- What is the amount shown on Schedule 1 Form 1040 line 22?
- What is their Adjusted Gross Income?
- Please state the amount of each of the following:
- Standard Deduction: _______________
- Itemized Deduction: _______________
- Do they use the Standard Deduction or Itemized Deduction?
- What is their taxable income?
- What is the amount of tax on line 12a Form 1040?
Ethan and Zoe Wilson are married and have one child, Kimberly. Ethan is putting together some figures so that he can prepare the Wilson's joint 2019 income tax return. So far, he's been able to determine the following with regard to income and possible deductions: Description Amount Income? Possible No tax Deduction? significance (NTS) 1,155 $ 1,155 Total unreimbursed medical expenses incurred Gross Wages and commissions earned by Ethan Roth IRA Contribution 50,770 50,770 5,000 5,000 15,200 Mortgage Interest paid Capital gains realized on assets help less than 12 months 15,200 1,450 1450 52,315 52315 Gross Wages earned by Zoe Interest paid on credit cards Dividend and interest income earned 380 380 610 610 Sales taxes paid 2,470 2470 Charitable contributions made 2,200 2200 Capital loss realized 3475 3,475 570 570 Interest paid on a car loan Alimony paid by Ethan to his first wife 6.000 6000 2,750 2750 Social Security taxes paid Property Taxes paid 2,700 2700 State Income taxes paid 3200 3,200 1,540 Interest paid on student loans 1540 151,785 105,145 16,015 30,0625 Ethan and Zoe Wilson are married and have one child, Kimberly. Ethan is putting together some figures so that he can prepare the Wilson's joint 2019 income tax return. So far, he's been able to determine the following with regard to income and possible deductions: Description Amount Income? Possible No tax Deduction? significance (NTS) 1,155 $ 1,155 Total unreimbursed medical expenses incurred Gross Wages and commissions earned by Ethan Roth IRA Contribution 50,770 50,770 5,000 5,000 15,200 Mortgage Interest paid Capital gains realized on assets help less than 12 months 15,200 1,450 1450 52,315 52315 Gross Wages earned by Zoe Interest paid on credit cards Dividend and interest income earned 380 380 610 610 Sales taxes paid 2,470 2470 Charitable contributions made 2,200 2200 Capital loss realized 3475 3,475 570 570 Interest paid on a car loan Alimony paid by Ethan to his first wife 6.000 6000 2,750 2750 Social Security taxes paid Property Taxes paid 2,700 2700 State Income taxes paid 3200 3,200 1,540 Interest paid on student loans 1540 151,785 105,145 16,015 30,0625