Required information [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 2021, 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. Assume the Fergusons did not receive an advance payment for the 2021 individual recovery credit because they are not eligible for the credit. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2021 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. Alimony payments to John's former wife of $10,000 (divorced 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 furniture had a fair market value of $400 and cost $2,000. Complete pages 1 and 2, Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: John (DOB 11/07/1970): 111-11-1111 Sandy (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555 38 No Amount You 37 Subtract line 33 from line 24. This is the amount you owe now 37 Owe Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you ove for 2020. See Schedule 3, line 12e, and its instructions for details For details on how to 38 Estimated tax penalty (see instructions) pay, see instructions. Third Party Do you want to allow another person to discuss this return with the IRS? See instructions Yes. Complete below Designee Designee's Phone Personal identification name no. number (PIN) Sign Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge Here and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge Joint Your signature Date Your occupation If the IRS sent you an Identity return? Protection PIN, enter it here See instructions. (see inst.) Keep a Spouse's signature. If a joint return, both must sign. Date copy for If the IRS sent your spouse an Spouse's occupation Identity Protection PIN, enter it here your records. (see inst.) Phone no. Email address Preparer's name Date Preparer's signature PTIN Paid Check if Preparer Self-employed Use Firm's name Phone no. Only Firm's address Firm's EIN Go to www.irs.gov/Form1040 for instructions and the latest information. Form 1040 (2020) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 McGraw-Hill Education.
