[Problem 6] [11 points). Given the following information and situations, fill in the required parts within the Form 1040. You need NOT consider other tax forms (e.g., Schedule A, Schedule B). Benjamin is single and his annual salary is $50,000. His company withholds $5,935 of Benjamin's salary for federal income taxes. Benjamin received interest of $1,000 on City of Boston bond. He sold a stock during the year and realized a loss of $5,000. The stock was acquired four years ago. Benjamin has no itemized deduction. . . Required: Enter the appropriate numbers for the following items in Form 1040. Please submit your Form 1040 along with the exam. Make sure your 1040 has numbers. Any blank form will receive zero credits. Line 1 (Wages, salaries, tips, etc.) Line 2a (Tax-exempt interes) and 2b (Taxable interes) Line 7 (Capital gain or (loss)) Line 9 (Total income) Line 11 (Adjusted gross income") Line 12a (Standard deduction or itemized deductions) Line 15 (Taxable income") Line 16 (Tax) Line 25a (Federal income tax withheld from Form W-2) Line 34 (The amount you overpaid) O . 1040 Return 2021 Department of the Treasury-Internal Revenue Service (99) OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying one box. person is 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). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. State Apt. no. Presidential Election Campaign Check here if you, or your ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign postal code your tax or refund. You Spouse Foreign country name Foreign province/state/county Yes No At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? 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 1 Age/Blindness You: Were born before January 2, 1957 Are blind Spouse: Was born before January 2, 1957 Is blind Dependents (see instructions): (2) Social security (3) Relationship (4) Vif qualifies for (see instructions): If more (1) First name Last name number to you Child tax credit Credit for other dependents than four dependents see instructions and check heren Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. Bif Qualified dividends 3a required. 3b b Ordinary dividends 4a IRA distributions. 4a b Taxable amount 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard 6a Social security benefits b Taxable amount. 6b Deduction for- 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married filing 8 Other income from Schedule 1, line 10 8 separately, 9 $12,550 9 Add lines 1, 2b, 3b, 4b, 5b, 66, 7, and 8. This is your total income Married filing 10 Adjustments to income from Schedule 1, line 26 10 jointly or Qualifying 11 Subtract line 10 from line 9. This is your adjusted gross income 11 widow(er), 12a $25,100 12a Standard deduction or itemized deductions (from Schedule A) Head of b Charitable contributions if you take the standard deduction (see instructions) 12b household, $18,800 Add lines 12a and 12b 12c If you checked 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 any box under Standard 14 Add lines 12c and 13 14 Deduction, 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 15 see instructions. For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2021) 18 18 * * * Form 1040 (2021) Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 24972 3 16 17 Amount from Schedule 2, line 3 17 Add lines 16 and 17. ... 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 19 20 Amount from Schedule 3, line 8 8 20 21 Add lines 19 and 20 ... 21 22 Subtract line 21 from line 18. If zero or less, enter -- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 21 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b c Other forms (see instructions) 25c d Add lines 25a through 25c. 25d 26 26 If you have a 2021 estimated tax payments and amount applied from 2020 return qualifying child, 27a Earned income credit (EIC). . 27a attach Sch. EIC. . Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18, to claim the EIC. See instructions b Nontaxable combat pay election 27b Prior year (2019) earned income 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Recovery rebate credit. See instructions. 30 31 Amount from Schedule 3, line 15... 31 32 Add lines 27 and 28 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 34 Refund If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 35a Direct deposit? b Routing number c Type: Checking Savings See instructions. Account number 36 Amount of line 34 you want applied to your 2022 estimated tax 36 Amount 37 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions 37 You Owe 38 Estimated tax penalty (see instructions) Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions Yes. Complete below. No Designee's Phone Personal identification no. number (PIN) Sign 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. Here Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records. (see inst.) Phone no. Email address Preparer's name Preparer's signature Date PTIN Check it: Paid Self-employed Preparer Firm's name Phone no. Use Only Firm's address Firm's EIN Go to www.irs.gov/Form 1040 for instructions and the latest information. Form 1040 (2021) > 38 name [Problem 6] [11 points). Given the following information and situations, fill in the required parts within the Form 1040. You need NOT consider other tax forms (e.g., Schedule A, Schedule B). Benjamin is single and his annual salary is $50,000. His company withholds $5,935 of Benjamin's salary for federal income taxes. Benjamin received interest of $1,000 on City of Boston bond. He sold a stock during the year and realized a loss of $5,000. The stock was acquired four years ago. Benjamin has no itemized deduction. . . Required: Enter the appropriate numbers for the following items in Form 1040. Please submit your Form 1040 along with the exam. Make sure your 1040 has numbers. Any blank form will receive zero credits. Line 1 (Wages, salaries, tips, etc.) Line 2a (Tax-exempt interes) and 2b (Taxable interes) Line 7 (Capital gain or (loss)) Line 9 (Total income) Line 11 (Adjusted gross income") Line 12a (Standard deduction or itemized deductions) Line 15 (Taxable income") Line 16 (Tax) Line 25a (Federal income tax withheld from Form W-2) Line 34 (The amount you overpaid) O . 