1. Complete pages 1 and 2 of Form 1040 for Marc and Michelle.

2. Complete Schedule 1 of Form 1040 for Marc and Michelle. (use the most recent form available).

Form 1040: Not sure if correct?Schedule 1: Not sure how to do this

Transcribed Image Text:

Description Marc's Salary Michelle's Salary Interest from municipal bonds Interest from corporate bonds Total realized income from all sources Less: Nontaxable municipal bond interest Gross Income Less: Deductions for AGI: Contribution to individual retirement account Alimony paid to prior spouse Adjusted Gross Income Standard deduction for married filing jointly Itemized deductions Greater of standard deduction or itemized deductions Taxable Income Income tax liability Amount $64,000 $12,000 $350 $500 $76,850 -$350 $76,500 d. Marc and Michelle's taxable income = $48,100 -$2,500 -$1,500 $72,500 $24,400 $6,000 $24,400 $48,100 (Adjusted gross income - greater of standard deduction and itemized deductions) $5,384 ($48,100 - 19,400) * 12% + $19,400 *10% Less: Child tax credit Less: Tax withholding Tax Refund a. Marc and Michelle's gross income = $76,500 b. Marc and Michelle's adjusted gross income = $72,500 -$2,000 -$3,500 -$116 c. The total amount of Marc and Michelle's deductions from AGI = $24,400 e. Marc and Michelle's refund due for the year = $116 202040-TAX-4001-01Z-4 X ← → C Ⓒ File Connect X 2018 Form 1040 $1040 Filing status: Single Your first name and initial Marc /home/chronos/u-8b8ce9aeafdf32f5e57a63e00decbb4172a7e738/MyFiles/Downloads/f1040.pdf Spouse standard deduction: Spouse is blind Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return 2018 Your standard deduction: Someone can claim you as a dependent If joint return, spouse's first name and initial Last name Michelle Sign Here Joint return? See instructions. Keep a copy for your records. Paid Preparer Use Only X 2018 Schedule 1 (Form X C Get Homework Help With X Married filing jointly Married filing separately Head of household Head of household Last name Home address (number and street). If you have a P.O. box, see instructions. Dependents (see instructions): (1) First name Matthew Someone can claim your spouse as a dependent Spouse itemizes on a separate return or you were dual-status alien City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. Last name Preparer's name O Spouse's signature. If a joint return, both must sign. Date You were born before January 2, 1954 Spouse was born before January 2, 1954 (2) Social security number Preparer's signature OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Qualifying widow(er) son (3) Relationship to you Firm's name ▶ Firm's address ► For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Spouse's occupation PTIN Phone no. You are blind Apt. no. 0 Under penalties of perjury, I declare that I have examined this return 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. Your signature Date Your occupation P Cat. No. 11320B ✓ Your social security number ■ ☐ G Marc and Michelle are m X Spouse's social security number (4) ✓if qualifies for (see inst.): Child tax credit Credit for other dependents Full-year health care coverage or exempt (see inst.) Presidential Election Campaign (see inst.) You Spouse If more than four dependents, see inst. and ✔ here ► If the IRS sent you an Identity Protection PIN, enter it here (see inst.)▬▬▬ If the IRS sent you an Identity Protection PIN, enter it here (see inst.) Firm's EIN Check if: 3rd Party Designee Self-employed Form 1040 (2018) + h @x : 10:16 202040-TAX-4001-01Z-4 X ← → C Ⓒ File Connect Form 1040 (2018) Attach Form(s) W-2. Also attach X /home/chronos/u-8b8ce9aeafdf32f5e57a63e00decbb4172a7e738/MyFiles/Downloads/f1040.pdf Form(s) W-2G and 1099-R if tax was withheld. Standard Deduction for- 8 9 10 • Married filing jointly or Qualifying 11 Single or married. filing separately. $12,000 widow(er), $24,000 • Head of household, $18,000 If you checked any box under Standard deduction, see instructions. Refund 1 2a 3a 4a 5a 6 7 Direct deposit? See instructions. 