Case: 

Edward (SSN: 123-456-001) and Anne (SSN: 123-456-002) Roberts, both are age 38. They are married, and they file a joint tax return. They have two children, Pete (SSN: 123-456-701) and Jack (SSN: 123-456-901), ages 16 and 12. Edward and Anne have the following items of income: They have a combined $150,000 of wages. They have interest from a city of Chicago bond for $4,000. They have interest from a US Treasury Bond of $5,000. They received a gift from Anne's mother of a new automobile, which has a fair market value of $15,000. They received a refund of $5,000 from the State of North Carolina for state and local income taxes they had overpaid in a prior year, and they have previously deducted state and local income taxes on a prior year tax return; and they have a short-term capital loss of $10,000 from the sale of stock (proceeds $10,000, adjusted basis $20,000), and this particular stock does not qualify for special treatment under Section 1244. They also incurred the following expenses during the year. They have contributions of $3,500 each to Edward and Anne's traditional IRAs, so that's $7,000 in total, and neither Edward nor Anne is covered by a qualified retirement plan at work. They have qualified medical expenses of $15,000, which were not reimbursed by insurance or any other party. They have personal credit card interest expense of $3,000, charitable contributions of $6,000. They have a speeding violation ticket they paid that was $300. They have mortgage interest on their principal residence of $10,000. The mortgage debt itself is $300,000, and they pay property taxes on their principal residence of $6,000, and they paid income taxes to the State of North Carolina totaling $8,000.

 

Instructions: 

Fill out the 2021 Individual Income Tax Return Form 1040, including Schedule 1, A, B, D. Please just provide correct line #'s/letters with line items. 

 

Tax Forms:

Form 1040 Schedule 1: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/f1040.pdf Form 1040 Schedule A: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/f1040sa.pdf Form 1040 Schedule B: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/f1040sb.pdf Form 1040 Schedule D: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/f1040sd.pdf

Answer rating: 100% (QA)

Form 1040 Line 1 Wages salaries tips etc 150000 Line 2a Taxable interest 9000 4000 5000 Line 2b Taxexempt interest None Line 3a Qualified dividends None Line 3b Ordinary dividends None Line 4a IRA dis... View the full answer