***The pictures in this question are as visible as I can really get them. You should be able to read all the information in the pictures. I am able to read it easily on my laptop. Thanks!
This assignment requires you to complete four tax forms (Form 1040, Schedule 1, Schedule B, and Qualified Dividends and Capital Gain Tax Worksheet, using the provided taxpayer information. The forms provided are for tax year 2020 - (for the W-2, 1099-INT, and 1099-DIV, please disregard the 2018 tax year and treat them as 2020).
- Step 1: Read the information below and download the taxpayer information based on the last two digits of your REDid:
- Step 2: Download the blank forms on which to complete the assignment Blank Form 1040
- Step 3: Complete the Schedule B first, then Schedule 1, then the Form 1040 down through Line 10. Then complete the Qual Div worksheet and use that information to complete the rest of the Form 1040
- Step 4: Submit all 4 documents to complete the assignment.
-
Alexander Smith and his wife Allison are married and file a joint tax return for 2020. The Smiths live at 1234 Buena Vista Drive, Orlando, FL 32830. Alexander is a commuter airline pilot but took 6 months off from his job in 2019 to obtain a higher-level pilots license. The Smiths have a 17-year-old son, Brad, who is enrolled in eleventh grade at the Walt Disney Prep School. The Smiths also have an 18-year-old daughter, Angelina, who is a part-time first-year student at Orange County Community College (OCCC). Angelina is married to Sean Shirker, who is 19 years old and also a part-time student at OCCC. Sean and Angelina have a 1-year-old child, Trask (Social Security number 115-45-7893). All the Shirkers live in an apartment near the Smiths. Angelina and Sean both also work part-time for Seans wealthy grandfather as apprentices in his business. The Shirkers wages for the year were $50,000 which allowed them to pay all the personal expenses for themselves and Trask.
| Name | Social Security number | Date of birth |
| Alexander Smith | 266-15-1966 | 09/22/1970 |
| Allison Smith | 266-34-1967 | 07/01/1971 |
| Brad Smith | 261-55-2121 | 12/21/2002 |
| Angelina Shirker | 261-45-1212 | 03/31/2001 |
| Sean Shirker | 546-78-1235 | 05/01/2000 |
| Trask Shirker | 115-45-7893 | 10/21/2018 |
Five years ago, Alexander divorced Jennifer Amistad (Social Security number 341-55-6789). Alexander pays Jennifer $200 per month in alimony under the divorce decree.
Not included with the Smiths tax forms was interest from State of Florida bonds of $145.00.
Alexander also received a Form W-2, Form 1099-INT, and Form 1099-DIV that you should have downloaded in Step 1 above.
a Employee's social security number 266-15-1966 b Employer identification number (EIN) 60-3456789 Employer's name, address, and ZIP code Kissimmee Airlines, Inc. 2432 Bay Blvd. Kissimmee, FL 34741 Safe, accurate, Visit the IRS website at ase file www.rs.gowelle OMB No. 1545-00DB FAST. Use 1 Wages, tips, other compensation 2 Federal income tax withheld 65,137.00 6,010.00 3 Social Security wages 4 Social Security tax withheld 68,409.00 4,241.36 5 Medicare wages and tips 6 6 Medicare lax withheld 68,409.00 991.93 7 Social security tips 8 Allocated tips d Control number 9 Verification code 10 Dependent care benefits Sufl. 11 Nonqualified plans e Employee's first name and initial Last name Alexander T. Smith 1234 Buena Vista Drive Orlando, FL 32830 12a See instructions for box 12 D 3, 272.00 12b 13 empre Heren pa Thay apy 14 Other 120 120 f Employee's address and ZIP code 15 Stall Employer'a state ID number FL. 16 State wages, tips, of 17 State income tax 18 Local wages, tips, ato 19 Local income tax 20 LOOName Department of the Treasury ---Internal Revenue Service 2018 Form Statement Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Intemal Revenue Service N CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIPPayer's RTN (optional) or foreign postal code, and telephone no. OMB No. 1545-0112 2018 Orlando National Bank 9871 Disney Way Orlando, FL 32801 Interest Income 1 Interest income 1, 369.11 $ 2 Early withdrawal penalty Form 1099-INT Copy B PAYER'S TIN RECIPIENT'S TIN $ 3 Interest on U.S. Savings Bonds and Treas, obligations For Recipient 60-7654321 266-15-1966 RECIPIENT'S name 4 Federal income tax withheld 5 Investment expenses This is important tax IS $ I$ Alexander T. Smith $ information and is 6 Foreign tax pald 7 Foreign country or U.S. Possession being furnished to the IRS. If you are Street address (including apt. no. required to file a 1234 Buena Vista Drive 8 Tax-exempt interest 9 Specified private activity bond return, a negligence