Answered step by step
Verified Expert Solution
Question
1 Approved Answer
use provided 1040 to compute 1. Prepare a tax worksheet given the following information: Tax Year 2020 Erik (age 51) and Shannon (age 48) are
use provided 1040 to compute
1. Prepare a tax worksheet given the following information: Tax Year 2020 Erik (age 51) and Shannon (age 48) are married and have two children - Tanya (age 19), and Dylan (age 15). All children reside at home, and Tanya is a full-time college student All children are supported by their parents. Erik has a salary of $110,000; Christine has a salary of $125,000. Erik's employer provides a high-deductible health insurance plan at a cost of $20,000 per year. They received $8,000 in stock dividends and $5,000 in interest earned from bank certificate of deposits (CDs). During the 2020 tax year, they sold stock that had originally been purchased in 2013 at a price of $30,000 for $75,000. They also sold stock that had originally been purchased in 2016 at a price of $80,000 for $25,000. Due to an accident at work, Erik received a $20,000 payment from his employer's worker's compensation insurance carrier to cover lost wages and medical expenses. They contributed $6,000 toward an HSA account to help cover out of pocket medical expenses. The couple paid $3,800 in interest on student loans taken while each was completing an MBA program during 2017 Home mortgage interest was $16,000. Real estate property taxes were $5,000. The couple donated $8,000 to the Keweenaw Community Foundation and also gave a neighbor, who was enduring a financial hardship, $5,000. They do not expect to be paid back by the neighbor. Erik and Shannon have remitted $18,000/$22,000 respectively for federal income tax withholding and $4,000/85,500 respectively for Michigan state income tax withholding. Your worksheet should be completed through the tax due/refund, and also include a calculation of the marginal, average, and effective tax rates. Any items that are non- deductible, carried over, or otherwise not having any tax utility during the 2020 tax year should also be clearly set forth in order for the client to understand your work. ) 11040 U.S. Individual Income Tax Return 2020 OMB No 1545-0074 RS Gry --Dort wie ersten Filing Status Single Married fling janty Married fing separately (MFS) Head of household How Qualifying widower)(w) Check only one box. If you checked the MFS box, enter the name of your spouse. If you checked the HOH or w bax, enter the child's name if the qualitying person is achid but not your dependent Your first name and midde initial Last name Your social security number Portretum pouse's first name and made Lame Spouse's so dial security number 1 Home address number and street) If you have a P.O.box, see instructions. Apt.no Presidential Bection Campaign Check here if you, or your Chy, town, or post office. If you have a foreign address, so complete paces below. State ZP code Spouse ifting pointy warst $3 to go to this fund. Checking a box below will not change Foreign county rame Foreign prodno state county Foreign poucode your tax or rotund You Spouse At any time during 2020, did you receive, sall, 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 retum 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 (en instructions): (2) Social Security (2) Relationship (4) Vites for sestructions (1) First name If more Last name number to you Chid tax crede Cred forother dependenta than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Forms) W-2 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. Bit 3a Qualified dividends b Ordinary dividends 3b required 4a IRA distributions. b Taxable amount sa Pensions and amuities ta b Taxable amount Standard Ga Social security benefits Ga b Taxable amount Decifion for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Singkor Married fing 8 Other income from Schedule 1, line 9. 8 way. $12.400 Add ines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income Married 10 Adjustments to income jointly or Quaying a From Schedule 1, line 22 10a Wouwer b Charitable contributions if you take the standard deduction. See instructions 100 $24.800 Head of o Add ines 10a and 10b. These are your total adjustments to income 100 Hous $18.690 Subtractine 100 from line 9. This is your adjusted gross income 11 you checked 12 Standard deduction or itemized deductions from Schedule A) 12 any boundar Standard 13 Qualified business income deduction. Altach Form 1995 or Form 8995-A 13 Dahon, Add ines 12 and 13. 