Question: Please help with form 1040 Pg 1 through line 15 thank you!! Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is

Please help with form 1040 Pg 1 through line 15 thank you!!

Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessies craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzies college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married-joint. Assume that the employer portion of the self-employment tax on Jessies income is $849. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:

Income:
Joes salary $ 130,900
Jessies craft sales 18,580
Interest from certificate of deposit 1,830
Interest from Treasury bond funds 752
Interest from municipal bond funds 956
Expenditures:
Federal income tax withheld from Joes wages $ 13,700
State income tax withheld from Joes wages 6,760
Social Security tax withheld from Joes wages 7,554
Real estate taxes on residence 6,560
Automobile licenses (based on weight) 346
State sales tax paid 1,330
Home mortgage interest 17,800
Interest on Masterdebt credit card 2,660
Medical expenses (unreimbursed) 1,870
Joes employee expenses (unreimbursed) 2,760
Cost of Jessies craft supplies 6,240
Postage for mailing crafts 163
Travel and lodging for craft shows 2,410
Self-employment tax on Jessies craft income 1,698
College tuition paid for Lizzie 6,140
Interest on loans to pay Lizzies tuition 3,560
Lizzies room and board at college 12,980
Cash contributions to the Red Cross 615

Please help with form 1040 Pg 1 through line 15 thank you!!

Your spouse as a dependent Standard Deduction Someone can claim: You as a dependent Spouse itemizes on a separate return or you were a dual-status alien You: Were born before January 2, 1956 | Are blind Age/Blindness Dependents (see instructions) (2) Social security number Spouse: Was bom before January 2, 1956 Is blind (3) Relationship to you (4) Vif qualifies for see instructions) Child tax credit Credit for other dependents (1) First name Last name Lizzie 567-89-0123 Daughter If more than four dependents, see instructions and check here a O o 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 2a Tax-exempt interest 2a b Taxable interest 2b Attach Sch. B if required 3a Qualified dividends 3a 3b 4a IRA distributions 4a 4b b Ordinary dividends b b Taxable amount b b Taxable amount b Taxable amount 5a Pensions and annuities 5a 5b 6a Social security benefits 6a 6b 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Standard 8 Other income from Schedule 1, line 9 , 8 Deduction for- Single or Married 9 Add lines 1, 2, 3, 4, 5b, 6, 7, and 8. This is your total income 9 0 filing separately $12,400 Married filing 10 Adjustments to income: jointly or Qualifying a , a From Schedule 1, line 22 widow(er) 10a $24.800 b b Charitable contributions if you take the standard deduction. See instructions 10b Head of household $18,650 C Add lines 10a and 10b. These are your total adjustments to income 10c 0 . If you checked any box under 11 Subtract line 10c from line 9. This is your adjusted gross income 11 0 Standard 12 Standard deduction or itemized deductions (from Schedule A) Deduction, ) 12 see instructions 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 14 Add lines 12 and 13 14 0 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 15 0 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2020) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 MR.HE Your spouse as a dependent Standard Deduction Someone can claim: You as a dependent Spouse itemizes on a separate return or you were a dual-status alien You: Were born before January 2, 1956 | Are blind Age/Blindness Dependents (see instructions) (2) Social security number Spouse: Was bom before January 2, 1956 Is blind (3) Relationship to you (4) Vif qualifies for see instructions) Child tax credit Credit for other dependents (1) First name Last name Lizzie 567-89-0123 Daughter If more than four dependents, see instructions and check here a O o 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 2a Tax-exempt interest 2a b Taxable interest 2b Attach Sch. B if required 3a Qualified dividends 3a 3b 4a IRA distributions 4a 4b b Ordinary dividends b b Taxable amount b b Taxable amount b Taxable amount 5a Pensions and annuities 5a 5b 6a Social security benefits 6a 6b 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Standard 8 Other income from Schedule 1, line 9 , 8 Deduction for- Single or Married 9 Add lines 1, 2, 3, 4, 5b, 6, 7, and 8. This is your total income 9 0 filing separately $12,400 Married filing 10 Adjustments to income: jointly or Qualifying a , a From Schedule 1, line 22 widow(er) 10a $24.800 b b Charitable contributions if you take the standard deduction. See instructions 10b Head of household $18,650 C Add lines 10a and 10b. These are your total adjustments to income 10c 0 . If you checked any box under 11 Subtract line 10c from line 9. This is your adjusted gross income 11 0 Standard 12 Standard deduction or itemized deductions (from Schedule A) Deduction, ) 12 see instructions 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 14 Add lines 12 and 13 14 0 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 15 0 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2020) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2021 MR.HE

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