TAX FORM/RETURN PREPARATION PROBLEMS Sally W. Emanual, a teacher, had the following dividends and interest during...
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TAX FORM/RETURN PREPARATION PROBLEMS Sally W. Emanual, a teacher, had the following dividends and interest during the current year: Acorn Corporation bond interest $ 700 City of Boston bonds interest 1,000 Camp Bank interest 1,250 Jet Corporation dividend (qualified) 1,300 North Mutual fund Capital gain distribution 100 Ordinary dividend (qualified) 150 Nontaxable distribution 200 450 250 Blue Corporation foreign dividend Additional information pertaining to Sally Emanual includes Salary $70,000 Rent income 12,000 Expenses related to rent income 14,000 Pension benefits 7,000 Taxable alimony paid to Sally 4,000 The taxable portion of the pension is $7,000. Sally actively participates in the rental activity. Other relevant information includes Address: 430 Rumsey Place, West Falls, California 92699 Occupation: Credit manager Social Security number: 123-45-6789 Marital status: Single Date of divorce: January 10, 2017 Complete Sally's Schedule 1, Schedule B and compute her taxable income on Form 1040. Assume Schedule E has already been prepared. Also assume that the couple had no trans- actions involving virtual currency, made no charitable contributions during the year, and had no foreign bank accounts or trusts. $1040 Filing Status Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return Single Married filing jointly (99) 2020 Married filing separately (MFS) Head of household (HOH) OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Qualifying widow(er) (QW) Check only one box. 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 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 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. Foreign country name Spouse's social security number Apt. no. State ZIP code Presidential Election Campaign Check here if you, or your 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. Foreign province/state/county You Spouse Standard Deduction At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Someone can claim: You as a dependent Your spouse as a dependent Spouse itemizes on a separate return or you were a dual-status alien Yes No Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Dependents (see instructions): If more (1) First name Last name (2) Social security number Was born before January 2, 1956 (3) Relationship to you Is blind Child tax credit (4) if qualifies for (see instructions): Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 Attach 2a Tax-exempt interest 2a b Taxable interest 1 2b Sch. B if Qualified dividends b Ordinary dividends 3b required. 4a IRA distributions 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount. 5b Standard 6a Social security benefits 6a b Taxable amount 6b Deduction for- 7 Single or Married filing 8 Other income from Schedule 1, line 9 . separately, 9 $12,400 Married filing 10 Capital gain or (loss). Attach Schedule D if required. If not required, check here Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income: 7 8 . 9 jointly or Qualifying widow(er), $24,800 a From Schedule 1, line 22 10a b Head of household, 11 $18,650 If you checked 12 any box under Standard 13 Deduction, 14 Charitable contributions if you take the standard deduction. See instructions Add lines 10a and 10b. These are your total adjustments to income Subtract line 10c from line 9. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction. Attach Form 8995 or Form 8995-A Add lines 12 and 13. 10b 10c 11 12 13 14 see instructions. 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2020) SCHEDULE B (Form 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Part I Interest (See instructions and the instructions for Forms 1040 and 1040-SR, line 2b.) Note: you received a Form 1099-INT, Form 1099-OID, or substitute statement from brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. Part II Ordinary Dividends (See instructions and the instructions for Forms 1040 and 1040-SR, line 3b.) Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown on that form. Part III Foreign Accounts and Trusts Caution: If required, failure to file FinCEN Form 114 may result in substantial penalties. See instructions. 1 2 3 4 Interest and Ordinary Dividends Go to www.irs.gov/ScheduleB for instructions and the latest information. Attach to Form 1040 or 1040-SR. List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that buyer's social security number and address Add the amounts on line 1. Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815. Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR, line 2b Note: If line 4 is over $1,500, you must complete Part III. 5 List name of payer 8 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b OMB No. 1545-0074 2020 Attachment Sequence No. 08 Your social security number 1 2 3 For Paperwork Reduction Act Notice, see your tax return instructions. 4 5 6 Amount Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. 7a At any time during 2020, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions... Amount If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements. b If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located During 2020, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," you may have to file Form 3520. See instructions Cat. No. 17146N Yes No Schedule B (Form 1040) 2020 SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income Attach to Form 1040, 1040-SR, or 1040-NR. Department of the Treasury Internal Revenue Service Go to www.irs.gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes. 2a Alimony received. b Date of original divorce or separation agreement (see instructions) 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797. 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F 6 7 Unemployment compensation. 8 9 Other income. List type and amount Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Part II Adjustments to Income 10 11 OMB No. 1545-0074 2020 Attachment Sequence No. 01 Your social security number Educator expenses Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 13 Moving expenses for members of the Armed Forces. Attach Form 3903. 