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Using this 'Tax Form' for assumptions, i.e. Standard Deduction for Single or Married Separately is $12,000, etc. - please answer following: 1040 Department of the

Using this 'Tax Form' for assumptions, i.e. Standard Deduction for Single or Married Separately is $12,000, etc. - please answer following: image text in transcribed

image text in transcribed

image text in transcribed

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1040 Department of the Treasury - Internal Revenue Service (99) Draft U.S. Individual Income Tax Return OMB No. 1545-0074 IAS Use Only-Do not write or staple in this space. Filing status: Single Married filing jointly Married filing separately Head of household Qualifying widower) Your first name and initial Last name Your social security number !! Your standard deduction: Someone can claim you as a dependent You were born before January 2, 1954 You are blind If joint return, spouse's first name and initial Last name Spouse's social security number Spouse standard deduction: Someone can claim your spouse as a dependent Spouse was born before January 2, 1954 Full-year health care coverage Spouse is blind Spouse itemizes on a separate return or you were dual-status allen or exempt (see inst.) Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign see inst.) You Spouse City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. If more than four dependents, see inst. and here Dependents (see instructions): (2) Social security number (3) Relationship to you (4) it qualifies for see inst.) (1) First name Last name Child tax credit Credit for other dependents 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 belief, 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 the IRS sent you an identity Protection Joint retur? PIN, enterit here see inst.) See instructions. Keep a copy for Spouse's signature. If a joint retum, both must sign. Date Spouse's occupation If the IRS sent you an identity Protection PIN, enterit your records. here seeinst.) Preparer's name Preparer's signature PTIN Firm's EIN Check it: Paid 3rd Party Designee Preparer Firm's name Phone no. Self-employed Use Only Firm's address 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 2a Tax-exempt interest. 2a b Taxable interest 2b Attach Form(s) W-2. Also attach 3a Qualified dividends. b Ordinary dividends, 3b Formis W-2G and 1099 Ritax was 4a IRAs, pensions, and annuities 4a b Taxable amount 4b withheld. 5a Social security benefits b Taxable amount 5b 6 Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 6 7 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, Standard subtract Schedule 1, line 36, from line 6 7 Deduction for 8 Standard deduction or itemized deductions from Schedule A} 8 Single or married 9 filing separately. Qualified business income deduction (see instructions) 9 $12,000 10 Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter-O- 10 Married fling jointly or Qualifying 11 a Tax (see inst (check if any from 1 Fom(s) 8814 2 Form 4972 3 widower $24,000 11 b Add any amount from Schedule 2 and check here Head of 12 a Child tax credit/credit for other dependents b Add any amount from Schedule 3 and check here 12 household, $18,000 13 Subtract line 12 from line 11. If zero or less, enter-O- 13 If you checked 14 Other taxes. Attach Schedule 4. 14 any box under Standard 15 Total tax. Add lines 13 and 14 15 deduction 16 16 see instructions Federal income tax withheld from Forms W-2 and 1099 Refundable credits: a BIC (see inst.) b Sch 8812 c Form 8863 Add any amount from Schedule 5 18 Add lines 16 and 17. These are your total payments 18 Refund 19 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid 19 20a Amount of line 19 you want refunded to you. If Form 8888 is attached, check here 20a Direct deposit? b Routing number c Type: Checking Savings See instructions d Account number 21 Amount of line 19 you want applied to your 2019 estimated tax 21 Amount You Owe 22 Amount you owe. Subtract line 18 from line 15. For details on how to pay, see instructions 22 23 Estimated tax penalty (see instructions) 23 Form 1040 Joseph's job is going great, and this past year he decided to work part-time so that he could go to school full-time for his master's degree. Joseph went to a highly ranked school, and tuition and fees were $15,000 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year, and Joseph is filing his tax return. His total income and benefits are as follows: Wages Employer-provided tuition assistance Scholarship Student loan proceeds $29,500 (as reported on his W-2) $5,170 $2.110 $5,170 In addition to tuition, Joseph had the following expenditures: Student loan interest Books Rent Federal income taxes withheld $880 (as reported to Joseph by his lender on Form 1098-E) $1,010 $8,150 $4,000 (as reported on his W-2) It is now time for Joseph to complete his tax return. Joseph is single and is 26 years old. What is Joseph's filing status and standard deduction amount for the tax year? (Round answers to 0 decimal place, e.g. 5275.) Joseph's filing status is v and standard deduction amount is $ e Textbook and Media Assistance Used e Textbook Which of the following income items, and what amount, are reported on Joseph's Form 1040 tax return? (Round answers to O decimal place, e.g. 5275.) Inclusion/Exclusion Amount 1. Wages. $ 2. Employer-provided tuition assistance. $ 3. Scholarship $ 4. Student loan proceeds. > $ e Textbook and Media What education tax credits is Joseph eligible to claim? (Round answers to 0 decimal place, e.g. 5275.) Joseph is eligible to claim e Textbook and Media For each of the following expenses, indicate whether Joseph can claim a deduction and, if so, the amount of the deduction. (Round answers to 0 decimal place, e.g. 5275.) Deduction Amount of Deduction 1. Student loan interest paid. $ 2 Books. $ 3. Rent. $ Calculate Joseph's tax liability using Form 1040. Be sure to account for federal income taxes withheld. (Round answers to 2 decimal places, e.g. 52.75.) Joseph's tax liability is $ e Textbook and Media

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