Required information (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.) c. What is the total amount of Marc and Michelle's deductions from AGI? Answer is complete but not entirely correct. Total deductions from AGI $ 24,000 X d. What is Marc and Michelle's taxable income? Answer is complete but not entirely correct. Taxable income 48,350 X Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (w) Check only one box 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 a child but not your dependent. Your first name and middle initial Last name Your social security number If joint retum, spouse's first name and middle initial Last name Spouse's social security number You Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign Check here 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 will not change your tax or refund. 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 retur 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 qualifies for (see instructions: (1) First name Last name Child tax credit Credit for other dependents 1 2b 3a 3b 4b 4d 5b 6 7a 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 Standard b Ordinary dividends. Attach Sch. B if required Deduction for 4a IRA distributions. 4a b Taxable amount - Single or Married filing separately, Pensions and annuities 40 d Taxable amount $12,200 5a Social security benefits 5a b Taxable amount Married fling 6 jointly or Qualifying Capital gain or (loss). Attach Schedule Dif required. If not required, check here widowier). 7a $24.400 Other income from Schedule 1, line 9 Head of b Add lines 1, 26, 35, 46, 4d, Sb, 6, and 7a. This is your total income household. 8a $18,350 Adjustments to income from Schedule 1, line 22 If you checked b Subtract line 8a from line 7b. This is your adjusted gross income any box under 9 Standard Standard deduction or itemized deductions (from Schedule A) Deduction 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A 10 see instructions. 11a Add lines 9 and 10 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 7b 8a 8b 9 11a 11b b Form 1040 2019) Page 2 a 18c e Savings Form 1040 (2019) 12a Tax (see inst.) Check if any from Form(s): 1 8814 2 4972 3 12a 5329 b Add Schedule 2, line 3, and line 12a and enter the total 12b 5329 13a Child tax credit or credit for other dependents. | 13a b Add Schedule 3, line 7, and line 13a and enter the total 13b 14 Subtract line 136 from line 12b. If zero or less, enter -O- 14 15 Other taxes, including self-employment tax, from Schedule 2, line 10 15 16 Add lines 14 and 15. This is your total tax 16 5329 17 Federal income tax withheld from Forms W-2 and 1099 17 3500 18 If you have a Other payments and refundable credits: qualifying child Earned income credit (EIC). 18a attach Sch. EIC. b 18b Additional child tax credit. Attach Schedule 8812 2000 . If you have nontaxable American opportunity credit from Form 8863, line 8 combat pay, see instructions. d Schedule 3, line 14. 18d Add lines 18a through 18d. These are your total other payments and refundable credits 18e 2000 19 Add lines 17 and 18e. These are your total payments 19 5500 20 Refund 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid 171 21a Amount of line 20 you want refunded to you. If Form 8888 is attached, check here 21a 171 Direct deposit? Routing number c Type: Checking See instructions. Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 Amount 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions 23 You Owe 24 Estimated tax penalty (see instructions). 24 Third Party Do you want to allow another person (other than your paid preparer) to discuss this return with the IRS? See instructions. Yes. Complete below. Designee No (Other than Designee's Phone Personal identification paid preparer) 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 and belief, they are true, correct, and complete. Declaration of preparar (other than taxpayer) is based on all information of which preparer has any knowledge. Here Your signature Date Your occupation If the IRS sent you an identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records. (see inst.) Phone no. Email address Preparer's name Preparer's signature Date PTIN Check if: Paid 3rd Party Designee Preparer Firm's name Phone no. Self-employed Use Only Firm's address Firm's EIN 2019 (Form 1040 or 1040-SR) Additional income and Adjustments to income 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 Attachment Sequence No. 01 Your social security number 1 3 4 5 3 4 5 9 10 At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? . Yes No Part 1 Additional Income Taxable refunds, credits, or offsets of state and local income taxes. 1 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) Business income or loss). Attach Schedule C. Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E. 6 Farm income or (loss). Attach Schedule F 6 7 Unemployment compensation. 7 8 Other income. List type and amount 8 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a 9 Part II Adjustments to Income 10 Educator expenses 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 12 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE. 14 15 Self-employed SEP, SIMPLE, and qualified plans. 15 16 Self-employed health insurance deduction . 16 17 Penalty on early withdrawal of savings 17 18a Alimony paid. 18a b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction 19 20 Student loan interest deduction 20 21 Tuition and fees. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 8a 22 For Paperwork Reduction Act Notice, see your tax return instructions. Schedule 1 (Form 1040 or 1040-SR) 2019 Cat. No. 71479F