Sandy and John Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2022, Sandy worked as a computer technician at a local university earning a salary of $153,200, and John worked part time as a receptionist for a law firm earning a salary of $30,200. Sandy also does some Web design work on the side and reported revenues of $5,200 and associated expenses of $1,350. The Fergusons received $1,040 in qualified dividends and a $260 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. Use Exhibit 8-10, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2022 AMT exemption for reference.
The Fergusons reported making the following payments during the year:
State income taxes of $4,700. Federal tax withholding of $21,000.
Alimony payments to Sandy's former spouse of $10,600 (divorced 12/31/2014).
Child support payments for Sandy's child with her former spouse of $4,220.
$12,320 of real property taxes.
John was reimbursed $660 for employee business expenses he incurred. He was required to provide documentation for her expenses to her employer.
$3,600 to Kid Care day care center for Samanthas care while Sandy and John worked.
$15,200 interest on their home mortgage ($400,000 acquisition debt).
$3,180 interest on a $42,400 home-equity loan. They used the loan to pay for a family vacation and new car.
$15,600 cash charitable contributions to qualified charities.
Donation of used furniture to Goodwill. The furniture had a fair market value of $520 and cost $2,600.
Complete pages 1 and 2, and Form 6251 for John and Sandy.
Sandy and John Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
Sandy (DOB 11/07/1970): 111-11-1111
John (DOB 6/24/1972): 222-22-2222
Samantha (DOB 9/30/2016): 333-33-3333
Alimony recipient: 555-55-5555
Note: The taxpayer should be provided in the sequence it is provided in the question data. Any rows should not be skipped while entering the dependents in 1040 PG 1. Ferguson's did not transact in any virtual currency. Input all the values as positive numbers. Round your intermediate calculations and final answers to the nearest whole dollar. Use 2022 tax rules regardless of year on tax form.
Please fill the blue box. thank you so much!
IRS Use Only-Do not write or staple in this space. Form 1040 Page 2 Form 1040 (2021) Page 2 16 Tax (see instructions). Amount. 17 Amount from Schedule 2, line 3 . . . 18 Add lines 16 and 17. 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18 . If zero or less, enter 0 - 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23 . This is your total tax 25 Federal income tax withheld from: a Form(s) W-2 b Form(s) 1099 c Other forms (see instructions) d Add lines 25a through 25c 262021 estimated tax payments and amount applied from 2020 return . - If you have a qualifying child, 27 Earned income credit (EIC) attach Sch. EIC Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18 , to claim the EIC. See instructions b Nontaxable combat pay election c Prior year (2019) earned income 28 Refundable child tax credit or additional child tax credit from Schedule 8812 29 American opportunity credit from Form 8863 , line 8. 30 Recovery rebate credit. See instructions 31 Amount from Schedule 3, line 15 32 Add lines 27 a and 28 through 31 . These are your total other payments and refundable 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 preparer (other than taxpayer) is based on all information of which preparer has any Form 6251 Page 1 Form 6251 Alternative Minimum Tax-Individuals OMB No. 1545-0074 Department of the Treasury Go to www.irs.gov/Form 6251 for instructions and the latest information. Internal Revenue Service (99) Attach to Form 1040, 1040-SR, or 1040-NR. Attachment Sequence No. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number Part I Alternative Minimum Taxable Income (See instructions for how to complete each line.) 1 Enter the amount from Form 1040 or 1040-SR, line 15, if more than zero. If Form 1040 or 1040-SR, line 15 , is zero, subtract line 14 of Form 1040 or 1040SR from line 11 of Form 1040 or 1040SR and enter the result here. (If less than zero, enter as a negative amount.) 2 a If filing Schedule A (Form 1040), enter the taxes from Schedule A, line 7; otherwise, enter the amount from Form 1040 or 1040-SR, line 12a b Tax refund from Schedule 1 (Form 1040), line 1 or line 8z c Investment interest expense (difference between regular tax and AMT) d Depletion (Difference between regular tax and AMT) e Net operating loss deduction from Schedule 1 (Form 1040), line 8a. Enter as a positive amount f Alternative tax net operating loss deduction. g Interest from specified private activity bonds exempt from the regular tax h Qualified small business stock, see instructions i Exercise of incentive stock options (excess of AMT income over regular tax income) j Estates and trusts (amount from Schedule K-1 (Form 1041), box 12, code A) k Disposition of property (Difference between AMT and regular tax gain or loss) I Depreciation on assets placed in service after 1986 (Difference between regular tax and AMT) m Passive activities (difference between AMT and regular tax income or loss) n Loss limitations (difference between AMT and regular tax income or loss) \begin{tabular}{|c|l|} \hline & \\ \cline { 2 } 1 & \\ \hline 2a & \\ \hline 2b & \\ \hline 2c & \\ \hline 2d & \\ \hline 2e & \\ \hline 2f & \\ \hline 2g & \\ \hline 2h & \\ \hline 2i & \\ \hline 2j & \\ \hline 2k & \\ \hline 2l & \\ \hline 2m & \\ \hline 2n & \\ \hline \end{tabular} 6 Subtract line 5 from line 4. If more than zero, go to line 7. If zero or less, enter-0-here and on lines 7 , 9, and 11 , and go to line 10 - If you are filing Form 2555, see instructions for the amount to enter. - If you reported capital gain distributions directly on Form 1040 or 1040-SR, line 7; you reported qualified dividends on Form 1040 or 1040SR, line 3a; or you had a gain on both lines 15 and 16 of Schedule D (Form 1040) (as refigured for the AMT, if necessary), complete Part III on the back and enter the amount from line 40 here. - All others: If line 6 is $199,900 or less (\$99,950 or less if married filing separately), multiply line 6 by 26%(0.26). Otherwise, multiply line 6 by 28%(0.28) and subtract $3,998 ( $1,999 if married filing separately) from the result 8 Alternative minimum tax foreign tax credit (see instructions) 9 Tentative minimum tax. Subtract line 8 from line 7 10 Add Form 1040 or 1040SR, line 16 (minus any tax from Form 4972), and Schedule 2 (Form 1040), line 2. Subtract from the result Schedule 3 (Form 1040), line 1 and any negative amount reported on Form 8978, line 14 (treated as a positive number). If zero or less, enter 0 If you used Schedule J to figure your tax on Form 1040 or 1040-SR, line 16, refigure that tax without using Schedule J before completing this line (see instructions) AMT. Subtract line 10 from line 9. If zero or less, enter -0-. Enter here and on Schedule 2 (Form 1040), line 1 IRS Use Only-Do not write or staple in this space. Form 1040 Page 2 Form 1040 (2021) Page 2 16 Tax (see instructions). Amount. 17 Amount from Schedule 2, line 3 . . . 18 Add lines 16 and 17. 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 20 Amount from Schedule 3, line 8 21 Add lines 19 and 20 22 Subtract line 21 from line 18 . If zero or less, enter 0 - 23 Other taxes, including self-employment tax, from Schedule 2, line 21 24 Add lines 22 and 23 . This is your total tax 25 Federal income tax withheld from: a Form(s) W-2 b Form(s) 1099 c Other forms (see instructions) d Add lines 25a through 25c 262021 estimated tax payments and amount applied from 2020 return . - If you have a qualifying child, 27 Earned income credit (EIC) attach Sch. EIC Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18 , to claim the EIC. See instructions b Nontaxable combat pay election c Prior year (2019) earned income 28 Refundable child tax credit or additional child tax credit from Schedule 8812 29 American opportunity credit from Form 8863 , line 8. 30 Recovery rebate credit. See instructions 31 Amount from Schedule 3, line 15 32 Add lines 27 a and 28 through 31 . These are your total other payments and refundable 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 preparer (other than taxpayer) is based on all information of which preparer has any Form 6251 Page 1 Form 6251 Alternative Minimum Tax-Individuals OMB No. 1545-0074 Department of the Treasury Go to www.irs.gov/Form 6251 for instructions and the latest information. Internal Revenue Service (99) Attach to Form 1040, 1040-SR, or 1040-NR. Attachment Sequence No. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number Part I Alternative Minimum Taxable Income (See instructions for how to complete each line.) 1 Enter the amount from Form 1040 or 1040-SR, line 15, if more than zero. If Form 1040 or 1040-SR, line 15 , is zero, subtract line 14 of Form 1040 or 1040SR from line 11 of Form 1040 or 1040SR and enter the result here. (If less than zero, enter as a negative amount.) 2 a If filing Schedule A (Form 1040), enter the taxes from Schedule A, line 7; otherwise, enter the amount from Form 1040 or 1040-SR, line 12a b Tax refund from Schedule 1 (Form 1040), line 1 or line 8z c Investment interest expense (difference between regular tax and AMT) d Depletion (Difference between regular tax and AMT) e Net operating loss deduction from Schedule 1 (Form 1040), line 8a. Enter as a positive amount f Alternative tax net operating loss deduction. g Interest from specified private activity bonds exempt from the regular tax h Qualified small business stock, see instructions i Exercise of incentive stock options (excess of AMT income over regular tax income) j Estates and trusts (amount from Schedule K-1 (Form 1041), box 12, code A) k Disposition of property (Difference between AMT and regular tax gain or loss) I Depreciation on assets placed in service after 1986 (Difference between regular tax and AMT) m Passive activities (difference between AMT and regular tax income or loss) n Loss limitations (difference between AMT and regular tax income or loss) \begin{tabular}{|c|l|} \hline & \\ \cline { 2 } 1 & \\ \hline 2a & \\ \hline 2b & \\ \hline 2c & \\ \hline 2d & \\ \hline 2e & \\ \hline 2f & \\ \hline 2g & \\ \hline 2h & \\ \hline 2i & \\ \hline 2j & \\ \hline 2k & \\ \hline 2l & \\ \hline 2m & \\ \hline 2n & \\ \hline \end{tabular} 6 Subtract line 5 from line 4. If more than zero, go to line 7. If zero or less, enter-0-here and on lines 7 , 9, and 11 , and go to line 10 - If you are filing Form 2555, see instructions for the amount to enter. - If you reported capital gain distributions directly on Form 1040 or 1040-SR, line 7; you reported qualified dividends on Form 1040 or 1040SR, line 3a; or you had a gain on both lines 15 and 16 of Schedule D (Form 1040) (as refigured for the AMT, if necessary), complete Part III on the back and enter the amount from line 40 here. - All others: If line 6 is $199,900 or less (\$99,950 or less if married filing separately), multiply line 6 by 26%(0.26). Otherwise, multiply line 6 by 28%(0.28) and subtract $3,998 ( $1,999 if married filing separately) from the result 8 Alternative minimum tax foreign tax credit (see instructions) 9 Tentative minimum tax. Subtract line 8 from line 7 10 Add Form 1040 or 1040SR, line 16 (minus any tax from Form 4972), and Schedule 2 (Form 1040), line 2. Subtract from the result Schedule 3 (Form 1040), line 1 and any negative amount reported on Form 8978, line 14 (treated as a positive number). If zero or less, enter 0 If you used Schedule J to figure your tax on Form 1040 or 1040-SR, line 16, refigure that tax without using Schedule J before completing this line (see instructions) AMT. Subtract line 10 from line 9. If zero or less, enter -0-. Enter here and on Schedule 2 (Form 1040), line 1