interest penalty or other sanction may be City or town, state or province, country, and ZIP or foreign postal code $ 1$ imposed on you if 10 Market discount Orlando, FL 32830 11 Bond premium this income is taxable and the IRS determines that it has FATCA filings $ not been reported requirement 12 Bord premium on Treaty obigators 13 Bond premium on tax-exempt bond S $ $ Account number (we instructions) ( 14 Tax-exempt and tax credit 15 State 16 State dentification no. 17 State tax withield bond OUSIP no Form 1099-INT (keep for your records) www.in.gov/Form 1099INT Department of the Treasury - Internal Revenue Service OMB No 1545-0110 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP 1a Total ordinary dividends or foreign postal code, and telephone no. 1,167.00 Disney Parking Corporation $ 1b Qualified dividends 1500 Reams Rd. 1,032.00 Lake Buena Vista, FL 32830 $ 2a Total capital gain distr 2018 Dividends and Distributions Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (28%) gain % S Copy B For Recipient PAYER'S TIN RECIPIENT'S TIN 2c Section 1202 gain 57-4443344 266-34-1967 RECIPIENT'S name Allison Smith $ $ 3 Nondividend distributions4 Federal income tax withheld $ $ 100.00 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid B Foreign country or US. possession Street address (including apt. no.) 1234 Buena Vista Drive This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be mposed on you il this income is able and the IRS determines that it has not been reported City or town, state or province, country, and ZIP or foreign postal code , , $ Orlando FL 32830 9 Canh liquidation distributions 10 Noncoh Squidation distribution $ $ FATCA filing 11 Exempt-interest dividend 12 Specified private activity requirement bond interest dividends $ $ Account number (see instructions) 13 State 14 Stalidation 15 State tax withheld $ Form 1099-DIV (keep for your records) www.rs.gov/Form10DV Department of the Treasury - Internal Revenue Service ) Department of the Treasury-Intemal Revenue Service (99) U.S. 2020 OMB No. 1545-0074 IRS Use Only Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or GW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last nine Your social security number of joint return, spouse's first name and middle initial Last name Spouse's social security number to you Home address (number and street). If you have a P. O. box, see instructions ). Apt.no Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address, also complete spaces below. . , . State ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/State/county Foreign postal code your tax or refund. You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 is blind Dependents (see instructions): (2) Social security (3) Relationship 14) i qualifies for (see instructions) If more (1) First name Last name number Chid tax credit Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 20 b Taxable interest 2b Sch. Bir 3a 3a Qualified dividends. required b Ordinary dividends 4a IRA distributions 4a b Taxable amount 4b 50 Pensions and annuities b Taxable amount 5b Standard 6a Social security benefits b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married ling 8 Other income from Schedule 1, line 9...... 8 separately, $12,400 9 Add lines 1, 2, 3, 4b, 5b, 6b, 7, and 8. This is your total income , 2, 7, 9 Married fling 10 Adjustments to income: jointly or Qualifying a From Schedule 1, line 22 10a widowieri b Charitable contributions if you take the standard deduction. See instructions 10b $24,800 Hando C Add lines 10a and 10b. These are your total adjustments to income 10c $18,650 11 Subtract line 100 from line 9. This is your adjusted gross income 11 . If you checked 12 Standard deduction or itemized deductions (from Schedule A) ) 12 ary box under Standard 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 Dediction 14 Add lines 12 and 13 14 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat No. 113208 Form 1040 2020 > household see instructions Form 1040 (2020) Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 24972 30 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 Add lines 19 and 20 21 22 Subtract line 21 from line 18. If zero or less, enter-O- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 10 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b Other forms (see instructions) 25c d Add lines 25a through 250 25d . If you have a 26 2020 estimated tax payments and amount applied from 2019 return 26 qualifying child eingeld. 27 Earned income credit (EIC) ....... 