1040 Return 2021 Department of the Treasury-Internal Revenue Service (99) OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or QW box, enter the child's name if the qualifying one box. person is 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). If you have a P.O. box, see instructions. City, town, or post office. If you have a foreign address, also complete spaces below. State Apt. no. Presidential Election Campaign Check here if you, or your ZIP code spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change Foreign postal code your tax or refund. You Spouse Foreign country name Foreign province/state/county Yes No At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? 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 1 Age/Blindness You: Were born before January 2, 1957 Are blind Spouse: Was born before January 2, 1957 Is blind Dependents (see instructions): (2) Social security (3) Relationship (4) Vif qualifies for (see instructions): If more (1) First name Last name number to you Child tax credit Credit for other dependents than four dependents see instructions and check heren Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a Tax-exempt interest 2a b Taxable interest 2b Sch. Bif Qualified dividends 3a required. 3b b Ordinary dividends 4a IRA distributions. 4a b Taxable amount 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard 6a Social security benefits b Taxable amount. 6b Deduction for- 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 Single or Married filing 8 Other income from Schedule 1, line 10 8 separately, 9 $12,550 9 Add lines 1, 2b, 3b, 4b, 5b, 66, 7, and 8. This is your total income Married filing 10 Adjustments to income from Schedule 1, line 26 10 jointly or Qualifying 11 Subtract line 10 from line 9. This is your adjusted gross income 11 widow(er), 12a $25,100 12a Standard deduction or itemized deductions (from Schedule A) Head of b Charitable contributions if you take the standard deduction (see instructions) 12b household, $18,800 Add lines 12a and 12b 12c If you checked 13 Qualified business income deduction from Form 8995 or Form 8995-A 13 any box under Standard 14 Add lines 12c and 13 14 Deduction, 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter-O- 15 see instructions. For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2021) 18 18 * * * Form 1040 (2021) Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 24972 3 16 17 Amount from Schedule 2, line 3 17 Add lines 16 and 17. ... 19 Nonrefundable child tax credit or credit for other dependents from Schedule 8812 19 20 Amount from Schedule 3, line 8 8 20 21 Add lines 19 and 20 ... 21 22 Subtract line 21 from line 18. If zero or less, enter -- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 21 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: a Form(s) W-2 25a b Form(s) 1099 25b c Other forms (see instructions) 25c d Add lines 25a through 25c. 25d 26 26 If you have a 2021 estimated tax payments and amount applied from 2020 return qualifying child, 27a Earned income credit (EIC). . 27a attach Sch. EIC. . Check here if you were born after January 1, 1998, and before January 2, 2004, and you satisfy all the other requirements for taxpayers who are at least age 18, to claim the EIC. See instructions b Nontaxable combat pay election 27b Prior year (2019) earned income 27c 28 Refundable child tax credit or additional child tax credit from Schedule 8812 28 29 American opportunity credit from Form 8863, line 8. 29 30 Recovery rebate credit. See instructions. 30 31 Amount from Schedule 3, line 15... 31 32 Add lines 27 and 28 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments 33 34 Refund If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 35a Direct deposit? b Routing number c Type: Checking Savings See instructions. Account number 36 Amount of line 34 you want applied to your 2022 estimated tax 36 Amount 37 Amount you owe. Subtract line 33 from line 24. For details on how to pay, see instructions 37 You Owe 38 Estimated tax penalty (see instructions) Third Party Do you want to allow another person to discuss this return with the IRS? See Designee instructions Yes. Complete below. No Designee's Phone Personal identification no. number (PIN) Sign 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. Here Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Joint return? (see inst.) See instructions. Spouse's signature. If a joint return, both must sign. Date Spouse's occupation If the IRS sent your spouse an Keep a copy for Identity Protection PIN, enter it here your records. (see inst.) Phone no. Email address Preparer's name Preparer's signature Date PTIN Check it: Paid Self-employed Preparer Firm's name Phone no. Use Only Firm's address Firm's EIN Go to www.irs.gov/Form 1040 for instructions and the latest information. Form 1040 (2021) > 38 name