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! Required information [The following information applies to the questions displayed below.) Marc and Michelle 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 an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules.) What is Mare and Michelle'r arocc incomo? ! Required information c. What is the total amount of Marc and Michelle's deductions from AGI? Total deductions from AGI d. What is Marc and Michelle's taxable income? Taxable income e. What is Marc and Michelle's taxes payable or refund due for the year? Complete Marc and Michelle's Form 1040, pages 1 and 2, and Schedule 1 (use the most recent form available). Marc and Michelle's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: Marc Taxpayer: 111-22-3333 Matthew Taxpayer: 333-44-5555 Michelle Taxpayer: 222-33-4444 Prior Spouse 111-11-1111 (Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Do not skip rows, while entering in Deductions section of Form 1040 PG1. The refundable portion of the Child Tax Credit is $1,400. Use 2020 tax laws and 2019 tax form. ) Neither Marc nor Michelle wish to contribute to the Presidential Election Campaign fund. Form 1040 for a couple Married Filing Jointly with one dependent. 1040 PG 1 1040 PG 2 Schedule 1 Page 1 of Form 1040. Use provided information and follow instructions on form. Form 1040 Department of the TreasuryInternal Revenue Service (99) U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 Single Married filing jointly Married filing separately (MFS) Head of household (HOH) If you checked the MFS box, enter the name of spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is a child but not your dependent IRS Use Only-Do not write or staple in this space. Qualifying widow(er) (QW) Filing Status Check only one box. Your first name and middle initial Last name Your social security number f joint return, spouse's first name and middle initial Last name Your social security number 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 spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). You Spouse Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Your spouse as a dependent Someone can claim: You as a dependent Standard Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1955 Dependents (see instructions): (1) First name Last name Are blind (2) Social security number Spouse: Was born before January 2, 1955 Is blind (3) Relationship to you (4) Vif qualifies for (see instructions): Child tax credit Credit for other dependents 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 b Taxable interest. Attach Sch. B if 2a Tax-exempt interest 2a 2b required 3a Qualified dividends 3a 3b b Ordinary dividends. Attach Sch. B if required b Taxable amount 4a IRA distributions 4a 45 c Pensions and annuities 4C d Taxable amount 4d 5a b Taxable amount 5b Standard Deduction for- Single or Married filing separately, $12.200 Married filing jointly or Qualifying widow(er), $24,400 Head of household. 5a Social security benefits 6 Capital gain or loss). Attach Schedule D if required. If not required, check here 6 7a Other income from Schedule 1, line 9 7a b Add lines 1, 2, 3, 4, 40, 50, 6, and 7a. This is your total income 7b Required information 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 2a Tax-exempt interest 2a 2b 3a Qualified dividends 3a b Taxable interest. Attach Sch. B if required b Ordinary dividends. Attach Sch. B if required b Taxable amount 3b 4a IRA distributions 4a 4b c Pensions and annuities 4c d Taxable amount 4d 5a Social security benefits 5a b Taxable amount 5b 6 Capital gain or loss). Attach Schedule D if required. If not required, check here 6 7a Other income from Schedule 1, line 9 7a Standard Deduction for- . Single or Married filing separately $12,200 Married filing jointly or Qualifying widow(er), $24,400 Head of household, $18,350 If you checked any box under Standard Deduction, see instructions. b Add lines 1, 2, 3, 4, 40, 50, 6, and 7a. This is your total income 7b 8 a Adjustments to income from Schedule 1, line 22 8a b Subtract line 8a from line 7b. This is your adjusted gross income 8b 9 Standard deduction or itemized deductions (from Schedule A) 9 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A 10 11a Add lines 9 and 10 11a 0 b Taxable income. Subtract line 11a from line 8b. If zero or less, enter-O- 11b 0 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2019) 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. 2020 McGraw-Hill Education. Required information Form 1040 for a couple Married Filing Jointly with one dependent. 