27 attach Sch. EIC . If you have 28 Additional child tax credit. Attach Schedule 8812 28 nontaxable 29 American opportunity credit from Form 8863, line 8 29 combat pay see instructions. 30 Recovery rebate credit. See instructions 30 31 Amount from Schedule 3, line 13 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 34 Refund 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 8888 is attached, check here 35a Direct deposit? b Routing number 1 Type: Checking Savings See instructions. Account number III 36 Amount of line 34 you want applied to your 2021 estimated tax. 36 Amount 37 Subtract line 33 from line 24. This is the amount you owe now 37 You Owe Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for For details on 2020. See Schedule 3, line 12e, and its instructions for details. how to pay, see instructions. 38 Estimated tax penalty (see instructions). 38 Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions ........ Yes. Complete below. No Designee's Phone Personal identification name no. number /PIN Sign Under penalties of perjury, I declare that I have examined this retum and accompanying schedules and statements, and to the best of my knowledge and bellel, they are true, correct, and complete. Declaration of preparer other than taxpayer) is based on all information of which preparer has any knowledge. Here Your signature Date Your occupation if the IRS sent you an identity Protection PIN. enter it here Joint retur? (see inst.)IIIII See instructions. Spouse's signature. If a joint return, both must sign. , . Date Spouse's occupation If the RS sent your spouse an Keep a copy for your records Identity Protection PIN, enter it here (see Inst. 1 Phone no Email address Preparer's name Preparer's signature Date PTIN Check it Paid Self-employed Preparer Finn's name Use Only Phone no. Firm's address Finn's EIN Go to www.irs.gov/Form1040 for instructions and the latest information . For 1040 20001 SCHEDULE 1 OMB No. 1545-0074 (Form 1040) Additional Income and Adjustments to Income 2020 Department of the Treasury Attach to Form 1040, 1040-SR, or 1040-NR. Attachment Internal Revenue Service Go to www.irs.gov/Form 1040 for instructions and the latest information. Sequence No. 01 Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number 1 2a 3 3 Part Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes. 2a Alimony received ... b Date of original divorce or separation agreement (see instructions) Business income or (oss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797. 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F .. 7 Unemployment compensation .. 8 Other income. List type and amount 4 5 6 7 8 9 9 10 11 12 13 14 15 Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR. line 8.. Part II Adjustments to Income 10 Educator expenses ... 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 13 Moving expenses for members of the Armed Forces. Attach Form 3903 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction 17 Penalty on early withdrawal of savings 18a Alimony paid. b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction . 20 Student loan interest deduction. 21 Tuition and fees deduction. Attach Form 8917 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 For Paperwork Reduction Act Notice, see your tax return instructions. 16 16 17 . 18a 19 20 21 22 Schedule 1 (Form 1040) 2020 1 Cat No. 71479F OMB No. 1545-0074 SCHEDULEB (Form 1040) Interest and Ordinary Dividends Go to www.irs.gov/Schedule for instructions and the latest information. Attach to Form 1040 or 1040-SR. 2020 Department of the Treasury Internal Revenue Service (89) Name(s) shown on return Attachment Sequence No. 08 Your social security number Amount 1 Part 1 1 List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this Interest interest first. Also, show that buyer's social security number and address (See instructions and the instructions for Forms 1040 and 1040-SR, line 2b.) Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. 2 Add the amounts on line 1 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815. 