Required information Comprehensive Problem 4-55 (LO 4-1, LO 4-2, LO 4-3) [The following information applies to the questions displayed below) Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to an individual retirement account and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) Comprehensive Problem 4-55 Partf Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available). Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Marc Taxpayer: 111-22-3333 Michelle Taxpayer: 222-33-4444 Matthew Taxpayer: 333-44-5555 Prior Spouse 111-11-1111 (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Do not skip rows, while entering in Deductions section of Form 1040 PG1. The refundable portion of the Child Tax Credit is $1,400. Use 2020 tax laws and 2019 tax form. ) Neither Marc nor Michelle wish to contribute to the Presidential Election Campaign fund. Form 1040 for a couple Married Filing Jointly with one dependent. RH SIRLARITY OF Required information Form 1040 for a couple Married Filing Jointly with one dependent. 1040 PG 1 1040 PG 2 Schedule 1 Page 1 of Form 1040. Use provided information and follow instructions on form. 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Form 1040 (2019) Page 2 125 > 130 15 16 17 - If you have a qualifying child attach sch - If have nortable combat pay.se Instructions 12 Tax(sees) Check if any from Form() (1) 8814 (2) 4972 (3) 12 Add Schedule 2 line 3, and line 12a and enter the total 13a Chid tax creditor credit for other dependents 13 Add Schedule 3, ine 7, and line 131 and enter the total 14 Subtract line 13 from line 121. rere or less entero 15 Other taxes, including self-employment tax, from Schedule 2 line 10 16 Add lines 14 and 15. This is your totalt 17 Federw income tax withheld from Forms W-2 and 1099 18 Other payments and refundable credits: a Earned Income credit (EIC) 18 b Additional child tax credit Altach Schedule 8812 c American opportunity credit from Form 63, Ines d Schedule 3, Ine 14 180 Add a through 16d. These are your total other payments and refundable credits 19 Adres 17 and 18: These we your total payments 20 if in 19 is more than line 16, subtract line 16 from line 18. This is the amount you overald 21a Amount of in 20 you want refunded to you. If Form 8888 is attached, check here > Routing number He Type Checking Savings d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 23 Amount you owe Subtract line 19 from line 16. For details on how to pay be instructions 24 Estimated tax penalty sections Do you want to low another personer than your paid prepare to discuss retum with the RSS intructions 18 19 Refund 20 210 Direct deposit? See instructions Amount You Owe Third Party Yes. Complete below Prev 1 of 1 Next Required information Refund Direct deposit? See Instructions Amount You Owe Third Party Designer Other than paid preparen Sign Here 19 Add lines 17 and 18. These are your total payments 19 20 line 19 is more than line 16, subtract line 16 from Ine 19. This is the amount you everpaid 20 21a Amount of in 20 you want rounded to you. If Form 388 is wached, check here 218 Routing number Type: Checking Savings d Account number 22 Amount of tine 20 you want applied to your 2020 estimated tax 22 23 Amount you owe. Subtractine 19 from line 7e. For details on how to pay, instructions 23 24 Estimated tax penaly (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss the return with the RS? See Instructions Yes. Complete below No Designee's Phone Personal identification name number (PIN) Order penalties of ponury, I declare that I have examined this tum and accompanying schedules and statements, and to the best of my knowledge and belief they were correct, and complete. Declaration of prepare (other than taxpayer) is based on all information of which preparar has any knowledge Your signature the IRS sent you an entity Date Your occupation Protection PIN anterhere (int) Spouse's signature a joint ratum, both must sign if the sent your spouse Spouse's occupation entity Protection PIN, wer it here DO Joint return? See Instructions Keep a copy for your records Dale Phone Prepararsime Preparar's signature Date PTIN Checkt Pald 3rd Party Designs