12 13 14 15 16 17 2018 Form 1040 18 19 Tax-exempt interest. Qualified dividends X Wages, salaries, tips, etc. Attach Form(s) W-2.... 2a 2018 Schedule 1 (Form X C Get Homework Help With X 3a IRAS, pensions, and annuities 4a Social security benefits 5a Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see instructions) Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter -0- (check if any from: 1 a Tax (see inst.) b Add any amount from Schedule 2 and check here yonca a Child tax credit/credit for other dependents Subtract line 12 from line 11. If zero or less, enter -0- Other taxes. Attach Schedule 4. Total tax. Add lines 13 and 14 Routing number Routing number Account number 350 Federal income tax withheld from Forms W-2 and 1099 e credite a EIC (see inst.) Add any amount from Schedule 5 Add lines 16 and 17. These are your total payments O Form(s) 8814 2 Form 4972 3 b Taxable interest b Ordinary dividends b Taxable amount b Taxable amount 2000 b Add any amount from Schedule 3 and check here ► 0 b Sch. 8812 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid Amount of line 19 you want refunded to you. If Form 8888 is attached, check here ▸c Type: Checking 20a ▶b ► d 21 Amount of line 19 you want applied to your 2019 estimated tax Amount You Owe 22 21 Amount you owe. Subtract line 18 from line 15. For details on how to pay, see instructions 23 Estimated tax penalty (see instructions) Go to www.irs.gov/Form1040 for instructions and the latest information. 23 c Form 8863 P ■ Savings 1 2b 3b 4b 5b 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20a 22 G Marc and Michelle are m X 76000 500 76500 72500 24400 Page 2 48100 2000 2000 3500 3500 1500 1500 Form 1040 (2018) + h @x : 10:16 202040-TAX-4001-01Z-4 X Connect SCHEDULE 1 (Form 1040) ← → C Ⓒ File /home/chronos/u-8b8ce9aeafdf32f5e57a63e00decbb4172a7e738/MyFiles/Downloads/f1040s1.pdf Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 Additional 1-9b 10 Income 11 12 13 2 14 2018 Form 1040 17 M 18 19 20a 21 22 Adjustments 23 to Income 24 25 26 15a You w 16a Toa 27 28 29 20 30 23 33 34 35 36 X Additional Income and Adjustments to Income ►Attach to Form 1040. ►Go to www.irs.gov/Form1040 for instructions and the latest information. 2018 Schedule 1 (Form X C Get Homework Help Wit! x Reserved Taxable refunds, credits, or offsets of state and local income taxes Alimony received Business income or (loss). Attach Schedule C or C-EZ Capital gain or (loss). Attach Schedule D if required. If not required, check here O Other gains or (losses). Attach Form 4797 Reserved Reserved heserv Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F. Unemployment compensation Reserved CH Ouer income. Other income. List type and amount ▶ Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and include on Form 1040, line 6. Otherwise, go to line 23 Educator expenses........... 23 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings. 31a Alimony paid b Recipient's SSN ► IBA ded 00 32 IRA deduction Student loan interest deduction Reserved Reserved C Add lines 23 through 35 For Paperwork Reduction Act Notice, see your tax return instructions. 