4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR. line 2b Note: If line 4 is over $1,500, you must complete Part III. Part II 5 List name of payer Ordinary Dividends 2 3 4 Amount (See instructions and the Instructions for Forms 1040 and 1040-SR, line 3b.) 5 Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR. on that form. . line 3b Note: If line 6 is over $1,500, you must complete Part III. Part III You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a Yes No foreign account; or (c) received a distribution from, or were a grantor of, or a transferorto, a foreign trust. Foreign 7a At any time during 2020, did you have a financial interest in or signature authority over a financial Accounts account (such as a bank account, securities account, or brokerage account) located in a foreign and Trusts country? See instructions.......... If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial required, failure Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 to file FinCEN and its instructions for filing requirements and exceptions to those requirements Form 114 may b If you are required to file FinCEN Form 114, enter the name of the foreign country where the result in substantial financial account is located penalties. See 8 During 2020, did you receive a distribution from, or were you the grantor of, or transferor to, a instructions. foreign trust? If "Yes," you may have to file Form 3520. See instructions For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040) 2020 Caution: . Qualified Dividends and Capital Gain Tax Worksheet (2020) See Form 1040 instructions for line 16 to see if the taxpayer can use this worksheet to compute the taxpayer's tax. Before completing this worksheet, complete Form 1040 through line 15. If the taxpayer does not have to file Schedule D (Form 1040) and received capital gain distributions, be sure the box on line 7, Form 1040, is checked. 1) Enter the amount from Form 1040, line 15. However, if filing Form 2555 (relating to foreign earned income), enter the amount from line 3 of the Foreign Earned Income Tax Worksheet... 1) 2) Enter the amount from Form 1040, line 3a 21 3) Is Schedule D being filed?" Yes. Enter the smaller of line 15 or 16 of Schedule D. If either line 15 or line 16 is blank or a loss, enter-O-. No. Enter the amount from Form 1040, line 7. 3) 4) Add lines 2 and 3 4 5) Subtract line 4 from line 1. If zero or less, enter 0 5) 6) Enter: $40,000 il Single or Married Filing Separately, $80,000 if Married Filing Jointly or Qualifying Widower), $53,600 if Head of Household 61 7) Enter the smaller of line 1 or line 6 8) Enter the smaller of line 5 or line 7.... 81 9) Subtract line 8 from line 7. This amount is taxed at 0% 9) 10) Enter the smaller of line 1 or line 4 1 4 11) Enter the amount from line 9 41 . 71 101 111 121 131 12) Subtract line 11 from line 10 13) Enter: $441,450 if Single $248,300 if Married Filing Separately, $496,600 if Married Filing Jointly or Qualifying Widower), $469,050 if Head of Household 14) Enter the smaller of line 1 or line 13.... 15) Add lines 5 and 9. 16) Subtract line 15 from line 14. If zero or loss, enter 0 17) Enter the smaller of line 12 or line 16 141 15) 16) 17) 18) Multiply line 17 by 15% 1.15) 18) 19) Add lines 9 and 17 191 201 20) Subtract line 19 from line 10 21) Multiply line 20 by 20%.20). 211 221 22) Compute the tax on the amount on line 5. If the amount on line 5 is less than $100,000, use the Tax Table to compute the tax. If the amount on line 5 is $100,000 or more, use the Tax Computation Worksheet. 23) Add lines 18, 21, and 22 23) 24) 24) Compute the tax on the amount on line 1. If the amount on line 1 is less than $100,000, use the Tax Table to compute the tax. If the amount on line 1 is $100,000 or more, use the Tax Computation Worksheet. 25) Tax on all taxable income. Enter the smaller of line 23 or line 24. Also include this amount on Form 1040, line 16. If filing Form 2555, do not enter this amount on Form 1040, line 16. Instead, enter it on line 4 of the Foreign Earned Income Tax Worksheet. * If you are filing Form 2555, see the footnote in the Foreign Earned Income Tax Worksheet before completing this line. 251 Tools for Tax Pros The TaxBook a Employee's social security number 266-15-1966 b Employer identification number (EIN) 60-3456789 Employer's name, address, and ZIP code Kissimmee Airlines, Inc. 2432 Bay Blvd. Kissimmee, FL 34741 Safe, accurate, Visit the IRS website at ase file www.rs.gowelle OMB No. 1545-00DB FAST. Use 1 Wages, tips, other compensation 2 Federal income tax withheld 65,137.00 6,010.00 3 Social Security wages 4 Social Security tax withheld 68,409.00 4,241.36 5 Medicare wages and tips 6 6 Medicare lax withheld 68,409.00 991.93 7 Social security tips 8 Allocated tips d Control number 9 Verification code 10 Dependent care benefits Sufl. 11 Nonqualified plans e Employee's first name and initial Last name Alexander T. Smith 1234 Buena Vista Drive Orlando, FL 32830 12a See instructions for box 12 D 3, 272.00 12b 13 empre Heren pa Thay apy 14 Other 120 120 f Employee's address and ZIP code 15 Stall Employer'a state ID number FL. 16 State wages, tips, of 17 State income tax 18 Local wages, tips, ato 19 Local income tax 20 LOOName Department of the Treasury ---Internal Revenue Service 2018 Form Statement Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Intemal Revenue Service N CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIPPayer's RTN (optional) or foreign postal code, and telephone no. OMB No. 1545-0112 2018 Orlando National Bank 9871 Disney Way Orlando, FL 32801 Interest Income 1 Interest income 1, 369.11 $ 2 Early withdrawal penalty Form 1099-INT Copy B PAYER'S TIN RECIPIENT'S TIN $ 3 Interest on U.S. Savings Bonds and Treas, obligations For Recipient 60-7654321 266-15-1966 RECIPIENT'S name 4 Federal income tax withheld 5 Investment expenses This is important tax IS $ I$ Alexander T. Smith $ information and is 6 Foreign tax pald 7 Foreign country or U.S. Possession being furnished to the IRS. If you are Street address (including apt. no. required to file a 1234 Buena Vista Drive 8 Tax-exempt interest 9 Specified private activity bond return, a negligence interest penalty or other sanction may be City or town, state or province, country, and ZIP or foreign postal code $ 1$ imposed on you if 10 Market discount Orlando, FL 32830 11 Bond premium this income is taxable and the IRS determines that it has FATCA filings $ not been reported requirement 12 Bord premium on Treaty obigators 13 Bond premium on tax-exempt bond S $ $ Account number (we instructions) ( 14 Tax-exempt and tax credit 15 State 16 State dentification no. 17 State tax withield bond OUSIP no Form 1099-INT (keep for your records) www.in.gov/Form 1099INT Department of the Treasury - Internal Revenue Service OMB No 1545-0110 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP 1a Total ordinary dividends or foreign postal code, and telephone no. 1,167.00 Disney Parking Corporation $ 1b Qualified dividends 1500 Reams Rd. 1,032.00 Lake Buena Vista, FL 32830 $ 2a Total capital gain distr 2018 Dividends and Distributions Form 1099-DIV 2b Unrecap. Sec. 1250 gain $ 2d Collectibles (28%) gain % S Copy B For Recipient PAYER'S TIN RECIPIENT'S TIN 2c Section 1202 gain 57-4443344 266-34-1967 RECIPIENT'S name Allison Smith $ $ 3 Nondividend distributions4 Federal income tax withheld $ $ 100.00 5 Section 199A dividends 6 Investment expenses $ $ 7 Foreign tax paid B Foreign country or US. possession Street address (including apt. no.) 1234 Buena Vista Drive This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence penalty or other sanction may be mposed on you il this income is able and the IRS determines that it has not been reported City or town, state or province, country, and ZIP or foreign postal code , , $ Orlando FL 32830 9 Canh liquidation distributions 10 Noncoh Squidation distribution $ $ FATCA filing 11 Exempt-interest dividend 12 Specified private activity requirement bond interest dividends $ $ Account number (see instructions) 13 State 14 Stalidation 15 State tax withheld $ Form 1099-DIV (keep for your records) www.rs.gov/Form10DV Department of the Treasury - Internal Revenue Service ) Department of the Treasury-Intemal Revenue Service (99) U.S. 2020 OMB No. 1545-0074 IRS Use Only Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widower) (OW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or GW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last nine Your social security number of joint return, spouse's first name and middle initial Last name Spouse's social security number to you Home address (number and street). If you have a P. O. box, see instructions ). Apt.no Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address, also complete spaces below. . , . State ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/State/county Foreign postal code your tax or refund. You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 is blind Dependents (see instructions): (2) Social security (3) Relationship 14) i qualifies for (see instructions) If more (1) First name Last name number Chid tax credit Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 20 b Taxable interest 2b Sch. Bir 3a 3a Qualified dividends. required b Ordinary dividends 4a IRA distributions 4a b Taxable amount 4b 50 Pensions and annuities b Taxable amount 5b Standard 6a Social security benefits b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married ling 8 Other income from Schedule 1, line 9...... 