Preparer Pronen Self-employed Use Only Firm's name Firm's address Form 1040 (2010) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELE DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 Merwe Education 1040 PG 1 1040 PG 2 Schedule 1 Schedule 1 of Form 1040. OMB No 1545-0074 SCHEDULE 1 (Form 1040 or 1040-SR) Additional Income and Adjustments to Income 2019 Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 1040-SR Attach to Form 1040 or 1040-SR. Go to www.lrs.govlForm 1040 for instructions and the latest Information. Attachment Sequence No. 01 Your securityumber Yes D No 1 1 2 At any time during 2018, did you receive, well, send, exchange, or otherwise acquire any financial interest in any virtual currency? Part 1 Additional Income Taxatie reunes, credits, or othets of state and local come Alimenteved Date of original divorce or to get tona Business income or(s) Atlach Schedule Other gain or Anach Form 479 Rental state, royales portes corporations, s, Anach Schedule Farm Income or Attach Schedule Urumplan compensation come stypendant 1 4 4 5 . 6 7 7 . Part II 50 Combine through there and in Form 1040 1040-5R Ines Adjustments to Income or expenses Cartus per performing design och om 2106 10 19 13 escort du chrom Help Save & Exit Submit Submit Required information 4 5 6 Other gains or losses) Anach Form 4797 Rental resessie, royalties, partnership Sortion, trate. Altach chule E Farm Income or one)Altach Schedule Unemployment compensation Other income. Uslype and amount 6 7 7 & 8 Combine Ines 1 through 8. Erler here and on Form 1040 or 1040-SR, line 7 9 Part II Adjustments to Income 10 Educator expenses 10 11 14 TE 17 Certain business expenses of reserve performing arts, and bass government officials. Altach Fom 2106 11 Health savings account deduction Anach Form 3889 12 13 Moving expenses for members of the Armed Forces Attach Form 3903 13 Deductible port of self-employment Altach Schedule SE 14 15 Self-employed EP, SIMPLE, and qualified plans 15 15 Self-employed health insurance deduction 17 Penalty on earty withdrawal of usings Alimony paid 18 b Recipient's SSN e Date of original divorce or prin agreement (eriors 19 IRA deduction 19 20 Studentin Wert deduction 20 21 Reserved for future 21 22 Aadlines 10 through 21. These are your ret to income Enter here and on Form 1040 1040-5, Ineta 22 For Paperwork Reduction Act Notice, see your tax return instructions Cat No. 7147 Schedule Farm 1000 or 1000-2019 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM IT IS NOT THE OFFICIAL FORM ITSELF DO NOT USE THE FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 Merwe Education 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1040. Some information does not carry over from Page 1 L. Form 1040 (2019) Page 2 125 > 130 15 16 17 - If you have a qualifying child attach sch - If have nortable combat pay.se Instructions 12 Tax(sees) Check if any from Form() (1) 8814 (2) 4972 (3) 12 Add Schedule 2 line 3, and line 12a and enter the total 13a Chid tax creditor credit for other dependents 13 Add Schedule 3, ine 7, and line 131 and enter the total 14 Subtract line 13 from line 121. rere or less entero 15 Other taxes, including self-employment tax, from Schedule 2 line 10 16 Add lines 14 and 15. This is your totalt 17 Federw income tax withheld from Forms W-2 and 1099 18 Other payments and refundable credits: a Earned Income credit (EIC) 18 b Additional child tax credit Altach Schedule 8812 c American opportunity credit from Form 63, Ines d Schedule 3, Ine 14 180 Add a through 16d. These are your total other payments and refundable credits 19 Adres 17 and 18: These we your total payments 20 if in 19 is more than line 16, subtract line 16 from line 18. This is the amount you overald 21a Amount of in 20 you want refunded to you. If Form 8888 is attached, check here > Routing number He Type Checking Savings d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 23 Amount you owe Subtract line 19 from line 16. For details on how to pay be instructions 24 Estimated tax penalty sections Do you want to low another personer than your paid prepare to discuss retum with the RSS intructions 18 19 Refund 20 210 Direct