The following information applies to the questions displayed below.]
Marc and Mikkel are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.)
Complete Marc and Mikkel's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent forms available).
Marc and Mikkel's address is 19010 N.W. 135th Street, Miami, FL 33054.
Social security numbers:
Marc Taxpayer: 111-22-3333 Mikkel Taxpayer: 222-33-4444
Mason Taxpayer: 333-44-5555 Prior Spouse 111-11-1111
Income Tax Return 2021 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing Married filing separately (MFS) jointly Head of household (HOH) (Qualifying widowjar) (OW) Check onl If you checked the MFS box, enter the name of your spouse. If you checked the HOH or OW box, enter the child's name if the qualifying person is one box. child but not your dependent. I Your first name and middle initia Last name Your social security number Marc 111-22-3333 If joint return, spouse's first name and middle initial Last name Spouse's social security number Mikkel 222-33-4444 Home address (number and street). If you have a P.O. box, see instructions Apt. no. Presidential Election Campaign 19010 N.W. 135th Street Check here if you, or your spouse if City, town, or post office. If you have a foreign address, also complete spaces below. |ZIP code filing jointly want $3 to go to this fund Miami, FL 33054 Checking a box below will not change your too or refund. Foreign country name Foreign province state/county Foreign postal code You Spouse At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? Yes Someone can Standard claimc You as a dependent Your spouse as a dependent Deduction Spouse Homizes on a separate return or you wore a dual-status alion Age/Blindness Your: Were born before January 2, 1957 Are blind Spouse: Was born before January 2, 1967 Is blind Dependents (see instructions] (2) Social security number 3) Relationship to you 4) w if qualifies for (see instructions): (1) First name Last name Child tax credit Credit for other dependents If more than Mason 333-44-5555 Son four dependents, soo instructions and check herel i Wages, salaries, tips, old. Attach Formis) W-2 1 6,000 Attach Sch. B if 2a Tax exempt interest 2a Taxable interest. 2b 500 required. da Qualified dividends 3a Ordinary dividends. 3b 4a IRA distributions 4a Taxable amount 4b Ba Pensions and annuities Taxable amount Sa Social security benefits Taxable amount Eb Standard Deduction for- 7 Capital gain or (loss). Attach Schedule D I required. If not required, chock here 7 . Single or Married Other income from Schedule 1, line 10 filing separately. $12,560 9 Add lines 1, 26, 36, 4b, 6b, 6b, 7, and 9. This is your total income 6,500 . Married filling jointly or 10 Adjustments to income from Schedule 1, line 26 1,000 Qualifying 11 Subtract line 10 from line 9. This is your adjusted gross income 17 widower) 2,500 $25,100 * Head of 12a Standard deduction or itemized deductions (from Schedule A] 125 household 12b $18,HOO b Charitable contributions if you take the standard deduction (see instructions) . you checked c Add lines 12a and 12b 5.900 any box under 120 Standard 13 Qualified business income deduction from Form 8995 or Form 9995-A 13 Deduction, 500 instructions. 14 Add lines 12c and 13 14 25,900 16 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 16,600Form 1040 (2021) Page 2 16 Tax (son instructions). Check it any from Forms]: 19814 24972 30 16 5,18 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 - 18 5,181 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8312 19 2,000 20 Amount from Schedule 3, line ! 20 21 Add lines 19 and 20 21 2,000 22 Subtract line 21 from line 18. If zero or less, enter -0- 22 3,181 23 Other taxes, Including self-employment tax, from Schedule 2, line 21 23 24 Add lines 22 and 23. This is your total tax 24 3,181 26 Federal Income tax withhold from: a Form(s) W.2 25a 2,600 b Form(s) 1099 256 a Other forms (see instructions) 250 d Add lines 25a through 250 26d 2,800 26 2021 estimated tax payments and amount applied from 2020 ratum - 20 . you have a qualifying child, |27a Earned income credit (EIC) 27a attach Sch. EIC Check here if you were bom after January 1, 1999, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 19, to claim the EIC. See instructions b Nontaxable combat pay election a Prior year (2020) camed income 270 28 Refundable child tax credit or additional child tax credit from Schedule 8912 25 29 American opportunity credit from For 9803, line 8 . 29 30 Recovery rebate credit. Son Instructions 30 31 Amount from Schedule 3, line 15 31 32 Add lines 27a and 28 through 31. These are your total other payments and refundable credits 23 Add lines 26d, 26, and 32. These are your total payments 23 2,600 Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 35a Amount of line 34 you want refunded to you. If Form 8589 is attached, check here 36a b Routing Direct deposit? number c Type Checking Savings Son Instructions. \\ d Account number 36 Amount of line 34 you want applied to your 2022 estimated tax *36 Amount 37 Amount you owe. Subtract line 33 from Inc 24. For details on how to pay. 37 You Owe woo instructions For details on how to pay, 50a 38 Estimated tax penalty (see instructions) Instructions. Third Party Yes. Complete Designee Do you want to allow another person to discuss this return with the IRS? See instructions below. No Designed's Phone Personal identification name no. number (PIN)I Sign 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 Here belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation the IRS sent you an Identity Protection PIN, enter it hereSCHEDULE 1 OMB No. 1545-0074 (Form 1040) Additional Income and Adjustments to Income 2021 Department of the Treasury Attach to Form 1040, 1040-5R, or 1040-NR. Attachment Sequence Internal Revenue Service Go to www.irs.gov/Form1040 for instructions and the latest information. No. 01 Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number Marc 111-22-3333 Part I Additional Income acable refunds, credits, or offsets of state and local income taxes Nimony received Date of original divorce or separation agreement (see instructions) Business income or (loss). Attach Schedule C 3 Other gains or (losses). Attach Form 4797 4 Rental real estate, royalties, partnerships, S corporations, trusts, ofc. Attach Schedule E Farm Income or (loss). Attach Schedule F Unemployment compensation 7 Other income: Net operating loss Gambling income Cancellation of debt Foreign camed income exclusion from Form 2555 Taxable Health Savings Account distribution Alaska Permanent Fund dividends Jury duty pay Prizes and awards Activity not engaged in for profit income Stock options Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property Olympic and Paralympic medals and USOC prize money (see instructions) Section 901(a) inclusion [see instructions) Section 951/va) inclusion (see instructions) Section 461(1) excess business loss adjustment Taxable distributions from an ABLE account (see instructions) Other income. List type and amount Total other income. Add lines Ba through Iz 9 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 10 1040-NR, line 8 Part II Adjustments to IncomeSchedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: 0 $ 20,550 10% of taxable income $ 20,550 $ 83.550 $2,055 plus 12% of the excess over $20,550 $ 83,550 $ 178,150 $9,615 plus 22% of the excess over $83.550 $ 178,150 $ 340,100 $30,427 plus 24% of the excess over $178,150 $ 340,100 $ 431,900 $69,295 plus 32% of the excess over $340,100 $ 431,900 $ 647,850 $98,671 plus 35% of the excess over $431,900 $ 647,850 $174,253.50 plus 37% of the excess over $647,850