8 separately, $12,400 9 Add lines 1, 2, 3, 4b, 5b, 6b, 7, and 8. This is your total income , 2, 7, 9 Married fling 10 Adjustments to income: jointly or Qualifying a From Schedule 1, line 22 10a widowieri b Charitable contributions if you take the standard deduction. See instructions 10b $24,800 Hando C Add lines 10a and 10b. These are your total adjustments to income 10c $18,650 11 Subtract line 100 from line 9. This is your adjusted gross income 11 . If you checked 12 Standard deduction or itemized deductions (from Schedule A) ) 12 ary box under Standard 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 Dediction 14 Add lines 12 and 13 14 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat No. 113208 Form 1040 2020 > household see instructions Form 1040 (2020) Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 24972 30 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 Add lines 19 and 20 21 22 Subtract line 21 from line 18. If zero or less, enter-O- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 10 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b Other forms (see instructions) 25c d Add lines 25a through 250 25d . If you have a 26 2020 estimated tax payments and amount applied from 2019 return 26 qualifying child eingeld. 27 Earned income credit (EIC) ....... 27 attach Sch. EIC . If you have 28 Additional child tax credit. Attach Schedule 8812 28 nontaxable 29 American opportunity credit from Form 8863, line 8 29 combat pay see instructions. 30 Recovery rebate credit. See instructions 30 31 Amount from Schedule 3, line 13 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 34 Refund 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 8888 is attached, check here 35a Direct deposit? b Routing number 1 Type: Checking Savings See instructions. Account number III 36 Amount of line 34 you want applied to your 2021 estimated tax. 36 Amount 37 Subtract line 33 from line 24. This is the amount you owe now 37 You Owe Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for For details on 2020. See Schedule 3, line 12e, and its instructions for details. how to pay, see instructions. 38 Estimated tax penalty (see instructions). 38 Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions ........ Yes. Complete below. No Designee's Phone Personal identification name no. number /PIN Sign Under penalties of perjury, I declare that I have examined this retum and accompanying schedules and statements, and to the best of my knowledge and bellel, they are true, correct, and complete. Declaration of preparer other than taxpayer) is based on all information of which preparer has any knowledge. Here Your signature Date Your occupation if the IRS sent you an identity Protection PIN. enter it here Joint retur? (see inst.)IIIII See instructions. Spouse's signature. If a joint return, both must sign. , . Date Spouse's occupation If the RS sent your spouse an Keep a copy for your records Identity Protection PIN, enter it here (see Inst. 1 Phone no Email address Preparer's name Preparer's signature Date PTIN Check it Paid Self-employed Preparer Finn's name Use Only Phone no. Firm's address Finn's EIN Go to www.irs.gov/Form1040 for instructions and the latest information . For 1040 20001 SCHEDULE 1 OMB No. 1545-0074 (Form 1040) Additional Income and Adjustments to Income 2020 Department of the Treasury Attach to Form 1040, 1040-SR, or 1040-NR. Attachment Internal Revenue Service Go to www.irs.gov/Form 1040 for instructions and the latest information. Sequence No. 01 Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number 1 2a 3 3 Part Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes. 2a Alimony received ... b Date of original divorce or separation agreement (see instructions) Business income or (oss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797. 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F .. 7 Unemployment compensation .. 8 Other income. List type and amount 4 5 6 7 8 9 9 10 11 12 13 14 15 Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR. line 8.. Part II Adjustments to Income 10 Educator expenses ... 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 13 Moving expenses for members of the Armed Forces. Attach Form 3903 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction 17 Penalty on early withdrawal of savings 18a Alimony paid. b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction . 20 Student loan interest deduction. 21 Tuition and fees deduction. Attach Form 8917 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 For Paperwork Reduction Act Notice, see your tax return instructions. 16 16 17 . 18a 19 20 21 22 Schedule 1 (Form 1040) 2020 1 Cat No. 71479F OMB No. 1545-0074 SCHEDULEB (Form 1040) Interest and Ordinary Dividends Go to www.irs.gov/Schedule for instructions and the latest information. Attach to Form 1040 or 1040-SR. 2020 Department of the Treasury Internal Revenue Service (89) Name(s) shown on return Attachment Sequence No. 08 Your social security number Amount 1 Part 1 1 List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this Interest interest first. Also, show that buyer's social security number and address (See instructions and the instructions for Forms 1040 and 1040-SR, line 2b.) Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. 2 Add the amounts on line 1 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815. 4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR. line 2b Note: If line 4 is over $1,500, you must complete Part III. Part II 5 List name of payer Ordinary Dividends 2 3 4 Amount (See instructions and the Instructions for Forms 1040 and 1040-SR, line 3b.) 5 Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR. on that form. . line 3b Note: If line 6 is over $1,500, you must complete Part III. Part III You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a Yes No foreign account; or (c) received a distribution from, or were a grantor of, or a transferorto, a foreign trust. Foreign 7a At any time during 2020, did you have a financial interest in or signature authority over a financial Accounts account (such as a bank account, securities account, or brokerage account) located in a foreign and Trusts country? See instructions.......... If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial required, failure Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 to file FinCEN and its instructions for filing requirements and exceptions to those requirements Form 114 may b If you are required to file FinCEN Form 114, enter the name of the foreign country where the result in substantial financial account is located penalties. See 8 During 2020, did you receive a distribution from, or were you the grantor of, or transferor to, a instructions. foreign trust? If "Yes," you may have to file Form 3520. See instructions For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040) 2020 Caution: . Qualified Dividends and Capital Gain Tax Worksheet (2020) See Form 1040 instructions for line 16 to see if the taxpayer can use this worksheet to compute the taxpayer's tax. Before completing this worksheet, complete Form 1040 through line 15. If the taxpayer does not have to file Schedule D (Form 1040) and received capital gain distributions, be sure the box on line 7, Form 1040, is checked. 1) Enter the amount from Form 1040, line 15. However, if filing Form 2555 (relating to foreign earned income), enter the amount from line 3 of the Foreign Earned Income Tax Worksheet... 1) 2) Enter the amount from Form 1040, line 3a 21 3) Is Schedule D being filed?" Yes. Enter the smaller of line 15 or 16 of Schedule D. If either line 15 or line 16 is blank or a loss, enter-O-. No. Enter the amount from Form 1040, line 7. 3) 4) Add lines 2 and 3 4 5) Subtract line 4 from line 1. If zero or less, enter 0 5) 6) Enter: $40,000 il Single or Married Filing Separately, $80,000 if Married Filing Jointly or Qualifying Widower), $53,600 if Head of Household 61 7) Enter the smaller of line 1 or line 6 8) Enter the smaller of line 5 or line 7.... 81 9) Subtract line 8 from line 7. This amount is taxed at 0% 9) 10) Enter the smaller of line 1 or line 4 1 4 11) Enter the amount from line 9 41 . 71 101 111 121 131 12) Subtract line 11 from line 10 13) Enter: $441,450 if Single $248,300 if Married Filing Separately, $496,600 if Married Filing Jointly or Qualifying Widower), $469,050 if Head of Household 14) Enter the smaller of line 1 or line 13.... 15) Add lines 5 and 9. 16) Subtract line 15 from line 14. If zero or loss, enter 0 17) Enter the smaller of line 12 or line 16 141 15) 16) 17) 18) Multiply line 17 by 15% 1.15) 18) 19) Add lines 9 and 17 191 201 20) Subtract line 19 from line 10 21) Multiply line 20 by 20%.20). 211 221 22) Compute the tax on the amount on line 5. If the amount on line 5 is less than $100,000, use the Tax Table to compute the tax. If the amount on line 5 is $100,000 or more, use the Tax Computation Worksheet. 23) Add lines 18, 21, and 22 23) 24) 24) Compute the tax on the amount on line 1. If the amount on line 1 is less than $100,000, use the Tax Table to compute the tax. If the amount on line 1 is $100,000 or more, use the Tax Computation Worksheet. 25) Tax on all taxable income. Enter the smaller of line 23 or line 24. Also include this amount on Form 1040, line 16. If filing Form 2555, do not enter this amount on Form 1040, line 16. Instead, enter it on line 4 of the Foreign Earned Income Tax Worksheet. * If you are filing Form 2555, see the footnote in the Foreign Earned Income Tax Worksheet before completing this line. 251 Tools for Tax Pros The TaxBook