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP, SIMPLE, and qualified plans 16 Self-employed health insurance deduction . Penalty on early withdrawal of savings 17 18a Alimony paid. b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction 20 Student loan interest deduction 21 Tuition and fees deduction. Attach Form 8917 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F 1 2a 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18a 19 20 21 22 Schedule 1 (Form 1040) 2020 TAX FORM/RETURN PREPARATION PROBLEMS Sally W. Emanual, a teacher, had the following dividends and interest during the current year: Acorn Corporation bond interest $ 700 City of Boston bonds interest 1,000 Camp Bank interest 1,250 Jet Corporation dividend (qualified) 1,300 North Mutual fund Capital gain distribution 100 Ordinary dividend (qualified) 150 Nontaxable distribution 200 450 250 Blue Corporation foreign dividend Additional information pertaining to Sally Emanual includes Salary $70,000 Rent income 12,000 Expenses related to rent income 14,000 Pension benefits 7,000 Taxable alimony paid to Sally 4,000 The taxable portion of the pension is $7,000. Sally actively participates in the rental activity. Other relevant information includes Address: 430 Rumsey Place, West Falls, California 92699 Occupation: Credit manager Social Security number: 123-45-6789 Marital status: Single Date of divorce: January 10, 2017 Complete Sally's Schedule 1, Schedule B and compute her taxable income on Form 1040. Assume Schedule E has already been prepared. Also assume that the couple had no trans- actions involving virtual currency, made no charitable contributions during the year, and had no foreign bank accounts or trusts. $1040 Filing Status Department of the Treasury-Internal Revenue Service U.S. Individual Income Tax Return Single Married filing jointly (99) 2020 Married filing separately (MFS) Head of household (HOH) OMB No. 1545-0074 IRS Use Only-Do not write or staple in this space. Qualifying widow(er) (QW) Check only one box. 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 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 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. Foreign country name Spouse's social security number Apt. no. State ZIP code Presidential Election Campaign Check here if you, or your 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. Foreign province/state/county You Spouse Standard Deduction At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Someone can claim: You as a dependent Your spouse as a dependent Spouse itemizes on a separate return or you were a dual-status alien Yes No Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Dependents (see instructions): If more (1) First name Last name (2) Social security number Was born before January 2, 1956 (3) Relationship to you Is blind Child tax credit (4) if qualifies for (see instructions): Credit for other dependents than four dependents, see instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 Attach 2a Tax-exempt interest 2a b Taxable interest 1 2b Sch. B if Qualified dividends b Ordinary dividends 3b required. 4a IRA distributions 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount. 5b Standard 6a Social security benefits 6a b Taxable amount 6b Deduction for- 7 Single or Married filing 8 Other income from Schedule 1, line 9 . separately, 9 $12,400 Married filing 10 Capital gain or (loss). Attach Schedule D if required. If not required, check here Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income Adjustments to income: 7 8 . 9 jointly or Qualifying widow(er), $24,800 a From Schedule 1, line 22 10a b Head of household, 11 $18,650 If you checked 12 any box under Standard 13 Deduction, 14 Charitable contributions if you take the standard deduction. See instructions Add lines 10a and 10b. These are your total adjustments to income Subtract line 10c from line 9. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) Qualified business income deduction. Attach Form 8995 or Form 8995-A Add lines 12 and 13. 10b 10c 11 12 13 14 see instructions. 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2020) SCHEDULE B (Form 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Part I Interest (See instructions and the instructions for Forms 1040 and 1040-SR, line 2b.) Note: you received a Form 1099-INT, Form 1099-OID, or substitute statement from brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. Part II Ordinary Dividends (See instructions and the instructions for Forms 1040 and 1040-SR, line 3b.) Note: If you received a Form 1099-DIV or substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown on that form. Part III Foreign Accounts and Trusts Caution: If required, failure to file FinCEN Form 114 may result in substantial penalties. See instructions. 1 2 3 4 Interest and Ordinary Dividends Go to www.irs.gov/ScheduleB for instructions and the latest information. Attach to Form 1040 or 1040-SR. List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see the instructions and list this interest first. Also, show that buyer's social security number and address Add the amounts on line 1. Excludable interest on series EE and I U.S. savings bonds issued after 1989. Attach Form 8815. Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR, line 2b Note: If line 4 is over $1,500, you must complete Part III. 5 List name of payer 8 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b OMB No. 1545-0074 2020 Attachment Sequence No. 08 Your social security number 1 2 3 For Paperwork Reduction Act Notice, see your tax return instructions. 4 5 6 Amount Note: If line 6 is over $1,500, you must complete Part III. You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. 7a At any time during 2020, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions... Amount If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and exceptions to those requirements. b If you are required to file FinCEN Form 114, enter the name of the foreign country where the financial account is located During 2020, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," you may have to file Form 3520. See instructions Cat. No. 17146N Yes No Schedule B (Form 1040) 2020 SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income Attach to Form 1040, 1040-SR, or 1040-NR. Department of the Treasury Internal Revenue Service Go to www.irs.gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes. 2a Alimony received. b Date of original divorce or separation agreement (see instructions) 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797. 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F 6 7 Unemployment compensation. 8 9 Other income. List type and amount Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 Part II Adjustments to Income 10 11 OMB No. 1545-0074 2020 Attachment Sequence No. 01 Your social security number Educator expenses Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 13 Moving expenses for members of the Armed Forces. Attach Form 3903. 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP, SIMPLE, and qualified plans 16 Self-employed health insurance deduction . Penalty on early withdrawal of savings 17 18a Alimony paid. b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction 20 Student loan interest deduction 21 Tuition and fees deduction. Attach Form 8917 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F 1 2a 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18a 19 20 21 22 Schedule 1 (Form 1040) 2020
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