Jacob and Julissa Smith have hired you to complete their 2020 Form 1040. They file married jointly and live on 400 Bizzell Street College Station, TX 77843. Both of their Social Security Numbers are 123-45-6789. They have a 12 year old son, Nathan, whose Social Security Number is 987-65-4321 and qualifies for the child tax credit. Jacob has taxable wages of $50,000 and Julissa has taxable wages of $50,000. Jacob has income tax withholding of $4,500 from his wages and Julissa has $4,500 of income tax withholding from her wages. They have interest income from their checking account of $3,250 and dividend income from their brokerage account of $4,000 (none of the dividends are qualified). Their itemized deductions include $12,000 of property taxes paid, $2,000 of sales tax paid, $5,000 of mortgage interest (all of which is deductible) and charitable contributions of $2,000. fill the 1040 with given information

 

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Department of the Treasury Internal Revenue Service (99) 1040 Individual Income Tax Return U.S. 2020 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is a child but not your dependent ► one box. Your first name and middle initial Last name Your social security number Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign postal code your lax or refund. You Spouse No At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes You as a dependent Your spouse as a dependent Standard Someone can claim: Deduction Spouse itemizes on a separate retum or you were a dual-status alien If joint return, spouse's first name and middle initial Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. Foreign country name Age/Blindness You: Were bom before January 2, 1956 Dependents (see instructions): (1) First name If more than four dependents, see instructions and check here ► Attach Sch. Bif required. Standard Deduction for- Singa ar Merle filling separately. $12,400 D 9 Marted filing 10 jointly or Qualifying widowiar), $24,800 Head of household, $18,650 11 2 If you checked 12 ary box under Standard Deduction, see instructions. Last name: 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest. 3a Qualified dividends 4a 5a 6a 7 8 Last name a b IRA distributions. Pensions and annuities I L State Foreign province/atate/county Are blind Spouse: (2) Social security number 2a b Taxable interest 3a b Ordinary dividends 4a b Taxable amount. 5a b Taxable amount b Taxable amount Social security benefits 6a Capital gain or (loss). Attach Schedule D if required. If not required, check here Other income from Schedule 1, line 9.**** ... Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income: ZIP code Apt. no. Was born before January 2, 1956 (3) Relationship to you From Schedule 1, line 22 10a Charitable contributions if you take the standard deduction. See instructions 10b с Add lines 10a and 10b. These are your total adjustments to income Subtract line 10c from line 9. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A Add lines 12 and 13. 14 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Is blind (4)✔ if qualifies for (see instructions): Child tax credit Credit for other dependents. L ☐ □ Cal. No. 113200 ▶ 1 2b 3b 4b 5b 6b 7 8 9 10c 11 12 13 14 15 Form 1040 (2020) Department of the Treasury Internal Revenue Service (99) 1040 Individual Income Tax Return U.S. 2020 OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is a child but not your dependent ► one box. Your first name and middle initial Last name Your social security number Spouse's social security number Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign postal code your lax or refund. You Spouse No At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes You as a dependent Your spouse as a dependent Standard Someone can claim: Deduction Spouse itemizes on a separate retum or you were a dual-status alien If joint return, spouse's first name and middle initial Home address (number and street). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. Foreign country name Age/Blindness You: Were bom before January 2, 1956 Dependents (see instructions): (1) First name If more than four dependents, see instructions and check here ► Attach Sch. Bif required. Standard Deduction for- Singa ar Merle filling separately. $12,400 D 9 Marted filing 10 jointly or Qualifying widowiar), $24,800 Head of household, $18,650 11 2 If you checked 12 ary box under Standard Deduction, see instructions. Last name: 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest. 3a Qualified dividends 4a 5a 6a 7 8 Last name a b IRA distributions. Pensions and annuities I L State Foreign province/atate/county Are blind Spouse: (2) Social security number 2a b Taxable interest 3a b Ordinary dividends 4a b Taxable amount. 5a b Taxable amount b Taxable amount Social security benefits 6a Capital gain or (loss). Attach Schedule D if required. If not required, check here Other income from Schedule 1, line 9.**** ... Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income: ZIP code Apt. no. Was born before January 2, 1956 (3) Relationship to you From Schedule 1, line 22 10a Charitable contributions if you take the standard deduction. See instructions 10b с Add lines 10a and 10b. These are your total adjustments to income Subtract line 10c from line 9. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A Add lines 12 and 13. 14 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Is blind (4)✔ if qualifies for (see instructions): Child tax credit Credit for other dependents. L ☐ □ Cal. No. 113200 ▶ 1 2b 3b 4b 5b 6b 7 8 9 10c 11 12 13 14 15 Form 1040 (2020)

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Certainly Heres the completed Form 1040 for Jacob and Julissa Smith based on the given information D... View the full answer