Required information (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, Janine Jr., Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,050 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.) 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. 135th Street, Miami, FL 33054. Social security numbers: Demarco: 123-45-6789 Son: Damarcus: 345-67-8901 Son: Michael : 567-89-0123 Janine: 234-56-7890 Daughter: Janine Jr: 456-78-9012 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 2020 tax laws and 2019 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. Form 1040 for a couple Married Filing Jointly with four dependents. 1040 PG 1 1040 PG 2 Schedule 1 Form 1040 for a couple Married Filing Jointly with four dependents. 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1040. Some information does not carry over from Page 1. Form 1040 (2019) Page 2 0 12a 9.884 12a Tax (see inst.) Check if any from Form(s): 0 (1) 8814 D (2) 4972 (3) b Add Schedule 2, line 3, and line 12a and enter the total 12b 9,884 13a 0 13b 0 14 9.884 15 01 13a Child tax credit or credit for other dependents b Add Schedule 3, line 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. If zero or less, enter - - . - 15 Other taxes, including self-employment tax, from Schedule 2, line 10 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 - 18 Other payments and refundable credits: a Earned income credit (EIC) ) b Additional child tax credit. Attach Schedule 8812 16 9,884 3,050 17 18a . If you have a qualifying child attach Sch. EIC . If you have nontaxable combat pay, see instructions. 0 6,500 18b 18C 0 18d 0 c American opportunity credit from Form 8863, line 8 d Schedule 3, line 14 e Add lines 18a through 18d. These are your total other payments and refundable credits 19 Add lines 17 and 18e. These are your total payments 18e 6.500 19 9,550 20 Refund 21a 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid 21a Amount of line 20 you want refunded to you. If Form 8888 is attached, check here Routing number 0 c Type: Checking >d Account number Savings Direct deposit? See instructions. 22 0 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, see instructions 23 334 10 Amount You Owe Third Party Designee 24 Estimated tax penalty (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss this return with the IRS? See instructions. Yes. Complete below. OD No Attachment Sequence No. 01 Your social security number 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 Demarco and Janine Jackson At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Partl Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 123-45-6789 Yes No 1 0 2a Alimony received 2a 0 b 0 01 3 3 0 4 4 0 5 Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C ). C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F ) Unemployment compensation Other income. List type and amount 5 200,000 0 6 6 7 7 0 01 8 0 8 0 0 9 50,000 Part II Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Adjustments to Income Educator expenses 10 10 0 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 0 12 12 01 13 13 0 14 14 0 15 15 0 16 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE -, Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN Date of original divorce or separation agreement (see instructions) 16 0 17 17 01 18a 18a b 0 19 IRA deduction 19 Required information (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, Janine Jr., Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,050 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.) 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. 135th Street, Miami, FL 33054. Social security numbers: Demarco: 123-45-6789 Son: Damarcus: 345-67-8901 Son: Michael : 567-89-0123 Janine: 234-56-7890 Daughter: Janine Jr: 456-78-9012 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 2020 tax laws and 2019 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. Form 1040 for a couple Married Filing Jointly with four dependents. 1040 PG 1 1040 PG 2 Schedule 1 Form 1040 for a couple Married Filing Jointly with four dependents. 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1040. Some information does not carry over from Page 1. Form 1040 (2019) Page 2 0 12a 9.884 12a Tax (see inst.) Check if any from Form(s): 0 (1) 8814 D (2) 4972 (3) b Add Schedule 2, line 3, and line 12a and enter the total 12b 9,884 13a 0 13b 0 14 9.884 15 01 13a Child tax credit or credit for other dependents b Add Schedule 3, line 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. If zero or less, enter - - . - 15 Other taxes, including self-employment tax, from Schedule 2, line 10 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 - 18 Other payments and refundable credits: a Earned income credit (EIC) ) b Additional child tax credit. Attach Schedule 8812 16 9,884 3,050 17 18a . If you have a qualifying child attach Sch. EIC . If you have nontaxable combat pay, see instructions. 0 6,500 18b 18C 0 18d 0 c American opportunity credit from Form 8863, line 8 d Schedule 3, line 14 e Add lines 18a through 18d. These are your total other payments and refundable credits 19 Add lines 17 and 18e. These are your total payments 18e 6.500 19 9,550 20 Refund 21a 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid 21a Amount of line 20 you want refunded to you. If Form 8888 is attached, check here Routing number 0 c Type: Checking >d Account number Savings Direct deposit? See instructions. 22 0 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, see instructions 23 334 10 Amount You Owe Third Party Designee 24 Estimated tax penalty (see instructions) 24 Do you want to allow another person (other than your paid preparer) to discuss this return with the IRS? See instructions. Yes. Complete below. OD No Attachment Sequence No. 01 Your social security number 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 Demarco and Janine Jackson At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Partl Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 123-45-6789 Yes No 1 0 2a Alimony received 2a 0 b 0 01 3 3 0 4 4 0 5 Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C ). C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F ) Unemployment compensation Other income. List type and amount 5 200,000 0 6 6 7 7 0 01 8 0 8 0 0 9 50,000 Part II Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Adjustments to Income Educator expenses 10 10 0 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 0 12 12 01 13 13 0 14 14 0 15 15 0 16 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE -, Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipient's SSN Date of original divorce or separation agreement (see instructions) 16 0 17 17 01 18a 18a b 0 19 IRA deduction 19