Scenario:

During the 2021 tax year, Timothy Palmer ( SS 011-25-8598) ( 55 year old) received

$ 44,900 in Salaries and tax withheld of $ 4,900

His wife Bonnie ( SS 012-65-8978) have 50 year old, and earned $ 38,500 from salary and tax withheld of $ 3,890.

Thimothy also receives $1,200 in taxable interest and 800 in ordinary dividends.

Timothy began receiving benefits under a Annuity. He received his first payment in July 1, 2022. The monthly payment is $2,000. He contributed $62,000.

Bonnie has a Certificate of Deposit in the State Bank that generated $ 1,000 in interest revenue, taxable.

DEPENDENTS:

Thommy Palmer ( SS 225-23-5698) , born in July 4, 2004

Donnie Palmer (ss226-24-5698) born in january 10, 2006

Instructions:

HAVE TO! Prepare Form 1040