14 16 Taxable income. Subtract line 14 tom ine 11. If zero or less, arter 0 16 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions Cat No. 1130 For 1040 ) & 9 18 250 28 29 31 33 Form 1040 (2000) Page 2 16 Tax (sce instructions). Check it any from Forms: 1 8814 2 4972 30 16 17 Amount from Schedule 2. line 3 17 18 Addinas 16 and 17 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 Add ines 19 and 20. 21 22 Subtract line 21 from line 18. If zaro or lass, enter- 22 23 Oher taxes, including self-employment tax, from Schedule 2 line 10 23 24 Add Ines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: a Form) W-2 b Forms) 1099 25 Other forms (se instructions) 250 d Add ines 26a through 250 25d 1 you have a 26 2020 estimated tax payments and amount applied from 2019 return 26 dying did 27 Earned income credit (EIC) 27 tak EG you have 28 Additional child tax credit. Attach Schedule 8812 29 American opportunity credit from Form 8963, line 8 carpay aircon 30 Recovery rebate credit. Ses instructions 30 31 Amount from Schedule 3, line 13 32 Add Ines 27 through 31. These are your total other payments and refundable credits 32 33 Add Ines 25d, 26, and 32. These are your total payments Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 36a Amount of line 34 you want refunded to you. If Form 8989 is attached, check here 35 a Drect deposit Routing number Type: Checking Savings See Instructions Account number 36 Amount of Ina 34 you want applied to your 2021 estimated tax 36 Amount 37 Subtractina 33 from line 24. This is the amount you owe now 37 You Owe Note: Schedule H and Schedule Se flors, ina 37 may not represent all of the taxes you owe for For details on 2020. Son Schedule 3. Ina 120, and its instructions for details. how to pay, 500 Instructions 38 Estimated tax penalty (sea instructions) Third Party Do you want to allow another person to discuss this retum with the IRS? See Designee instructions Yes. Completa balow. Designed's Phone Personal identification name no number (PIN Sign Under paraties of perjury, I declare that I have examined this rebum and accompanying schedules and statements, and to the best of my knowledoard Here beliet, they were comect, and complete. Declaration of preparer (other than taxpayer is based on all information of which preparer has any knowledge Your signature Date Your occupation of their you an identy Protection PN ver it here Jantum Se instructions Spouse's sigure if a joint return both must sign Date Spouse's occupation If the RS sont your spouse an Kaup a copy for your records Identity Protection IN enter there Phonena Email address Preparer's name Preparer's signature PTIN Check it Paid sollemployed Preparer Fimm's rame> Use Only Phonero Fim's aires Fimm's EN Go to www.rsgow Form1040 for instructions and the latest information Form 1040 Date Reset Form Michigan Department of Treasury (Rev. 06-20). Page 1 of 2 Issued under authority of Public Act 281 of 1967 as amended 2020 MICHIGAN Individual Income Tax Return MI-1040 Amended Return Return is due April 15, 2021. Type or print in blue or black ink. indude Schedule AMD) 1. Flor's Name ML Last Name 2 Flet's Pll Social Securty No. (Example: 123456789) a Joint Return Spouse's First Name ML Last Name 2. Spouse's Full Social Securty No (Example: 123456789 Home Address (Number, Sroot, or PO Box City of Town State ZIP Code 4. School David Code 16 digits -- see page 60) NR 9 X 5. STATE CAMPAIGN FUND 6. FARMERS, FISHERMEN, OR SEAFARERS Check if you (and/or your spouse, if Filor fing a joint rebum) want $3 of your taxes Check this boxif 2/3 of your income is from farming, to go to this fund. This will not increase b. Spouse your tax or reduce your refund. fishing, or seafaring 7. 2020 FILING STATUS. Check one. 8. 2020 RESIDENCY STATUS. Check all that apply a Single If you check bax","complete Resident line 3 and enter spouse's Milname you check box'' b Marted fling jointly below: b Nonresident "c."you must complete and include Schedule Marted fling separately Part Year Resident 9. EXEMPTIONS. NOTE: samecne else can claim you as a dependent, check bax 9e, enter 0 on line 9a and enter $1,500 on line 9e (see instr.). a Number of exemptions se instructions). $4.750 9. 