Comprehensive Problem 8-65 (LO 8-1, LO 8-2, LO 6-3) (Static) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172.900 (which consists only of salary) for purposes of this problem. December 31, 2020 To the friendly student tax preparer: Hi, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more Information from me in order to complete my tax return. I'm an open book! i'll tell you whatever I think you need to know. I had to move this year after getting my job at Roca Cola. I moved on February 3 of this year , and I worked my job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost us $65 (I love Super 8!). Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in Interest on my old student loans this year. Since Roca Coca (my employer) never started a retirement plan. I decided I should probably start saving for my golden years. I contributed $3,000 to what the bank referred to as a regular IRA (or was it a REM?). Oh yeah. I also did a little Investing this year. I bought a limited partnership Interest in Duds Ltd. for $10,000. I thought it was going to be a real winner, but this year they took a bath. My portion of the loss was $8,000. Well, at least I did not actually do any work for Duds, and I get the tax deduction-right? That should be all the information you need right now. Comprehensive Problem 6-65 Part 6-1 [MUST MANUALLY GRADE) (Static) b-1. Complete page 1 of Form 1040 (through line 8b). Download the Tax Form and enter the required values in the appropriate fields. Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2020 tax rules regardless of year on the form.) 2019 Department of the Treasury-Internal Revenue Service 1991 OMB No. 1545-0074 IRS Use Only-De not write or staple in this space Filing Status Single Married filing jointly Married ting separately (MES Head of household (HOH! Qualitying widower) (OM Check only you checked the MFS box, enter the name at spouse. If you checked the HOH or GW box, enter the child's name if the qualifying person is one box a child but not your dependent. Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address number and street. you have a P.O. box see instructions. Apt. no. Presidential Election Campaign Check here you, or your spouse if ring antly, want $3 to go to this tund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Checking a box below will not change your tax or refund You Spouse Foreign country name Foreign province/state county Foreign postal code If more than four dependents. see instructions and / here Standard Someone can claim You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual status alien Age/Blindness You Were bom before January 2, 1956 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions): (2) Social Security number (3) Relationship to you (4) f qualities for see instructions (1) First name Last name Child tax credit Credit for other dependents 1 2b 3b 45 4d Bb 7a 1 Wages, salaries, tips, etc. Attach Formis) W-2 2a Tax-exempt interest 2a b Taxable interest. Attach Sch. Bit required 3a 3a Qualified dividends Standard b Ordinary dividends. Attach Sch. Bit required Deduction for 4a IRA distributions 4a b Taxable amount Single or Married Pensions and annuities 40 d Taxable amount fng suparately. $12.200 5a Social security benefits Sa b Taxable amount Married in 6 jointly or Quilling Capital gain or loss. Attach Schedule D if required. If not required, check here widowie 7a $24.400 Other income from Schedule 1. line 9 Head of b Add lines 1.2b, 35, 46, 4, 5, 6, and 7a. This is your total income household, Ba $18.350 Adjustments to income from Schedule 1, line 22 you checked b Subtractine Ba from line 7b. This is your adjusted gross income any box under 9 Standard 9 Standard deduction or itemized deductions from Schedule A) Deco 10 Qualified business income deduction. Attach Form 8995 or Form 1995-A 10 Se instructions 11a Add lines 9 and 10. b Taxable income. Subtract line 11a from ine Bb. If zero or less, enter -0 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cal. No. 113200 7b Ba 8b 11a 11b Form 1040 2019 Page 2 A V Form 1040 (2019 12a Tax (see inst.) Check if any from Forms 1 8814 2 4972 3 12a b Add Schedule 2 Ine 3, and line 12a and enter the total 12b 13a Child tax creditor credit for other dependents 13a b Add Schedule 3. ine 7, and line 13a and enter the total 13b 14 Subtract line 13b from ine 120. If zero or loss, enter- 14 15 Other taxes, including self-employment tax, from Schedule 2 line 10 15 16 Add lines 14 and 15. This is your total tax 16 17 Federal income tax withheld from Forms W-2 and 