Use the following information and complete the form: Schedule 8812
John Doe is the chief financial officer of Facebook, located in New York, NY. John has a 10 year old son, Phil, who lives in his home. John is trying to determine how much federal income tax he will owe for 2019. John Doe will claim the standard deduction in 2020. He is 44 years old. Assume that John files as unmarried head of household. John has the following items of income, gains and losses.
Wages $300,000
Federal income taxes withheld (100,000)
Interest income from Apple corporate bonds 2,000
Dividends from Coca Cola stock 6,000
Alimony under divorce order dated 3/1/2019 12,000
Date acquired Date sold sales price Tax basis
Sale of 100 shares of XYZ stock 4/10/2000 9/15/2020 20,000 24,000
Sale of 120 shares of Walmart stock 2/22/2020 9/18/2020 35,000 30,000
Sale of 150 shares of Microsoft stock 11/14/2016 8/31/2020 64,000 42,000
Sale of 100 shares of New York Giants stock 6/11/2018 8/05/2020 2 10,002
Short term capital loss carryforward 9,000
SCHEDULE 8812 (Form 1040 or 1040-SR) Additional Child Tax Credit OMB No. 1545-0074 1040 1040-SR 1040-NR 8812 2019 Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Schedule8812 for instructions and the latest information. Department of the Treasury Internal Revenue Service) Name(s) shown on return Attachment Sequence No. 47 Your social security number 1 1 2 3 3 4 5 6b 8 Part 1 All Filers Caution: If you file Form 2555, stop here; you cannot claim the additional child tax credit. If you are required to use the worksheet in Pub. 972, enter the amount from line 10 of the Child Tax Credit and Credit for Other Dependents Worksheet in the publication. Otherwise: 1040 and Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents 1040-SR filers: Worksheet (see the instructions for Forms 1040 and 1040-SR, line 13a). 1040-NR filers: Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents Worksheet (see the instructions for Form 1040-NR, line 49). 2 Enter the amount from Form 1040, line 13a; Form 1040-SR, line 13a; or Form 1040-NR, line 49 Subtract line 2 from line 1. If zero, stop here; you cannot claim this credit Number of qualifying children under 17 with the required social security number: x $1,400 Enter the result. If zero, stop here; you cannot claim this credit. TIP: The number of children you use for this line is the same as the number of children you used for line of the Child Tax Credit and Credit for Other Dependents Worksheet. 5 Enter the smaller of line 3 or line 4 6a Eamed income (see instructions), Nontaxable combat pay (see instructions). 7 Is the amount on line 6a more than $2,500? No. Leave line 7 blank and enter-O- on line 8. Yes. Subtract $2,500 from the amount on line 6a. Enter the result Multiply the amount on line 7 by 15% (0.15) and enter the result Next. On line 4, is the amount $4,200 or more? No. If line 8 is zero, stop here; you cannot claim this credit. Otherwise, skip Part II and enter the smaller of line 5 or line 8 on line 15. Yes. If line 8 is equal to or more than line 5, skip Part II and enter the amount from line 5 on line 15. Otherwise, go to line 9. Part II Certain Filers Who Have Three or More Qualifying Children 9 Withheld social security, Medicare, and Additional Medicare taxes from Form(s) W-2, boxes 4 and 6. If married filing jointly, include your spouse's amounts with yours. If your employer withheld or you paid Additional Medicare Tax or tier 1 RRTA taxes, see instructions 10 1040 and Enter the total of the amounts from Schedule 1 (Form 1040 or 1040-SR), 1040-SR filers: line 14, and Schedule 2 (Form 1040 or 1040-SR), line 5, plus any taxes that you identified using code "UT" and entered on Schedule 2 (Form 1040 or 1090-SR), line 8 10 1040-NR filers: Enter the total of the amounts from Form 1040-NR, lines 27 and 56, plus any taxes that you identified using code "UT" and entered on line 60 Add lines 9 and 10 12 1040 and Enter the total of the amounts from Form 1040 or 1000-SR, line 1040-SR filers: 18a, and Schedule 3 (Form 1040 or 1040-SR), line 11. 