00 b. Number of individuals who quality for one of the following special exemptions: deat, blind, hemiplegic, paraplegic, quadriplegic, or totaly and permanently disabled 9b. $2,800 9 c. Number of qualified disabled veterans ... 9c. $400 9. d. Number of Certificates of Stillbirth from MDHHS (se instructions) 9. $4,750 9. 00 .. Claimed as dependent, see line 9 NOTE above 00 t. Add lines 9a, 95, 96, 9d and 90. Enter here and on line 15 96 100 10. Adjusted Gross Income from your U.S.Forms 100 ar 10 40NR (see instructions) 100 11. Additions from Schedule 1, line 9. Include Schedule 1 100 12. Total. Add ines 10 and 11.. 12 100 13. Subtractions from Schedule 1, line 29. Include Schedule 1 13. 100 X 8181 X 9. ) U 9c 10. 11 14 100 14. Income subject to tak. Subtract line 13 from line 12. I line 13 is greater than line 12. enter"0". 16. Exemption allowance. Enter amount from line for Schedule NR, line 19... 16. Taxable income. Subtract line 15 from ine 14. I line 15 is greater than ine 14, enter "o 15. 100 16 100 17 100 AMOUNT CREDIT 100 18b 00 17 Tax. Multiply ine 16 by 4.25% (0.0425) NON-REFUNDABLE CREDITS 18. Income Tax imposed by govemment units outside Michigan Include a copy of the return (see instructions)...... 18a. 19. Michigan Historic Preservation Tax Credit carryforward (see instructions)..... 19a 20. Income Tax. Subtract the sum of lines 18 and 19b from ine 17 If the sum of lines 18 and 19b is greater than ine 17. entero 100 19. 20. + 0000 2020 05 01 27 8 Continue on page 2. This form cannot be processed if page 2 is not completed and included. | 2020 M.1040. Page 2 of 2 Flor's Fa Social Security Number 21. Enter amount of Income Tax from line 20 22. Voluntary Contributions from Form 1642, line 6. Include Form 4642 23. USE TAX. Use tax due an intermet, mail order or other out of state purchases from Worksheet 1 (see instructions) 21 22 00 00 1818 23 00 24 100 25 100 24. Total Tax Liability. Add lines 21, 22 and 23 REFUNDABLE CREDITS AND PAYMENTS 26. Property Tax Credit Include M14040CR or MI-1040CR-2 26. Farmland Preservation Tax Credit. Include M-1040CR-5. 27. Earned Income Tax Credit. Multiply line 27a by 6% (0.06) and enter result on line 27b... 26. FEDERAL MICHGAN 27a 100 27b. 00 28. Michigan Historic Preservation Tax Creditrefundable) de Form 3581 28. 00 29. Michigan tax withheld from Schedule Wine 6. Include Schedule W (do not submit W-2s). 29. 100 00 100 00 30. Estimated tax, extension payments and 2019 credit forward 30 31. 2020 AMENDED RETURNS ONLY. Taxpayers completing an original 2020 return should skip to line 32 Amended returns must include Schedule AMD (see instructions) 31a you rada rotind andior credit forward on the original rurn check box 31a and enter this amount as a negative number onine 31c. 31b. you paid with the original retum. check box 31b and enter the amount paid with the original return plus any additional tax paid after fing, as a positive number on Ine 31c. Do notindude interestor penalty 310. 32. Total refundable credits and payments. Addlines 25,26,27,28, 29, 30 and 310. 32 REFUND OR TAX DUE 33. line 32 is less than line 24, subtract line 32 from line 24. If applicable, see inslucions Include interest 00 and penalty 00 YOU OWE 33 100 34. Overpayment. If line 32 is greater than line 24, subtractine 24 framine 32 34 100 35. Credit Forward. Amount of line 34 to be credited to your 2021 estimated tax for your 2021 tax return 35. 100 36. Subtractine 35 from ine 34 REFUND 100 DIRECT DEPOSIT a. Routing Transit Numb b. Account Number c. Type of Account Deposit you round drodly to you and iration Seenedors and complete ab Checking Savings de Deceased Taxpayer. It file andor Spouse died after December 31, 2019, ortor dates blow. Preparer Certification. declare under pevalty of perluy that ENTER DATE OF DEATH ONLY Example: 0415-2020 MM.DO-YYYY) ou based on alfomation of which have any Inowledge Preparer's PTIN. PELIN SON Spouse Taxpayer Certification. declare under penalty of powy nhat he tomation in the retum Proper's Name it or type and otachments la fue ad complete to the best of my knowledge Filer's Sabre Date Preparer's Signature Spouse's Sure Date Preparer's Business Name Address and Telephone Number By checking this box, I authorize Treasury to discuss my return with my preparer. Refund, credit, or zero returns. Mail your return to: Michigan Department of Treasury, Lansing, MI 48956 Pay amount on line 33 (see instructions). Mail your