1099 17 . If you have a 18 Other payments and refundable credits: quaying chia, a Eamed Income credit (EIC) 18a attach Sch. Eid If you have b Additional child tax credit. Attach Schedule 8812 18b nonte combatay, 18c c American opportunity credit from Form 8862, line 8 instructions. d Schedule 3, line 14 Add lines 18a through 18d. These are your total other payments and refundable credits 18e 19 Add lines 17 and 180. These are your total payments 19 Refund 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amo you overpaid 20 21a Amount of line 20 you want refunded to you. If Form 8888 is attached. check here 21a Direct deposit? b Routing number Type: Checking Saving Se instruction d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 Amount 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see Instructions 23 You Owe 24 Estimated tax penalty (see instructions) 24 Third Party Do you want to allow another person (other than your paid preparer) to discuss this retum with the IRS? See Instructions. Yes. Complete below. Designee No Other than Designee's Phone Personal identification paid prepare name na. number (PIN) Sign Under penalties of perjury, I declare that I have examined this rutum and accompanying schedule and statements, and to the best of my knowledge and beat they are true correct, and completa. Declaration of prepare other than tapia based on all information of which preparehas any knowledge Here Your signature Date Your occupation If the IRS sent you an identity Protection PIN, enter it here Joint retum? see inst.) See instructions Spouse's signature. If a joint retum, both must sign. Date Spouse's occupation If the IRS sont your spouse an Keep a copy for Identity Protection PIN, enter it here your records (seest.) Phone na Email address Preparer's name Preparer's signature Date PTIN Check it: Paid Bard Party Designer Preparer Firm's name Phone no Self-employed Use Only Firm's address Firm's EIN Go to www.irs.goForm 1040 for instructions and the latest information Form 1040 2010 Comprehensive Problem 8-65 (LO 8-1, LO 8-2, LO 6-3) (Static) [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax situation. Assume that gross income is $172.900 (which consists only of salary) for purposes of this problem. December 31, 2020 To the friendly student tax preparer: Hi, It's Shady Slim again. I just got back from my 55th birthday party, and I'm told that you need some more Information from me in order to complete my tax return. I'm an open book! i'll tell you whatever I think you need to know. I had to move this year after getting my job at Roca Cola. I moved on February 3 of this year , and I worked my job at Roca Cola for the rest of the year. I still live in the same state, but I moved 500 miles away from my old house. I hired a moving company to move my stuff at a cost of $2,300, and I drove in my car. I got a hotel room along the way that cost us $65 (I love Super 8!). Can you believe I'm still paying off my student loans, even after 15 years? I paid a total of $900 in Interest on my old student loans this year. Since Roca Coca (my employer) never started a retirement plan. I decided I should probably start saving for my golden years. I contributed $3,000 to what the bank referred to as a regular IRA (or was it a REM?). Oh yeah. I also did a little Investing this year. I bought a limited partnership Interest in Duds Ltd. for $10,000. I thought it was going to be a real winner, but this year they took a bath. My portion of the loss was $8,000. Well, at least I did not actually do any work for Duds, and I get the tax deduction-right? That should be all the information you need right now. Comprehensive Problem 6-65 Part 6-1 [MUST MANUALLY GRADE) (Static) b-1. Complete page 1 of Form 1040 (through line 8b). Download the Tax Form and enter the required values in the appropriate fields. Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." (Use 2020 tax rules regardless of year on the form.) 2019 Department of the Treasury-Internal Revenue Service 1991 OMB No. 1545-0074 IRS Use Only-De not write or staple in this space Filing Status Single Married filing jointly Married ting separately (MES Head of household (HOH! Qualitying widower) (OM Check only you checked the MFS box, enter the name at spouse. If you checked the HOH or GW box, enter the child's name if the qualifying person is one box a child but not your dependent. Your first name and middle initial Last name Your social security number If joint return, spouse's first name and middle initial Last name Spouse's social security number Home address number and street. you have a P.O. box see instructions. Apt. no. Presidential Election Campaign Check here you, or your spouse if ring antly, want $3 to go to this tund. