Schedule 1 under 2021 rules.

Required information Comprehensive Problem 4-56 (LO 4-1, LO 4-2, LO 4-3) (Algo) (The following information applies to the questions displayed below.) Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $100,950 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 $247,500 and they sold it for $297,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,400 of itemized deductions (no charitable contributions), and they had $1,000 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 was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive Problem 4-56 Part b (Algo) 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: Jasmine : 456-78-9012 Daughter: Candice: 678-90-1234 OMB NO. 1545-0074 SUOCDULE (Form 1040) Additional Income and Adjustments to Income 2020 Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040, 1040-SR, or 1040-NR , -, - Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Attachment Sequence No. 01 Your social security number Parti 1 1 2a 2a b 3 3 Additional Income Taxable refunds, credits, or offsets of state and local income taxes , Alimony received Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E , , Farm income or loss). Attach Schedule F Unemployment compensation Other income. List type and amount | 4 4 5 5 6 6 7 7 7 8 8 9 0 Part II Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Adjustments to Income Educator expenses 10 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 12 Health savings account deduction. Attach Form 8889 12 13 13 14 14 15 15 16 16 17 17 18a 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) IRA deduction Student loan interest deduction Tuition and foes deduction. Attach Form 8917 18a b 19 19 20 20 21 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a 22 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040)2020 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. 2021 McGraw-Hill Education. Required information Comprehensive Problem 4-56 (LO 4-1, LO 4-2, LO 4-3) (Algo) (The following information applies to the questions displayed below.) Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year-end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $100,950 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 $247,500 and they sold it for $297,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,400 of itemized deductions (no charitable contributions), and they had $1,000 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 was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive Problem 4-56 Part b (Algo) 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: Jasmine : 456-78-9012 Daughter: Candice: 678-90-1234 OMB NO. 1545-0074 SUOCDULE (Form 1040) Additional Income and Adjustments to Income 2020 Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040, 1040-SR, or 1040-NR , -, - Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Attachment Sequence No. 01 Your social security number Parti 1 1 2a 2a b 3 3 Additional Income Taxable refunds, credits, or offsets of state and local income taxes , Alimony received Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C Other gains or losses). Attach Form 4797 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E , , Farm income or loss). Attach Schedule F Unemployment compensation Other income. List type and amount | 4 4 5 5 6 6 7 7 7 8 8 9 0 Part II Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Adjustments to Income Educator expenses 10 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 12 Health savings account deduction. Attach Form 8889 12 13 13 14 14 15 15 16 16 17 17 18a 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) IRA deduction Student loan interest deduction Tuition and foes deduction. Attach Form 8917 18a b 19 19 20 20 21 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a 22 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040)2020 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. 2021 McGraw-Hill Education