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[The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children who qualify
[The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The Jacksons file a joint tax return. The couple recelved salary income of $99,500 and qualified business income of $15,500 from an investment in a partnership, and they sold their home this yea They initially purchased the home three years ago for $227,500 and they sold it for $277,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,600 of itemized deductions, and they had $4,000 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.) 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 Janine: 234-56-7890 Son: Damarcus: 345-67-8901 Daughter: Jasmine : 456-78-9012 Son: Michael: 567-89-0123 Daughter: Candice: 678-90-1234 Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear and the order it Complete Form 1040, page 1, page 2, and Schedule 1. Form 1040 Page 1 and 2
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