Required information [The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $74,000 and $15,750, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,750 from corporate bonds. Marc contributed $3,750 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,750. 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 $8,500 of expenditures that qualify as itemized deductions and they had a total of $7,400 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Download the Tax Form and enter the required values in the appropriate fields. Complete Schedule 1 of Form 1040 for Marc and Michelle. (use the most recent form available). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4543 plus 22% of the excess over $39,475 $84.200 $160.725 514 382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over $204,100 $510,300 - $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 565,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 32,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12.962 plus 24% of the excess over $84.200 $160,700 $204,100 $31.322 plus 32% of the excess over $160, 700 $204,100 $510,300 $45.210 plus 35% of the excess over $204,100 $310,300 - 152,380 plus 37% of the excess over 5510,300 Schedule Y-2-Married Filing Separately If taxable income is over. But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14.382.50 plus 24% of the excess over 584,200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46.628.50 plus 35% of the excess over $204,100 $306,175 1 - - 582,354.75 plus 37% of the excess over $306,175 582,354.75 plus 3 012330 SCHEDULE 1 1 (Form 1040 or 1040-SA) Department of the Treasury Internal Revenue Service Name() shown on Form 1040 Additional Income and Adjustments to Income Attach to Form 1040 or 1040-SR Go to www.lrs.gov/Form1000 for instructions and the latest Information. 1040 SR OMB No 1545-0074 2019 Attachment Sagoro No 01 Your social security rumber Yes No At any time during 2019, did you receive, soll, send, exchange, or otherwise acquire any financial interest in any virtual currency? . ........... Part Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes...... 2a Alimony received 2a ....... b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule .... 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 6 Farm Income or loss). Attach Schedule F ............... 7 Unemployment compensation. . . . . . . . . . . . . . . . . 8 Other income. List type and amount 101 15 9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a .. Part II Adjustments to Income 10 Educator expenses .. 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 . . . . . . . . . . . . . . . . . . . . . . . . 12 Health savings account deduction. Attach Form 9999.. 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903... 13 14 Deductible part of self-employment tax. Attach Schedule SE....... 15 Self-employed SEP, SIMPLE, and qualified plans...... 16 Self-employed health insurance deduction........ 17 Penalty on early withdrawal of savings ....... 17 18a Alimony paid. 18a . . . . . . . b Recipient's SSN . . . . . . Date of original divorce or separation agreement (see instructions) 19 IRA deduction ... ....... .... 20 Student loan interest deduction . . . . . . . . . . . . . 21 Tuition and fees. Attach Form 8917 . 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR line 8a . . . For Paperwork Reduction Act Notice, see your tax return instructions. Cat No. 71470F Schedule 1 Form 1010 of 1040-SR) 2019 16 20 1211 Required information [The following information applies to the questions displayed below.) Marc and Michelle are married and earned salaries this year of $74,000 and $15,750, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,750 from corporate bonds. Marc contributed $3,750 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,750. 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 $8,500 of expenditures that qualify as itemized deductions and they had a total of $7,400 in federal income taxes withheld from their paychecks during the course of the year. (Use the tax rate schedules.) Download the Tax Form and enter the required values in the appropriate fields. Complete Schedule 1 of Form 1040 for Marc and Michelle. (use the most recent form available). 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9.700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4543 plus 22% of the excess over $39,475 $84.200 $160.725 514 382.50 plus 24% of the excess over $84.200 $160,725 S204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $510,300 $46.628.50 plus 35% of the excess over $204,100 $510,300 - $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168,400 $321,450 $408,200 565,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 32,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12.962 plus 24% of the excess over $84.200 $160,700 $204,100 $31.322 plus 32% of the excess over $160, 700 $204,100 $510,300 $45.210 plus 35% of the excess over $204,100 $310,300 - 152,380 plus 37% of the excess over 5510,300 Schedule Y-2-Married Filing Separately If taxable income is over. But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14.382.50 plus 24% of the excess over 584,200 $160,725 $204,100 $32.748.50 plus 32% of the excess over $160,725 $204,100 $306,175 $46.628.50 plus 35% of the excess over $204,100 $306,175 1 - - 582,354.75 plus 37% of the excess over $306,175 582,354.75 plus 3 012330 SCHEDULE 1 1 (Form 1040 or 1040-SA) Department of the Treasury Internal Revenue Service Name() shown on Form 1040 Additional Income and Adjustments to Income Attach to Form 1040 or 1040-SR Go to www.lrs.gov/Form1000 for instructions and the latest Information. 1040 SR OMB No 1545-0074 2019 Attachment Sagoro No 01 Your social security rumber Yes No At any time during 2019, did you receive, soll, send, exchange, or otherwise acquire any financial interest in any virtual currency? . ........... Part Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes...... 2a Alimony received 2a ....... b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule .... 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 6 Farm Income or loss). Attach Schedule F ............... 7 Unemployment compensation. . . . . . . . . . . . . . . . . 8 Other income. List type and amount 101 15 9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a .. Part II Adjustments to Income 10 Educator expenses .. 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 . . . . . . . . . . . . . . . . . . . . . . . . 12 Health savings account deduction. Attach Form 9999.. 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903... 13 14 Deductible part of self-employment tax. Attach Schedule SE....... 15 Self-employed SEP, SIMPLE, and qualified plans...... 16 Self-employed health insurance deduction........ 17 Penalty on early withdrawal of savings ....... 17 18a Alimony paid. 18a . . . . . . . b Recipient's SSN . . . . . . Date of original divorce or separation agreement (see instructions) 19 IRA deduction ... ....... .... 20 Student loan interest deduction . . . . . . . . . . . . . 21 Tuition and fees. Attach Form 8917 . 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR line 8a . . . For Paperwork Reduction Act Notice, see your tax return instructions. Cat No. 71470F Schedule 1 Form 1010 of 1040-SR) 2019 16 20 1211