24 25 26 27 20 28 29 30 210 31a 20 32 33 34 35 Cat. No. 71479F 1500 OMB No. 1545-0074 2018 Attachment Sequence No. 01 Your social security number 1-9b 10 11 12 13 14 15b 16b 17 18 19 20b 21 22 G Marc and Michelle are m X 36 Schedule 1 (Form 1040) 2018 + 2 h @x : 10:17 Description Marc's Salary Michelle's Salary Interest from municipal bonds Interest from corporate bonds Total realized income from all sources Less: Nontaxable municipal bond interest Gross Income Less: Deductions for AGI: Contribution to individual retirement account Alimony paid to prior spouse Adjusted Gross Income Standard deduction for married filing jointly Itemized deductions Greater of standard deduction or itemized deductions Taxable Income Income tax liability Amount $64,000 $12,000 $350 $500 $76,850 -$350 $76,500 d. Marc and Michelle's taxable income = $48,100 -$2,500 -$1,500 $72,500 $24,400 $6,000 $24,400 $48,100 (Adjusted gross income - greater of standard deduction and itemized deductions) $5,384 ($48,100 - 19,400) * 12% + $19,400 *10% Less: Child tax credit Less: Tax withholding Tax Refund a. Marc and Michelle's gross income = $76,500 b. Marc and Michelle's adjusted gross income = $72,500 -$2,000 -$3,500 -$116 c. The total amount of Marc and Michelle's deductions from AGI = $24,400 e. Marc and Michelle's refund due for the year = $116 202040-TAX-4001-01Z-4 X ← → C Ⓒ File Connect X 2018 Form 1040 $1040 Filing status: Single Your first name and initial Marc /home/chronos/u-8b8ce9aeafdf32f5e57a63e00decbb4172a7e738/MyFiles/Downloads/f1040.pdf Spouse standard deduction: Spouse is blind Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return 2018 Your standard deduction: Someone can claim you as a dependent If joint return, spouse's first name and initial Last name Michelle Sign Here Joint return? See instructions. Keep a copy for your records. Paid Preparer Use Only X 2018 Schedule 1 (Form X C Get Homework Help With X Married filing jointly Married filing separately Head of household Head of household Last name Home address (number and street). If you have a P.O. box, see instructions. Dependents (see instructions): (1) First name Matthew Someone can claim your spouse as a dependent Spouse itemizes on a separate return or you were dual-status alien City, town or post office, state, and ZIP code. If you have a foreign address, attach Schedule 6. Last name Preparer's name O Spouse's signature. If a joint return, both must sign. Date You were born before January 2, 1954 Spouse was born before January 2, 1954 (2) Social security number Preparer's signature OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Qualifying widow(er) son (3) Relationship to you Firm's name ▶ Firm's address ► For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Spouse's occupation PTIN Phone no. You are blind Apt. no. 0 Under penalties of perjury, I declare that I have examined this return 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. Your signature Date Your occupation P Cat. No. 11320B ✓ Your social security number ■ ☐ G Marc and Michelle are m X Spouse's social security number (4) ✓if qualifies for (see inst.): Child tax credit Credit for other dependents Full-year health care coverage or exempt (see inst.) Presidential Election Campaign (see inst.) You Spouse If more than four dependents, see inst. and ✔ here ► If the IRS sent you an Identity Protection PIN, enter it here (see inst.)▬▬▬ If the IRS sent you an Identity Protection PIN, enter it here (see inst.) Firm's EIN Check if: 3rd Party Designee Self-employed Form 1040 (2018) + h @x : 10:16 202040-TAX-4001-01Z-4 X ← → C Ⓒ File Connect Form 1040 (2018) Attach Form(s) W-2. Also attach X /home/chronos/u-8b8ce9aeafdf32f5e57a63e00decbb4172a7e738/MyFiles/Downloads/f1040.pdf Form(s) W-2G and 1099-R if tax was withheld. Standard Deduction for- 8 9 10 • Married filing jointly or Qualifying 11 Single or married. filing separately. $12,000 widow(er), $24,000 • Head of household, $18,000 If you checked any box under Standard deduction, see instructions. Refund 1 2a 3a 4a 5a 6 7 Direct deposit? See instructions. 12 13 14 15 16 17 2018 Form 1040 18 19 Tax-exempt interest. Qualified dividends X Wages, salaries, tips, etc. Attach Form(s) W-2.... 