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Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine Jr., Michael, and Candice). The couple received salary income of $120,000 and qualified business income of $19,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $247,500 and they sold it for $297,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,400 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 is 18 years of age, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)
Download the Tax Form and enter the required values in the appropriate fields. Complete pages 1 and 2 of Form 1040 for Jacksons'. (use the most recent form available). Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
2020 Tax Rate Schedules
Individuals
Schedule X-Single
| If taxable income is over: | But not over: | The tax is: |
| $ 0 | $ 9,875 | 10% of taxable income |
| $ 9,875 | $ 40,125 | $987.50 plus 12% of the excess over $9,875 |
| $ 40,125 | $ 85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $ 85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $47,367.50 plus 35% of the excess over $207,350 |
| $518,400 | | $156,235 plus 37% of the excess over $518,400 |
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
| If taxable income is over: | But not over: | The tax is: |
| $ 0 | $ 19,750 | 10% of taxable income |
| $ 19,750 | $ 80,250 | $1,975 plus 12% of the excess over $19,750 |
| $ 80,250 | $171,050 | $9,235 plus 22% of the excess over $80,250 |
| $171,050 | $326,600 | $29,211 plus 24% of the excess over $171,050 |
| $326,600 | $414,700 | $66,543 plus 32% of the excess over $326,600 |
| $414,700 | $622,050 | $94,735 plus 35% of the excess over $414,700 |
| $622,050 | | $167,307.50 plus 37% of the excess over $622,050 |
Schedule Z-Head of Household
| If taxable income is over: | But not over: | The tax is: |
| $ 0 | $ 14,100 | 10% of taxable income |
| $ 14,100 | $ 53,700 | $1,410 plus 12% of the excess over $14,100 |
| $ 53,700 | $ 85,500 | $6,162 plus 22% of the excess over $53,700 |
| $ 85,500 | $163,300 | $13,158 plus 24% of the excess over $85,500 |
| $163,300 | $207,350 | $31,830 plus 32% of the excess over $163,300 |
| $207,350 | $518,400 | $45,926 plus 35% of the excess over $207,350 |
| $518,400 | | $154,793.50 plus 37% of the excess over $518,400 |
Schedule Y-2-Married Filing Separately
| If taxable income is over: | But not over: | The tax is: |
| $ 0 | $ 9,875 | 10% of taxable income |
| $ 9,875 | $ 40,125 | $987.50 plus 12% of the excess over $9,875 |
| $ 40,125 | $ 85,525 | $4,617.50 plus 22% of the excess over $40,125 |
| $ 85,525 | $163,300 | $14,605.50 plus 24% of the excess over $85,525 |
| $163,300 | $207,350 | $33,271.50 plus 32% of the excess over $163,300 |
| $207,350 | $311,025 | $47,367.50 plus 35% of the excess over $207,350 |
| $311,025 | | $83,653.75 plus 37% of the excess over $311,025 |
Department of the Treasury - Internal Revenue Service 1040 Return ) 2019 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is one box a child but not your dependent. Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O.box, see instructions. Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing Jointly, want $3 to go to this fund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Checking a box below wil not change your tax or refund. You Spouse Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You Were born before January 2, 1955 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions): (2) Social security number (3) Relationship to you (4) if qualities for (see instructions): (1) First name Last name Child tax credit Credit for other dependents 1 2b 3b 4b 4d 5b 6 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 2a b Taxable interest. Attach Sch. B if required Qualified dividends b Ordinary dividends. Attach Sch. B if required Standard Deduction for 4a IRA distributions 4a b Taxable amount Single or Married Pensions and annuities 4c d Taxable amount filing separately, $12.200 5a Social security benefits 5a b Taxable amount Married filing 6 jointly or Qualifying Capital gain or (loss). Attach Schedule Dif required. If not required, check here widower). 7a Other income from Schedule 1, line 9 $24.400 Head of b Add lines 1, 26, 35, 46, 4d, Sb, 6, and 7a. This is your total income household 8 $18,350 Adjustments to income from Schedule 1, line 22 . If you checked b Subtract line 8a from line 75. This is your adjusted gross income any box under 9 Standard Standard deduction or itemized deductions (from Schedule A) 9 Deduction, 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A 10 see instructions Add lines 9 and 10. b Taxable income. Subtract line 11a from line 8b. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B 7a 7b 8 8b 11a 11a 11b Form 1040 (2019) Department of the Treasury - Internal Revenue Service 1040 Return ) 2019 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is one box a child but not your dependent. Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address (number and street). If you have a P.O.box, see instructions. Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing Jointly, want $3 to go to this fund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Checking a box below wil not change your tax or refund. You Spouse Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You Were born before January 2, 1955 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions): (2) Social security number (3) Relationship to you (4) if qualities for (see instructions): (1) First name Last name Child tax credit Credit for other dependents 1 2b 3b 4b 4d 5b 6 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 2a b Taxable interest. Attach Sch. B if required Qualified dividends b Ordinary dividends. Attach Sch. B if required Standard Deduction for 4a IRA distributions 4a b Taxable amount Single or Married Pensions and annuities 4c d Taxable amount filing separately, $12.200 5a Social security benefits 5a b Taxable amount Married filing 6 jointly or Qualifying Capital gain or (loss). Attach Schedule Dif required. If not required, check here widower). 7a Other income from Schedule 1, line 9 $24.400 Head of b Add lines 1, 26, 35, 46, 4d, Sb, 6, and 7a. This is your total income household 8 $18,350 Adjustments to income from Schedule 1, line 22 . If you checked b Subtract line 8a from line 75. This is your adjusted gross income any box under 9 Standard Standard deduction or itemized deductions (from Schedule A) 9 Deduction, 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A 10 see instructions Add lines 9 and 10. b Taxable income. Subtract line 11a from line 8b. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B 7a 7b 8 8b 11a 11a 11b Form 1040 (2019)
