son instructions and here Someone can Btandard You as a dependent Your spouse as a dependent claim Deduction Spouse tomizes on a separate return or you were a dual status alien Age Blindnecc You: Were born before January 2, 1956 Are blind Bpouce: Was born before January 2, 1955 Is bind Dependent on instructions: 12) Social Security number (3) Relationship to you 14) Toualties for instructions): 1) First name Last name (Enter as XI-XX-XXX) Chid tax credit Credit for other dependents Samantha Ferguson 333-33-3333 Daughter 1 Wages, salaries, too. Attach Forms) W-2 181,000 2a Tax-exempt interest 25 3a Qualified dividends 3a 36 800 b Taxable interest. Attach Sch. Bit required 800 Ordinary dividends. Attach Sch. Bit required Taxable amount d Taxable amount Taxable amount 45 4a IRA distributions Pensions and annuities 200 4c Ad 55 5a Social security benefits Sa 6 Capital gain or loss. Attach Schedule D if required. If not required, check here Ja Standard Deduction for - Single or Married fling separately. $12,200 - Married ning jointly or Ouating widower). $24,400 Head of household $18,350 you checked any box under Standard Deduction, see instructions 7a Other income from Schedule 1. line 3 Add lines 1, 2, 3, 4, 4, 5, 6, and 7. This is your total income 7b 182,000 Ba Adjustments to income from Schedule 1. line 22 Ba Subtractine Ba from line. This is your adjusted gross income Bb 182,000 9 Standard deduction or itemized deductions from Schedule A) 9 24.400 10 Qualified business income deduction. Attach Form 1996 or Form 1996-A 10 4,000 110 Add lines 9 and 10 11a 28,400 153,600 Taxable income. Subtract line 11a from line 8b 11 Page 2 of Form 1040. Some information does not carry over from Page 1. Form 1040 (2015) 111-11-1111 Page 2 (2) 4972 (3) 12a 13a 3,450 13 11,150 John Ferguson Sandy Ferguson 12a Tax (sce inst. Check it any from Formis (1) 8814 Add Schedule 2. line 3, and line 12a and enter the total 13a Child tax credit or credit for other dependents Add Schedule 3. line 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. It zera or less, enter-O- 15 Other taxes, including sel amployment 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 18 Other payments and refundable credits: a Eamed income credit (EC) b Additional child tax credit. Attach Schedule BB12 c American opportunity credit from Fom 8863, line 8 15 16 0 17 18a you have a qualifying child attach Sch. Eic. you have nontaxable combat pays instructions 18 180 d Schedule 3. Ina 14 18d 180 19 20 Refund 21a Add lines 18a through 18d. These are your total other payments and refundable credits 19 Add Ines 17 and 18. These are your total payments 20 if line 19 more than line 16, subtract line 16 from line 19. This is the amount you overpaid 21a Amount of line 20 you want refunded to you. Ir Farm 8888 is attached, check here Routing number Type: Checking d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 23 Amount you owe Subtractine 19 from ine 16. For details on how to pay, se instructions 24 Estimated tax penalty (sce instructions Direct deposit? Son Instructions Savings 22 Amount You Owe Third Party Do you want to alow another person (other than your paid preparer) to discuss this return with the IRS? See instructions Yes. Complete below. Schedule 1 of Form 1040 SCHEDULE 1 (Form 1040 or 1040-SR) OMB No. 1545-0074 Additional Income and Adjustments to Income 2019 Attachment Sequence No. 01 Your social security number Enter as XXX-XX-XXK 111-11-1111 Yes No 1 200 Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service Go to www.irs.gov/Form 1040 for instructions and the latest information. Name's shown on Form 1040 or 1040-SR John Ferguson Sandy Ferguson At any time during 2019. did you receive, sel, send, exchange or otherwise acquire any financial interest in anyvirtual currency? Partl Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes Almany received D Date of original divorce or separation agreement see instructions) 3 Business income or loss). Attach Schedule Other gains ar (sas). Attach Form 4797 6 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E B Farm income ar (loss). Attach Schedule 7 Unemployment compensation 8 Other income. List type and amount 4,000 4 4 5 B 7 8 B 4,200 Part II Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR line 7a Adjustments to Income Educator expenses 10 10 11 11 750 12 12 13 13 14 14 16 Certain business expenses of reservists, performing artists, and foo-basis government officials. Attach Form 2106 Health savings account deduction Attach Form 1889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE Salt-employed SEP. SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN 16 18 18 17 17 188 180 10,000 O Date of original divorce ar separation agreement (see instructions) 1e IRA deduction 10 20 20 Student loan interest deduction Reserved for future use 21 21 22 Add Ines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, in 8 10,750 For Paperwork Reduction Act Notion, Gee your tax return Instruction. Cat No. 71470F Bohedule 1 (Form 1040 or 1040-BR) 2018 THIS FORM 18 A BIMULATION OF AN OFFICIAL U. 3. TAX FORM. IT IS NOT THE OFFICIAL FORM IT BELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDICATIONAL MO.HU Eduation Required Information Comprehensive Problem 3-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.) John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020. John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29.000. John also does some Web design work on the side and reported revenues of $4.000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying Insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9. Tax Rate Schedule. Dividends and Capital Gains Tax Rates. 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year. State Income taxes of $4.400. Federal tax withholding of $21,000. Allmony payments to John's former wife of $10.000 (divorced on 12/31/2014). Child support payments for John's child with his former wife of $4.100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3.600 to Kid Care day care center for Samantha's care while John and Sandy worked. $14.000 Interest on their home mortgage ($400,000 acquisition debt). $3.000 Interest on a $40.000 home-equity loan. They used the loan to pay for a family vacation and new car. $15.000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The fumiture had a fair market value of $400 and cost $2,000. Comprehensive Problem 8-85 Part b and Complete pages 1 and 2. Schedule 1. Schedule 2 and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 - U.S. Individual Income Tax Return | 2019 OMB No 1545-0074 RS Use Only - Do not write in this space Filling Status Single Married fling jointly Married fling separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH Or O box, enter the child's name if the qualifying person is ane box a chid but not your dependent. Your social security number Your first name and middle initial Last name Enter a XXXXXXX John Ferguson 111-11-1111 If joint ratum, spouse's first name and middle initial Last name Sandy Ferguson 222-22-2222 Home address (number and street). If you have a P.O.box, see instructions. Apt.no Precidential Election Campaign 19010 N.W. 135th Street, Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change City, town or post office, state and ZIP code. If you have a foreign address, also complete spaces below (see instructions). your tax or rotund Miami, FL 33054 You Bpouco Foreign country name Foreign province/statcounty Foreign postal code If more than four dependents, son instructions and here Someone can Btandard You as a dependent Your spouse as a dependent claim Deduction Spouse tomizes on a separate return or you were a dual status alien Age Blindnecc You: Were born before January 2, 1956 Are blind Bpouce: Was born before January 2, 1955 Is bind Dependent on instructions: 12) Social Security number (3) Relationship to you 14) Toualties for instructions): 1) First name Last name (Enter as XI-XX-XXX) Chid tax credit Credit for other dependents Samantha Ferguson 333-33-3333 Daughter 1 Wages, salaries, too. Attach Forms) W-2 181,000 2a Tax-exempt interest 25 3a Qualified dividends 3a 36 800 b Taxable interest. Attach Sch. Bit required 800 Ordinary dividends. Attach Sch. Bit required Taxable amount d Taxable amount Taxable amount 45 4a IRA distributions Pensions and annuities 200 4c Ad 55 5a Social security benefits Sa 6 Capital gain or loss. Attach Schedule D if required. If not required, check here Ja Standard Deduction for - Single