Question

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine Jr., Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions, and they had $3,050withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice is 18 years of age, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.)

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

Demarco and Janine Jackson's address is 19010 N.W. 135th Street, Miami, FL 33054.

Social security numbers:

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

Son: Damarcus: 345-67-8901     Daughter: Janine Jr : 456-78-9012

Son: Michael : 567-89-0123       Daughter: Candice: 678-90-1234

Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as they appear and the order in which they appear in any given information or Problem Statement. Input all the values as positive numbers. Use 2020 tax laws and 2019 tax form. Do not round your intermediate calculations. Round final answers to the nearest whole dollar amount. Neither Demarco nor Janine wish to contribute to the Presidential Election Campaign fund.

Answer 1

Answer :