check and return to: Michigan Department of Treasury, Lansing, MI 48929 +0000 2020 05 02 27 6 1. Prepare a tax worksheet given the following information: Tax Year 2020 Erik (age 51) and Shannon (age 48) are married and have two children - Tanya (age 19), and Dylan (age 15). All children reside at home, and Tanya is a full-time college student All children are supported by their parents. Erik has a salary of $110,000; Christine has a salary of $125,000. Erik's employer provides a high-deductible health insurance plan at a cost of $20,000 per year. They received $8,000 in stock dividends and $5,000 in interest earned from bank certificate of deposits (CDs). During the 2020 tax year, they sold stock that had originally been purchased in 2013 at a price of $30,000 for $75,000. They also sold stock that had originally been purchased in 2016 at a price of $80,000 for $25,000. Due to an accident at work, Erik received a $20,000 payment from his employer's worker's compensation insurance carrier to cover lost wages and medical expenses. They contributed $6,000 toward an HSA account to help cover out of pocket medical expenses. The couple paid $3,800 in interest on student loans taken while each was completing an MBA program during 2017 Home mortgage interest was $16,000. Real estate property taxes were $5,000. The couple donated $8,000 to the Keweenaw Community Foundation and also gave a neighbor, who was enduring a financial hardship, $5,000. They do not expect to be paid back by the neighbor. Erik and Shannon have remitted $18,000/$22,000 respectively for federal income tax withholding and $4,000/85,500 respectively for Michigan state income tax withholding. Your worksheet should be completed through the tax due/refund, and also include a calculation of the marginal, average, and effective tax rates. Any items that are non- deductible, carried over, or otherwise not having any tax utility during the 2020 tax year should also be clearly set forth in order for the client to understand your work. ) 11040 U.S. Individual Income Tax Return 2020 OMB No 1545-0074 RS Gry --Dort wie ersten Filing Status Single Married fling janty Married fing separately (MFS) Head of household How Qualifying widower)(w) Check only one box. If you checked the MFS box, enter the name of your spouse. If you checked the HOH or w bax, enter the child's name if the qualitying person is achid but not your dependent Your first name and midde initial Last name Your social security number Portretum pouse's first name and made Lame Spouse's so dial security number 1 Home address number and street) If you have a P.O.box, see instructions. Apt.no Presidential Bection Campaign Check here if you, or your Chy, town, or post office. If you have a foreign address, so complete paces below. State ZP code Spouse ifting pointy warst $3 to go to this fund. Checking a box below will not change Foreign county rame Foreign prodno state county Foreign poucode your tax or rotund You Spouse At any time during 2020, did you receive, sall, 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 retum 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 (en instructions): (2) Social Security (2) Relationship (4) Vites for sestructions (1) First name If more Last name number to you Chid tax crede Cred forother dependenta than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Forms) W-2 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. Bit 3a Qualified dividends b Ordinary dividends 3b required 4a IRA distributions. b Taxable amount sa Pensions and amuities ta b Taxable amount Standard Ga Social security benefits Ga b Taxable amount Decifion for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Singkor Married fing 8 Other income from Schedule 1, line 9. 8 way. $12.400 Add ines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income Married 10 Adjustments to income jointly or Quaying a From Schedule 1, line 22 10a Wouwer b Charitable contributions if you take the standard deduction. See instructions 100 $24.800 Head of o Add ines 10a and 10b. These are your total adjustments to income 100 Hous $18.690 Subtractine 100 from line 9. This is your adjusted gross income 11 you checked 12 Standard deduction or itemized deductions from Schedule A) 12 any boundar Standard 13 Qualified business income deduction. Altach Form 1995 or Form 8995-A 13 Dahon, Add ines 12 and 13. 