1040-NR filers: Enter the amount from Form 1040-NR, line 67. Subtract line 12 from line 11. If zero or less, enter-O- Enter the larger of line 8 or line 13 Next, enter the smaller of line 5 or line 14 on line 15. Part III Additional Child Tax Credit 15 This is your additional child tax credit 11 11 12 14 15 hom For For NO-SR, or For INO-NR. 64 1040 1040-SR 1040-NA For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 59761M Schedule 8812 (Form 1040 or 1040-SR) 2019 SCHEDULE 8812 (Form 1040 or 1040-SR) Additional Child Tax Credit OMB No. 1545-0074 1040 1040-SR 1040-NR 8812 2019 Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Schedule8812 for instructions and the latest information. Department of the Treasury Internal Revenue Service) Name(s) shown on return Attachment Sequence No. 47 Your social security number 1 1 2 3 3 4 5 6b 8 Part 1 All Filers Caution: If you file Form 2555, stop here; you cannot claim the additional child tax credit. If you are required to use the worksheet in Pub. 972, enter the amount from line 10 of the Child Tax Credit and Credit for Other Dependents Worksheet in the publication. Otherwise: 1040 and Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents 1040-SR filers: Worksheet (see the instructions for Forms 1040 and 1040-SR, line 13a). 1040-NR filers: Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents Worksheet (see the instructions for Form 1040-NR, line 49). 2 Enter the amount from Form 1040, line 13a; Form 1040-SR, line 13a; or Form 1040-NR, line 49 Subtract line 2 from line 1. If zero, stop here; you cannot claim this credit Number of qualifying children under 17 with the required social security number: x $1,400 Enter the result. If zero, stop here; you cannot claim this credit. TIP: The number of children you use for this line is the same as the number of children you used for line of the Child Tax Credit and Credit for Other Dependents Worksheet. 5 Enter the smaller of line 3 or line 4 6a Eamed income (see instructions), Nontaxable combat pay (see instructions). 7 Is the amount on line 6a more than $2,500? No. Leave line 7 blank and enter-O- on line 8. Yes. Subtract $2,500 from the amount on line 6a. Enter the result Multiply the amount on line 7 by 15% (0.15) and enter the result Next. On line 4, is the amount $4,200 or more? No. If line 8 is zero, stop here; you cannot claim this credit. Otherwise, skip Part II and enter the smaller of line 5 or line 8 on line 15. Yes. If line 8 is equal to or more than line 5, skip Part II and enter the amount from line 5 on line 15. Otherwise, go to line 9. Part II Certain Filers Who Have Three or More Qualifying Children 9 Withheld social security, Medicare, and Additional Medicare taxes from Form(s) W-2, boxes 4 and 6. If married filing jointly, include your spouse's amounts with yours. If your employer withheld or you paid Additional Medicare Tax or tier 1 RRTA taxes, see instructions 10 1040 and Enter the total of the amounts from Schedule 1 (Form 1040 or 1040-SR), 1040-SR filers: line 14, and Schedule 2 (Form 1040 or 1040-SR), line 5, plus any taxes that you identified using code "UT" and entered on Schedule 2 (Form 1040 or 1090-SR), line 8 10 1040-NR filers: Enter the total of the amounts from Form 1040-NR, lines 27 and 56, plus any taxes that you identified using code "UT" and entered on line 60 Add lines 9 and 10 12 1040 and Enter the total of the amounts from Form 1040 or 1000-SR, line 1040-SR filers: 18a, and Schedule 3 (Form 1040 or 1040-SR), line 11. 1040-NR filers: Enter the amount from Form 1040-NR, line 67. Subtract line 12 from line 11. If zero or less, enter-O- Enter the larger of line 8 or line 13 Next, enter the smaller of line 5 or line 14 on line 15. Part III Additional Child Tax Credit 15 This is your additional child tax credit 11 11 12 14 15 hom For For NO-SR, or For INO-NR. 64 1040 1040-SR 1040-NA For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 59761M Schedule 8812 (Form 1040 or 1040-SR) 2019