deposit? See instructions Amount You Owe Third Party Yes. Complete below Prev 1 of 1 Next Required information Refund Direct deposit? See Instructions Amount You Owe Third Party Designer Other than paid preparen Sign Here 19 Add lines 17 and 18. These are your total payments 19 20 line 19 is more than line 16, subtract line 16 from Ine 19. This is the amount you everpaid 20 21a Amount of in 20 you want rounded to you. If Form 388 is wached, check here 218 Routing number Type: Checking Savings d Account number 22 Amount of tine 20 you want applied to your 2020 estimated tax 22 23 Amount you owe. Subtractine 19 from line 7e. For details on how to pay, instructions 23 24 Estimated tax penaly (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss the return with the RS? See Instructions Yes. Complete below No Designee's Phone Personal identification name number (PIN) Order penalties of ponury, I declare that I have examined this tum and accompanying schedules and statements, and to the best of my knowledge and belief they were correct, and complete. Declaration of prepare (other than taxpayer) is based on all information of which preparar has any knowledge Your signature the IRS sent you an entity Date Your occupation Protection PIN anterhere (int) Spouse's signature a joint ratum, both must sign if the sent your spouse Spouse's occupation entity Protection PIN, wer it here DO Joint return? See Instructions Keep a copy for your records Dale Phone Prepararsime Preparar's signature Date PTIN Checkt Pald 3rd Party Designs Preparer Pronen Self-employed Use Only Firm's name Firm's address Form 1040 (2010) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELE DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 Merwe Education 1040 PG 1 1040 PG 2 Schedule 1 Schedule 1 of Form 1040. OMB No 1545-0074 SCHEDULE 1 (Form 1040 or 1040-SR) Additional Income and Adjustments to Income 2019 Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 1040-SR Attach to Form 1040 or 1040-SR. Go to www.lrs.govlForm 1040 for instructions and the latest Information. Attachment Sequence No. 01 Your securityumber Yes D No 1 1 2 At any time during 2018, did you receive, well, send, exchange, or otherwise acquire any financial interest in any virtual currency? Part 1 Additional Income Taxatie reunes, credits, or othets of state and local come Alimenteved Date of original divorce or to get tona Business income or(s) Atlach Schedule Other gain or Anach Form 479 Rental state, royales portes corporations, s, Anach Schedule Farm Income or Attach Schedule Urumplan compensation come stypendant 1 4 4 5 . 6 7 7 . Part II 50 Combine through there and in Form 1040 1040-5R Ines Adjustments to Income or expenses Cartus per performing design och om 2106 10 19 13 escort du chrom Help Save & Exit Submit Submit Required information 4 5 6 Other gains or losses) Anach Form 4797 Rental resessie, royalties, partnership Sortion, trate. Altach chule E Farm Income or one)Altach Schedule Unemployment compensation Other income. Uslype and amount 6 7 7 & 8 Combine Ines 1 through 8. Erler here and on Form 1040 or 1040-SR, line 7 9 Part II Adjustments to Income 10 Educator expenses 10 11 14 TE 17 Certain business expenses of reserve performing arts, and bass government officials. Altach Fom 2106 11 Health savings account deduction Anach Form 3889 12 13 Moving expenses for members of the Armed Forces Attach Form 3903 13 Deductible port of self-employment Altach Schedule SE 14 15 Self-employed EP, SIMPLE, and qualified plans 15 15 Self-employed health insurance deduction 17 Penalty on earty withdrawal of usings Alimony paid 18 b Recipient's SSN e Date of original divorce or prin agreement (eriors 19 IRA deduction 19 20 Studentin Wert deduction 20 21 Reserved for future 21 22 Aadlines 10 through 21. These are your ret to income Enter here and on Form 1040 1040-5, Ineta 22 For Paperwork Reduction Act Notice, see your tax return instructions Cat No. 7147 Schedule Farm 1000 or 1000-2019 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM IT IS NOT THE OFFICIAL FORM ITSELF DO NOT USE THE FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL 2020 Merwe Education