14 16 Taxable income. Subtract line 14 tom ine 11. If zero or less, arter 0 16 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions Cat No. 1130 For 1040 ) & 9 18 250 28 29 31 33 Form 1040 (2000) Page 2 16 Tax (sce instructions). Check it any from Forms: 1 8814 2 4972 30 16 17 Amount from Schedule 2. line 3 17 18 Addinas 16 and 17 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 Add ines 19 and 20. 21 22 Subtract line 21 from line 18. If zaro or lass, enter- 22 23 Oher taxes, including self-employment tax, from Schedule 2 line 10 23 24 Add Ines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: a Form) W-2 b Forms) 1099 25 Other forms (se instructions) 250 d Add ines 26a through 250 25d 1 you have a 26 2020 estimated tax payments and amount applied from 2019 return 26 dying did 27 Earned income credit (EIC) 27 tak EG you have 28 Additional child tax credit. Attach Schedule 8812 29 American opportunity credit from Form 8963, line 8 carpay aircon 30 Recovery rebate credit. Ses instructions 30 31 Amount from Schedule 3, line 13 32 Add Ines 27 through 31. These are your total other payments and refundable credits 32 33 Add Ines 25d, 26, and 32. These are your total payments Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 36a Amount of line 34 you want refunded to you. If Form 8989 is attached, check here 35 a Drect deposit Routing number Type: Checking Savings See Instructions Account number 36 Amount of Ina 34 you want applied to your 2021 estimated tax 36 Amount 37 Subtractina 33 from line 24. This is the amount you owe now 37 You Owe Note: Schedule H and Schedule Se flors, ina 37 may not represent all of the taxes you owe for For details on 2020. Son Schedule 3. Ina 120, and its instructions for details. how to pay, 500 Instructions 38 Estimated tax penalty (sea instructions) Third Party Do you want to allow another person to discuss this retum with the IRS? See Designee instructions Yes. Completa balow. Designed's Phone Personal identification name no number (PIN Sign Under paraties of perjury, I declare that I have examined this rebum and accompanying schedules and statements, and to the best of my knowledoard Here beliet, they were comect, and complete. Declaration of preparer (other than taxpayer is based on all information of which preparer has any knowledge Your signature Date Your occupation of their you an identy Protection PN ver it here Jantum Se instructions Spouse's sigure if a joint return both must sign Date Spouse's occupation If the RS sont your spouse an Kaup a copy for your records Identity Protection IN enter there Phonena Email address Preparer's name Preparer's signature PTIN Check it Paid sollemployed Preparer Fimm's rame> Use Only Phonero Fim's aires Fimm's EN Go to www.rsgow Form1040 for instructions and the latest information Form 1040 Date Reset Form Michigan Department of Treasury (Rev. 06-20). Page 1 of 2 Issued under authority of Public Act 281 of 1967 as amended 2020 MICHIGAN Individual Income Tax Return MI-1040 Amended Return Return is due April 15, 2021. Type or print in blue or black ink. indude Schedule AMD) 1. Flor's Name ML Last Name 2 Flet's Pll Social Securty No. (Example: 123456789) a Joint Return Spouse's First Name ML Last Name 2. Spouse's Full Social Securty No (Example: 123456789 Home Address (Number, Sroot, or PO Box City of Town State ZIP Code 4. School David Code 16 digits -- see page 60) NR 9 X 5. STATE CAMPAIGN FUND 6. FARMERS, FISHERMEN, OR SEAFARERS Check if you (and/or your spouse, if Filor fing a joint rebum) want $3 of your taxes Check this boxif 2/3 of your income is from farming, to go to this fund. This will not increase b. Spouse your tax or reduce your refund. fishing, or seafaring 7. 2020 FILING STATUS. Check one. 8. 2020 RESIDENCY STATUS. Check all that apply a Single If you check bax","complete Resident line 3 and enter spouse's Milname you check box'' b Marted fling jointly below: b Nonresident "c."you must complete and include Schedule Marted fling separately Part Year Resident 9. EXEMPTIONS. NOTE: samecne else can claim you as a dependent, check bax 9e, enter 0 on line 9a and enter $1,500 on line 9e (see instr.). a Number of exemptions se instructions). $4.750 9. 00 b. Number of individuals who quality for one of the following special exemptions: deat, blind, hemiplegic, paraplegic, quadriplegic, or totaly and permanently disabled 9b. $2,800 9 c. Number of qualified disabled veterans ... 