Required Information

Comprehensive Problem $4-57(LO4-1,LO4-2,LO4-3)(Algo)$

$[The$ following information applies $to$ the questions displayed below.$]$

Demarco and Janine Jackson have been married for $20$ years and have four children who qualify $as$ their dependents

$(Damarcus,$ Jasmine. Michael, and Candice$).$ The Jacksons file a joint tax return. The couple received salary income $of$

year. They initially purchased the home $of$ $$16\mathrm{.}500$ from $an$ investment $in$ a partnership. and they sold their home this

qualified for the exclusion from the sale $of$ a principal residence. The Jacksons incur $it$ for $$282,500.$ The gain $on$ the sale

and they had $$4,000$ withheld from their paychecks for federal taxes. They are also aled $$17,800of$ itemized deductions.

each $of$ their children. However, because Candice was $18$ years $of$ age $at$ year end, the Jacksons may claim a child tax

credit for other qualifying dependents for Candice. $(Use$ the tax rate schedules.$)$

Comprehensive Problem $4-57$ Part $b(Algo)$

Complete page $1,$ page $2,$ and Schedule $1of$ the Jacksons' Form $1040(use$ the most recent form available$).$

Demarco and Janine Jackson's address $is19010N.W.135th$ Street, Miami, $FL33054.$

Social security numbers:

Demarco: $123-45-6789$ Janine: $234-56-7890$

Demarco: $123-45-67-67-8901$ Daughter: Jasmine : $456-78-9012$

Son: Damarcus: $345-67$: Daughter: Candice:

Son:

Enter any non$-$financlal Information, $(e.g.$ Names, Addresses, soelal security numbers$)$ EXACTLY $as$ they appear and the order $In$

whleh they appear $In$ any given Informatlon $or$ Problem Statement. Input all the values $as$ positlve numbers. Use $2024$ tax laws

and $2023$ tax form. $Do$ not round your Intermedlate calculations. Round final answers $to$ the nearest whole dollar amount. Neither

Demarco nor Janine wish $to$ contribute $to$ the Presidentlal Electlon Campalgn fund $or$ had any virtual currency transactlons $or$

Interests.

Complete Form $1040,$ page $1,$ page $2,$ and Schedule $1.$

$1040PG1$

Form $1040$ Page $1$ and $2.$