Required information

Comprehensive Problem $4-57($LO $4-1,$ LO $4-2,$ LO $4-3)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Demarco and Janine Jackson have been married for $20$ years and have four children who qualify as their

dependents $($Damarcus$,$ Jasmine, Michael, and Candice$).$ The Jacksons file a joint tax return. The couple

received salary income of $$99,500$ and qualified business income of $$15,500$ from an investment in a

partnership, and they sold their home this year. They initially purchased the home three years ago for

$$227,500$ and they sold it for $$277,500.$ The gain on the sale qualified for the exclusion from the sale of a

principal residence. The Jacksons incurred $$17,600$ of itemized deductions, and they had $$4,000$ withheld

from their 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

credit for other qualifying dependents for Candice. $($Use the tax rate schedules.$)$

Comprehensive Problem $4-57$ Part b $($Algo$)$

Complete page $1,$ page $2,$ and Schedule $1$ of the Jacksons' Form $1040($use the most recent form available$).$

Demarco and Janine Jackson's address is $19010$ N$.$W$.135$th Street, Miami, FL $33054.$

Social security numbers:

Demarco: $123-45-6789$ Janine: $234-56-7890$

Son: Damarcus: $345-67-8901$ Daughter: Jasmine : $456-78-9012$

Son: Michael : $567-89-0123$ Daughter: Candice: $678-90-1234$

Enter any non$-$financial information, $($e$.$g$.$ Names, Addresses, social security numbers$)$ EXACTLY as they appear and

the order in which they appear in any given information or Problem Statement. Input all the values as positive

numbers. Use $2023$ tax laws and $2022$ tax form. Do not round your intermediate calculations. Round final answers

to the nearest whole dollar amount. Neither Demarco nor Janine wish to contribute to the Presidential Election

Campaign fund or had any virtual currency transactions or interests.

Complete Form $1040,$ page $1,$ page $2,$ and Schedule $1.$

Fill out Schedule $1$ of the $1040$ using this information. Use line numbers to talk about where certain numbers go$.$