Question
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
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 Schedule 1, Schedule 2, and Schedule 3 of Form 1040 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!
Form 1040 Schedule 1 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. 2022 McGraw-Hill Education. Form 1040 Schedule 2 1 Alternative minimum tax. Attach Form 6251 2 Excess advance premium tax credit repayment. Attach Form 8962 3 Add lines 1 and 2. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 17 c Additional tax on HSA distributions. Attach Form 8889 d Additional tax on an HSA because you didn't remain an eligible individual. Attach Form 8889 e Additional tax on Archer MSA distributions. Attach Form 8853 f Additional tax on Medicare Advantage MSA distributions. Attach Form 8853 g Recapture of a charitable contribution deduction related to a fractional interest in tangible personal property h Income you received from a nonqualified deferred compensation plan that fails to meet the requirements of section 409A i Compensation you received from a nonqualified deferred compensation plan described in section 457A j Section 72(m)(5) excess benefits tax k Golden parachute payments I Tax on accumulation distribution of trusts m Excise tax on insider stock compensation from an expatriated corporation n Look-back interest under section 167(g) or 460(b) from Form 8697 or 8866 o Tax on non-effectively connected income for any part of the year you were a nonresident alien from Form 1040-NR p Any interest from Form 8621, line 16f, relating to distributions from, and dispositions of, stock of a section 1291 fund q Any interest from Form 8621 , line 24 z Any other taxes. List type and amount 18 Total additional taxes. Add lines 17 a through 17z 19 Additional tax from Schedule 8812 20 Section 965 net tax liability installment from Form 965-A 21 Add lines 4, 7 through 16, 18, and 19. These are your total other taxes. Enter here and on Form 1040 or 1040SR, line 23 , or Form 1040-NR, line 23b For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71478U Schedule 2 (Form 1040) 2021 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. 2022 McGraw-Hill Education. Form 1040 Schedule 3 Page 1 8 Add lines 1 through 5 and 7 . Enter here and on torm 1040,10405K, or 1040NK, line 20 Form 1040 Schedule 1 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. 2022 McGraw-Hill Education. Form 1040 Schedule 2 1 Alternative minimum tax. Attach Form 6251 2 Excess advance premium tax credit repayment. Attach Form 8962 3 Add lines 1 and 2. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 17 c Additional tax on HSA distributions. Attach Form 8889 d Additional tax on an HSA because you didn't remain an eligible individual. Attach Form 8889 e Additional tax on Archer MSA distributions. Attach Form 8853 f Additional tax on Medicare Advantage MSA distributions. Attach Form 8853 g Recapture of a charitable contribution deduction related to a fractional interest in tangible personal property h Income you received from a nonqualified deferred compensation plan that fails to meet the requirements of section 409A i Compensation you received from a nonqualified deferred compensation plan described in section 457A j Section 72(m)(5) excess benefits tax k Golden parachute payments I Tax on accumulation distribution of trusts m Excise tax on insider stock compensation from an expatriated corporation n Look-back interest under section 167(g) or 460(b) from Form 8697 or 8866 o Tax on non-effectively connected income for any part of the year you were a nonresident alien from Form 1040-NR p Any interest from Form 8621, line 16f, relating to distributions from, and dispositions of, stock of a section 1291 fund q Any interest from Form 8621 , line 24 z Any other taxes. List type and amount 18 Total additional taxes. Add lines 17 a through 17z 19 Additional tax from Schedule 8812 20 Section 965 net tax liability installment from Form 965-A 21 Add lines 4, 7 through 16, 18, and 19. These are your total other taxes. Enter here and on Form 1040 or 1040SR, line 23 , or Form 1040-NR, line 23b For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71478U Schedule 2 (Form 1040) 2021 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. 2022 McGraw-Hill Education. Form 1040 Schedule 3 Page 1 8 Add lines 1 through 5 and 7 . Enter here and on torm 1040,10405K, or 1040NK, line 20Step by Step Solution
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