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Checking a box below will not change your tax or refund You Spouse Foreign country name Foreign province/state county Foreign postal code If more than four dependents. see instructions and / here Standard Someone can claim You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual status alien Age/Blindness You Were bom before January 2, 1956 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions): (2) Social Security number (3) Relationship to you (4) f qualities for see instructions (1) First name Last name Child tax credit Credit for other dependents 1 2b 3b 45 4d Bb 7a 1 Wages, salaries, tips, etc. Attach Formis) W-2 2a Tax-exempt interest 2a b Taxable interest. Attach Sch. Bit required 3a 3a Qualified dividends Standard b Ordinary dividends. Attach Sch. Bit required Deduction for 4a IRA distributions 4a b Taxable amount Single or Married Pensions and annuities 40 d Taxable amount fng suparately. $12.200 5a Social security benefits Sa b Taxable amount Married in 6 jointly or Quilling Capital gain or loss. Attach Schedule D if required. If not required, check here widowie 7a $24.400 Other income from Schedule 1. line 9 Head of b Add lines 1.2b, 35, 46, 4, 5, 6, and 7a. This is your total income household, Ba $18.350 Adjustments to income from Schedule 1, line 22 you checked b Subtractine Ba from line 7b. This is your adjusted gross income any box under 9 Standard 9 Standard deduction or itemized deductions from Schedule A) Deco 10 Qualified business income deduction. Attach Form 8995 or Form 1995-A 10 Se instructions 11a Add lines 9 and 10. b Taxable income. Subtract line 11a from ine Bb. If zero or less, enter -0 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cal. No. 113200 7b Ba 8b 11a 11b Form 1040 2019 Page 2 A V Form 1040 (2019 12a Tax (see inst.) Check if any from Forms 1 8814 2 4972 3 12a b Add Schedule 2 Ine 3, and line 12a and enter the total 12b 13a Child tax creditor credit for other dependents 13a b Add Schedule 3. ine 7, and line 13a and enter the total 13b 14 Subtract line 13b from ine 120. If zero or loss, enter- 14 15 Other taxes, including self-employment tax, from Schedule 2 line 10 15 16 Add lines 14 and 15. This is your total tax 16 17 Federal income tax withheld from Forms W-2 and 1099 17 . If you have a 18 Other payments and refundable credits: quaying chia, a Eamed Income credit (EIC) 18a attach Sch. Eid If you have b Additional child tax credit. Attach Schedule 8812 18b nonte combatay, 18c c American opportunity credit from Form 8862, line 8 instructions. d Schedule 3, line 14 Add lines 18a through 18d. These are your total other payments and refundable credits 18e 19 Add lines 17 and 180. These are your total payments 19 Refund 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amo you overpaid 20 21a Amount of line 20 you want refunded to you. If Form 8888 is attached. check here 21a Direct deposit? b Routing number Type: Checking Saving Se instruction d Account number 22 Amount of line 20 you want applied to your 2020 estimated tax 22 Amount 23 Amount you owe. Subtract line 19 from line 16. For details on how to pay, see Instructions 23 You Owe 24 Estimated tax penalty (see instructions) 24 Third Party Do you want to allow another person (other than your paid preparer) to discuss this retum with the IRS? See Instructions. Yes. Complete below. Designee No Other than Designee's Phone Personal identification paid prepare name na. number (PIN) Sign Under penalties of perjury, I declare that I have examined this rutum and accompanying schedule and statements, and to the best of my knowledge and beat they are true correct, and completa. Declaration of prepare other than tapia based on all information of which preparehas any knowledge Here Your signature Date Your occupation If the IRS sent you an identity Protection PIN, enter it here Joint retum? see inst.) See instructions Spouse's signature. If a joint retum, both must sign. Date Spouse's occupation If the IRS sont your spouse an Keep a copy for Identity Protection PIN, enter it here your records (seest.) Phone na Email address Preparer's name Preparer's signature Date PTIN Check it: Paid Bard Party Designer Preparer Firm's name Phone no Self-employed Use Only Firm's address Firm's EIN Go to www.irs.goForm 1040 for instructions and the latest information Form 1040 2010