or Married fling separately. $12,200 - Married ning jointly or Ouating widower). $24,400 Head of household $18,350 you checked any box under Standard Deduction, see instructions 7a Other income from Schedule 1. line 3 Add lines 1, 2, 3, 4, 4, 5, 6, and 7. This is your total income 7b 182,000 Ba Adjustments to income from Schedule 1. line 22 Ba Subtractine Ba from line. This is your adjusted gross income Bb 182,000 9 Standard deduction or itemized deductions from Schedule A) 9 24.400 10 Qualified business income deduction. Attach Form 1996 or Form 1996-A 10 4,000 110 Add lines 9 and 10 11a 28,400 153,600 Taxable income. Subtract line 11a from line 8b 11 Page 2 of Form 1040. Some information does not carry over from Page 1. Form 1040 (2015) 111-11-1111 Page 2 (2) 4972 (3) 12a 13a 3,450 13 11,150 John Ferguson Sandy Ferguson 12a Tax (sce inst. Check it any from Formis (1) 8814 Add Schedule 2. line 3, and line 12a and enter the total 13a Child tax credit or credit for other dependents Add Schedule 3. line 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. It zera or less, enter-O- 15 Other taxes, including sel amployment 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 18 Other payments and refundable credits: a Eamed income credit (EC) b Additional child tax credit. Attach Schedule BB12 c American opportunity credit from Fom 8863, line 8 15 16 0 17 18a you have a qualifying child attach Sch. Eic. you have nontaxable combat pays instructions 18 180 d Schedule 3. Ina 14 18d 180 19 20 Refund 21a Add lines 18a through 18d. These are your total other payments and refundable credits 19 Add Ines 17 and 18. These are your total payments 20 if line 19 more than line 16, subtract line 16 from line 19. This is the amount you overpaid 21a Amount of line 20 you want refunded to you. Ir Farm 8888 is attached, check here Routing number Type: Checking d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 23 Amount you owe Subtractine 19 from ine 16. For details on how to pay, se instructions 24 Estimated tax penalty (sce instructions Direct deposit? Son Instructions Savings 22 Amount You Owe Third Party Do you want to alow another person (other than your paid preparer) to discuss this return with the IRS? See instructions Yes. Complete below. Schedule 1 of Form 1040 SCHEDULE 1 (Form 1040 or 1040-SR) OMB No. 1545-0074 Additional Income and Adjustments to Income 2019 Attachment Sequence No. 01 Your social security number Enter as XXX-XX-XXK 111-11-1111 Yes No 1 200 Department of the Treasury Attach to Form 1040 or 1040-SR. Internal Revenue Service Go to www.irs.gov/Form 1040 for instructions and the latest information. Name's shown on Form 1040 or 1040-SR John Ferguson Sandy Ferguson At any time during 2019. did you receive, sel, send, exchange or otherwise acquire any financial interest in anyvirtual currency? Partl Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes Almany received D Date of original divorce or separation agreement see instructions) 3 Business income or loss). Attach Schedule Other gains ar (sas). Attach Form 4797 6 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E B Farm income ar (loss). Attach Schedule 7 Unemployment compensation 8 Other income. List type and amount 4,000 4 4 5 B 7 8 B 4,200 Part II Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR line 7a Adjustments to Income Educator expenses 10 10 11 11 750 12 12 13 13 14 14 16 Certain business expenses of reservists, performing artists, and foo-basis government officials. Attach Form 2106 Health savings account deduction Attach Form 1889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE Salt-employed SEP. SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN 16 18 18 17 17 188 180 10,000 O Date of original divorce ar separation agreement (see instructions) 1e IRA deduction 10 20 20 Student loan interest deduction Reserved for future use 21 21 22 Add Ines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, in 8 10,750 For Paperwork Reduction Act Notion, Gee your tax return Instruction. Cat No. 71470F Bohedule 1 (Form 1040 or 1040-BR) 2018 THIS FORM 18 A BIMULATION OF AN OFFICIAL U. 3. TAX FORM. IT IS NOT THE OFFICIAL FORM IT BELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDICATIONAL MO.HU Eduation