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 carry forward                                                                                             9,000

 

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SCHEDULE 8812 (Form 1040 or 1040-SR) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return 2 3 4 7 Part I All Filers Caution: If you file Form 2555, stop here; you cannot claim the additional child tax credit. 1 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 8 1040-SR filers: 1040-NR filers: 10 Additional Child Tax Credit ►Attach to Form 1040, 1040-SR, or 1040-NR. ►Go to www.irs.gov/Schedule8812 for instructions and the latest 11 12 5 Enter the smaller of line 3 or line 4 6a Earned income (see instructions) b information. Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents Worksheet (see the instructions for Forms 1040 and 1040-SR, line 13a). 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: Enter the result. If zero, stop here; you cannot claim this credit. 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). Nontaxable combat pay (see instructions). Is the amount on line 6a more than $2,500? No. Leave line 7 blank and enter -0- on line 8. 1040 and 1040-SR filers: TIP: The number of children you use for this line is the same as the number of children you used for line I of the Child Tax Credit and Credit for Other Dependents Worksheet. 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? Part II Certain Filers Who Have Three or More Qualifying Children 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 6b Enter the total of the amounts from Schedule 1 (Form 1040 or 1040-SR). 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 1040-SR), line 8. 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. 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 1040 and 1040-SR filers: 1040-NR filers: Subtract line 12 from line 11. If zero or less, enter -- 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. Enter the total of the amounts from Form 1040 or 1040-SR, line 18a, and Schedule 3 (Form 1040 or 1040-SR), line 11. Enter the amount from Form 1040-NR, line 67. Enter the larger of line 8 or line 13 Next, enter the smaller of line 5 or line 14 on line 15. Part II Additional Child Tax Credit 15 This is your additional child tax credit 1040 1040-SR 1040-NR 6a For Paperwork Reduction Act Notice, see your tax return instructions. 8812 Cat. No. 59761M 10 OMB No. 1545-0074 2019 Attachment Sequence No. 47 Your social security number 11 12 $1,400. 1040 1040-SR 1040-NR 1 2 3 4 13 14 15 Enter the amount on Form 1040, line 18h Form 1040-SR, line 18 or Form 1040-NR, line 64 Schedule 8812 (Form 1040 or 1040-SR) 2019 SCHEDULE 8812 (Form 1040 or 1040-SR) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return 2 3 4 7 Part I All Filers Caution: If you file Form 2555, stop here; you cannot claim the additional child tax credit. 1 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 8 1040-SR filers: 1040-NR filers: 10 Additional Child Tax Credit ►Attach to Form 1040, 1040-SR, or 1040-NR. ►Go to www.irs.gov/Schedule8812 for instructions and the latest 11 12 5 Enter the smaller of line 3 or line 4 6a Earned income (see instructions) b information. Enter the amount from line 8 of your Child Tax Credit and Credit for Other Dependents Worksheet (see the instructions for Forms 1040 and 1040-SR, line 13a). 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: Enter the result. If zero, stop here; you cannot claim this credit. 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). Nontaxable combat pay (see instructions). Is the amount on line 6a more than $2,500? No. Leave line 7 blank and enter -0- on line 8. 1040 and 1040-SR filers: TIP: The number of children you use for this line is the same as the number of children you used for line I of the Child Tax Credit and Credit for Other Dependents Worksheet. 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? Part II Certain Filers Who Have Three or More Qualifying Children 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 6b Enter the total of the amounts from Schedule 1 (Form 1040 or 1040-SR). 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 1040-SR), line 8. 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. 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 1040 and 1040-SR filers: 1040-NR filers: Subtract line 12 from line 11. If zero or less, enter -- 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. Enter the total of the amounts from Form 1040 or 1040-SR, line 18a, and Schedule 3 (Form 1040 or 1040-SR), line 11. Enter the amount from Form 1040-NR, line 67. Enter the larger of line 8 or line 13 Next, enter the smaller of line 5 or line 14 on line 15. Part II Additional Child Tax Credit 15 This is your additional child tax credit 1040 1040-SR 1040-NR 6a For Paperwork Reduction Act Notice, see your tax return instructions. 8812 Cat. No. 59761M 10 OMB No. 1545-0074 2019 Attachment Sequence No. 47 Your social security number 11 12 $1,400. 1040 1040-SR 1040-NR 1 2 3 4 13 14 15 Enter the amount on Form 1040, line 18h Form 1040-SR, line 18 or Form 1040-NR, line 64 Schedule 8812 (Form 1040 or 1040-SR) 2019

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