9c. $400 9. d. Number of Certificates of Stillbirth from MDHHS (se instructions) 9. $4,750 9. 00 .. Claimed as dependent, see line 9 NOTE above 00 t. Add lines 9a, 95, 96, 9d and 90. Enter here and on line 15 96 100 10. Adjusted Gross Income from your U.S.Forms 100 ar 10 40NR (see instructions) 100 11. Additions from Schedule 1, line 9. Include Schedule 1 100 12. Total. Add ines 10 and 11.. 12 100 13. Subtractions from Schedule 1, line 29. Include Schedule 1 13. 100 X 8181 X 9. ) U 9c 10. 11 14 100 14. Income subject to tak. Subtract line 13 from line 12. I line 13 is greater than line 12. enter"0". 16. Exemption allowance. Enter amount from line for Schedule NR, line 19... 16. Taxable income. Subtract line 15 from ine 14. I line 15 is greater than ine 14, enter "o 15. 100 16 100 17 100 AMOUNT CREDIT 100 18b 00 17 Tax. Multiply ine 16 by 4.25% (0.0425) NON-REFUNDABLE CREDITS 18. Income Tax imposed by govemment units outside Michigan Include a copy of the return (see instructions)...... 18a. 19. Michigan Historic Preservation Tax Credit carryforward (see instructions)..... 19a 20. Income Tax. Subtract the sum of lines 18 and 19b from ine 17 If the sum of lines 18 and 19b is greater than ine 17. entero 100 19. 20. + 0000 2020 05 01 27 8 Continue on page 2. This form cannot be processed if page 2 is not completed and included. | 2020 M.1040. Page 2 of 2 Flor's Fa Social Security Number 21. Enter amount of Income Tax from line 20 22. Voluntary Contributions from Form 1642, line 6. Include Form 4642 23. USE TAX. Use tax due an intermet, mail order or other out of state purchases from Worksheet 1 (see instructions) 21 22 00 00 1818 23 00 24 100 25 100 24. Total Tax Liability. Add lines 21, 22 and 23 REFUNDABLE CREDITS AND PAYMENTS 26. Property Tax Credit Include M14040CR or MI-1040CR-2 26. Farmland Preservation Tax Credit. Include M-1040CR-5. 27. Earned Income Tax Credit. Multiply line 27a by 6% (0.06) and enter result on line 27b... 26. FEDERAL MICHGAN 27a 100 27b. 00 28. Michigan Historic Preservation Tax Creditrefundable) de Form 3581 28. 00 29. Michigan tax withheld from Schedule Wine 6. Include Schedule W (do not submit W-2s). 29. 100 00 100 00 30. Estimated tax, extension payments and 2019 credit forward 30 31. 2020 AMENDED RETURNS ONLY. Taxpayers completing an original 2020 return should skip to line 32 Amended returns must include Schedule AMD (see instructions) 31a you rada rotind andior credit forward on the original rurn check box 31a and enter this amount as a negative number onine 31c. 31b. you paid with the original retum. check box 31b and enter the amount paid with the original return plus any additional tax paid after fing, as a positive number on Ine 31c. Do notindude interestor penalty 310. 32. Total refundable credits and payments. Addlines 25,26,27,28, 29, 30 and 310. 32 REFUND OR TAX DUE 33. line 32 is less than line 24, subtract line 32 from line 24. If applicable, see inslucions Include interest 00 and penalty 00 YOU OWE 33 100 34. Overpayment. If line 32 is greater than line 24, subtractine 24 framine 32 34 100 35. Credit Forward. Amount of line 34 to be credited to your 2021 estimated tax for your 2021 tax return 35. 100 36. Subtractine 35 from ine 34 REFUND 100 DIRECT DEPOSIT a. Routing Transit Numb b. Account Number c. Type of Account Deposit you round drodly to you and iration Seenedors and complete ab Checking Savings de Deceased Taxpayer. It file andor Spouse died after December 31, 2019, ortor dates blow. Preparer Certification. declare under pevalty of perluy that ENTER DATE OF DEATH ONLY Example: 0415-2020 MM.DO-YYYY) ou based on alfomation of which have any Inowledge Preparer's PTIN. PELIN SON Spouse Taxpayer Certification. declare under penalty of powy nhat he tomation in the retum Proper's Name it or type and otachments la fue ad complete to the best of my knowledge Filer's Sabre Date Preparer's Signature Spouse's Sure Date Preparer's Business Name Address and Telephone Number By checking this box, I authorize Treasury to discuss my return with my preparer. Refund, credit, or zero returns. Mail your return to: Michigan Department of Treasury, Lansing, MI 48956 Pay amount on line 33 (see instructions). Mail your check and return to: Michigan Department of Treasury, Lansing, MI 48929 +0000 2020 05 02 27 6Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started