Gross Income Exclusions and Deductions for AG 4-47 CUMULATIVE PROBLEM 1 (CHAPTERS 1-4) Use the following...

  

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Gross Income Exclusions and Deductions for AG 4-47 CUMULATIVE PROBLEM 1 (CHAPTERS 1-4) Use the following information to prepare Erica Hansen's tax return. Use Form 1040, Schedule 1, Schedule 3, Schedule EIC, Schedule 8812, and Form 8880. This problem is suitable for manual preparation or computer software application. Erica L. Hansen (SSN 376-38-4930), age 42, is a single parent with three children. She resides at 19 Sunset Road, Normal, Illinois 61761. She chooses to support the Presidential campaign fund. Her household includes Randall L. Hansen, her 19-year-old son (SSN 369-62-3418), Tiffany A. Hansen, her 12-year-old daughter (SSN 396-30-6439), and Donna M. Hansen, her 14-year-old daughter (SSN 653-29-8177). Erica provides over half of the support of each child. Donna has no income of her own, but Randall earns $4.200 during the year delivering papers and mowing lawns. All children lived in the household for 12 months. Randall is a full-time student at Heartland College in Normal, Illinois. Erica works as an office manager for Universal Development Corporation. Information from her W-2, as well as other relevant information follows. Gross wages $39,500 2,449 Social security tax withheld Medicare tax withheld 573 0 Federal income tax withheld. State income tax withheld i 819. Interest received: First Federal Savings Bank $775 175 Olympic Savings-certificate of deposit cashed in State of Maryland bonds 300 Erica gets her family health care coverage through her work. Erica is a participant in an employer-sponsored retirement plan. However, she wants to make the largest possible deductible contribution to her traditional IRA. If Erica has overpaid her taxes, she prefers to receive a refund. She signs and dates her return on April 5, 2020. Retirement Savings Contributions Credit: Compute the amount of the credit using the information presented in 204.06. EIC Calculation: Look up the amount in the EIC Tables for both earned income and AGI. Additional Child Tax Credit: Enter on Schedule 8812 (line 1) $1,400 for each qualifying child. Gross Income Exclusions and Deductions for AG 4-47 CUMULATIVE PROBLEM 1 (CHAPTERS 1-4) Use the following information to prepare Erica Hansen's tax return. Use Form 1040, Schedule 1, Schedule 3, Schedule EIC, Schedule 8812, and Form 8880. This problem is suitable for manual preparation or computer software application. Erica L. Hansen (SSN 376-38-4930), age 42, is a single parent with three children. She resides at 19 Sunset Road, Normal, Illinois 61761. She chooses to support the Presidential campaign fund. Her household includes Randall L. Hansen, her 19-year-old son (SSN 369-62-3418), Tiffany A. Hansen, her 12-year-old daughter (SSN 396-30-6439), and Donna M. Hansen, her 14-year-old daughter (SSN 653-29-8177). Erica provides over half of the support of each child. Donna has no income of her own, but Randall earns $4.200 during the year delivering papers and mowing lawns. All children lived in the household for 12 months. Randall is a full-time student at Heartland College in Normal, Illinois. Erica works as an office manager for Universal Development Corporation. Information from her W-2, as well as other relevant information follows. Gross wages $39,500 2,449 Social security tax withheld Medicare tax withheld 573 0 Federal income tax withheld. State income tax withheld i 819. Interest received: First Federal Savings Bank $775 175 Olympic Savings-certificate of deposit cashed in State of Maryland bonds 300 Erica gets her family health care coverage through her work. Erica is a participant in an employer-sponsored retirement plan. However, she wants to make the largest possible deductible contribution to her traditional IRA. If Erica has overpaid her taxes, she prefers to receive a refund. She signs and dates her return on April 5, 2020. Retirement Savings Contributions Credit: Compute the amount of the credit using the information presented in 204.06. EIC Calculation: Look up the amount in the EIC Tables for both earned income and AGI. Additional Child Tax Credit: Enter on Schedule 8812 (line 1) $1,400 for each qualifying child.

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