2a 2018 Schedule 1 (Form X C Get Homework Help With X 3a IRAS, pensions, and annuities 4a Social security benefits 5a Total income. Add lines 1 through 5. Add any amount from Schedule 1, line 22 Adjusted gross income. If you have no adjustments to income, enter the amount from line 6; otherwise, subtract Schedule 1, line 36, from line 6 Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction (see instructions) Taxable income. Subtract lines 8 and 9 from line 7. If zero or less, enter -0- (check if any from: 1 a Tax (see inst.) b Add any amount from Schedule 2 and check here yonca a Child tax credit/credit for other dependents Subtract line 12 from line 11. If zero or less, enter -0- Other taxes. Attach Schedule 4. Total tax. Add lines 13 and 14 Routing number Routing number Account number 350 Federal income tax withheld from Forms W-2 and 1099 e credite a EIC (see inst.) Add any amount from Schedule 5 Add lines 16 and 17. These are your total payments O Form(s) 8814 2 Form 4972 3 b Taxable interest b Ordinary dividends b Taxable amount b Taxable amount 2000 b Add any amount from Schedule 3 and check here ► 0 b Sch. 8812 If line 18 is more than line 15, subtract line 15 from line 18. This is the amount you overpaid Amount of line 19 you want refunded to you. If Form 8888 is attached, check here ▸c Type: Checking 20a ▶b ► d 21 Amount of line 19 you want applied to your 2019 estimated tax Amount You Owe 22 21 Amount you owe. Subtract line 18 from line 15. For details on how to pay, see instructions 23 Estimated tax penalty (see instructions) Go to www.irs.gov/Form1040 for instructions and the latest information. 23 c Form 8863 P ■ Savings 1 2b 3b 4b 5b 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20a 22 G Marc and Michelle are m X 76000 500 76500 72500 24400 Page 2 48100 2000 2000 3500 3500 1500 1500 Form 1040 (2018) + h @x : 10:16 202040-TAX-4001-01Z-4 X Connect SCHEDULE 1 (Form 1040) ← → C Ⓒ File /home/chronos/u-8b8ce9aeafdf32f5e57a63e00decbb4172a7e738/MyFiles/Downloads/f1040s1.pdf Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040 Additional 1-9b 10 Income 11 12 13 2 14 2018 Form 1040 17 M 18 19 20a 21 22 Adjustments 23 to Income 24 25 26 15a You w 16a Toa 27 28 29 20 30 23 33 34 35 36 X Additional Income and Adjustments to Income ►Attach to Form 1040. ►Go to www.irs.gov/Form1040 for instructions and the latest information. 2018 Schedule 1 (Form X C Get Homework Help Wit! x Reserved Taxable refunds, credits, or offsets of state and local income taxes Alimony received Business income or (loss). Attach Schedule C or C-EZ Capital gain or (loss). Attach Schedule D if required. If not required, check here O Other gains or (losses). Attach Form 4797 Reserved Reserved heserv Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F. Unemployment compensation Reserved CH Ouer income. Other income. List type and amount ▶ Combine the amounts in the far right column. If you don't have any adjustments to income, enter here and include on Form 1040, line 6. Otherwise, go to line 23 Educator expenses........... 23 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 Health savings account deduction. Attach Form 8889 Moving expenses for members of the Armed Forces. Attach Form 3903 Deductible part of self-employment tax. Attach Schedule SE Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings. 31a Alimony paid b Recipient's SSN ► IBA ded 00 32 IRA deduction Student loan interest deduction Reserved Reserved C Add lines 23 through 35 For Paperwork Reduction Act Notice, see your tax return instructions. 24 25 26 27 20 28 29 30 210 31a 20 32 33 34 35 Cat. No. 71479F 1500 OMB No. 1545-0074 2018 Attachment Sequence No. 01 Your social security number 1-9b 10 11 12 13 14 15b 16b 17 18 19 20b 21 22 G Marc and Michelle are m X 36 Schedule 1 (Form 1040) 2018 + 2 h @x : 10:17

Answer rating: 100% (QA)

a Marc and Michelles Gross Income Description Amount Amount Marcs salary 64000 Michelles Salary 1200... View the full answer