1040 PG 1 1040 PG 2 Schedule 1 Page 2 of Form 1040. Some information does not carry over from Page 1. Form 1040 (2019) Page 2 (1) 8814 D (2) 4972 (3) 12a 12b 12a Tax (see inst.) Check if any from Form(s): b Add Schedule 2, line 3, and line 12a and enter the total 13a Child tax credit or credit for other dependents b Add Schedule 3, line 7, and line 13a and enter the total 13a 13b 14 0 14 Subtract line 13b from line 12b. If zero or less, enter-O- 15 Other taxes, including self-employment tax, from Schedule 2, line 10 15 16 0 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 17 18 Other payments and refundable credits: a Earned income credit (EIC) 18a If you have a qualifying child, attach Sch. EIC. If you have nontaxable combat pay, see instructions b Additional child tax credit. Attach Schedule 8812 18b C American opportunity credit from Form 8863, line 8 18C d Schedule 3, line 14 18d e Add lines 18a through 18d. These are your total other payments and refundable credits 18e 0 quired normation - a Earned income credit (EIC) 18a Il you have a qualifying child, attach Sch. EIC If you have nontaxable combat pay, see instructions b Additional child tax credit. Attach Schedule 8812 18b 18C C American opportunity credit from Form 8863, line 8 d Schedule 3, line 14 18d 18e 0 19 0 e Add lines 18a through 18d. These are your total other payments and refundable credits 19 Add lines 17 and 18e. These are your total payments 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid 21a Amount of line 20 you want refunded to you. If Form 8888 is attached, check here Routing number -c Type: Checking 20 Refund 21a Savings Direct deposit? See instructions. Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 23 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions 24 Estimated tax penalty (see instructions) 24 Amount You Owe Third Party Designee Do you want to allow another person (other than your paid preparer) to discuss this return with the IRS? See instructions. Yes. Complete below. No Personal identification (Other than paid preparer) Designee's name Phone no. number (PIN) Sign Here 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 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 If the IRS sent you an Identity Protection PIN, enter it here (see inst.) Joint return? See instructions. Sign Here Joint return? See instructions. Keep a copy for your records. 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 belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. If the IRS sent you an identity Your signature Date Your occupation Protection PIN, enter it here (see inst.) If the IRS sent your spouse an Spouse's signature. If a joint return, both must sign. Date Spouse's occupation Identity Protection PIN, enter it here (see inst.) Phone no. Email address Preparer's name Preparer's signature Date PTIN Check if: 3rd Party Designee Paid Preparer Use Only Firm's name Phone no. Self-employed Firm's address Firm's EIN Form 1040 (2019) 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. 2020 McGraw-Hill Education. Form 1040 for a couple Married Filing Jointly with one dependent. 1040 PG 1 1040 PG 2 Schedule 1 Schedule 1 of Form 1040. OMB No. 1545-0074 SCHEDULE 1 (Form 1040 or 1040-SR) Additional Income and Adjustments to Income 2019 Attach to Form 1040 or 1040-SR. Department of the Treasury Internal Revenue Service Attachment Sequence No. 01 Go to www.irs.gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040 or 1040-SR Your social security number Yes No At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Partl Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 1 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule C 3 4 Other gains or losses). Attach Form 4797 4 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 5 6 6 7 Farm income or loss). Attach Schedule F Unemployment compensation Other income. List type and amount 7 8 8 9 9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Adjustments to Income Part II 10 Educator expenses 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 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 14 15 15 16 16 17 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) 17 18a 18a b 19 IRA deduction 19 20 Student loan interest deduction 20 21 Reserved for future use 21 9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a Adjustments to Income Part II 10 Educator expenses 10 11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 11 12 12 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 13 13 14 14 15 Deductible part of self-employment tax. Attach Schedule SE Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction 15 16 16 17 17 Penalty on early withdrawal of savings Alimony paid 18a 18a b Recipient's SSN Date of original divorce or separation agreement (see instructions) 19 IRA deduction 19 20 Student loan interest deduction 20 21 Reserved for future use 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 8a 22 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040 or 1040-SR) 2019 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. 2020 McGraw-Hill Education