2)required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for...

70.2K

Verified Solution

Question

Accounting

2)requiredinformation

[The followinginformation applies to the questions displayed below.]

Demarco and Janine Jackson have been married for 20 years and havefour children who qualify as their dependents (Damarcus, Janine,Michael, and Candice). The couple received salary income of$187,000, qualified business income of $20,500 from an investmentin a partnership, and they sold their home this year. Theyinitially purchased the home three years ago for $252,500 and theysold it for $302,500. The gain on the sale qualified for theexclusion from the sale of a principal residence. The Jacksonsincurred $18,600 of itemized deductions, and they had $4,600withheld from their paychecks for federal taxes. They are alsoallowed to claim a child tax credit for each of their children.However, because Candice is 18 years of age, the Jacksons may claima child tax credit for other qualifying dependents for Candice.(Use the tax rate schedules.)

Download theTax Form and enter the required values in the appropriate fields.Complete the first two pages of the Jackson's Form 1040 ( use themost recent from available).

m
1040 Department of the Treasury—Internal Revenue Service (99) U.S.Individual Income Tax Return 2017 OMB No. 1545-0074 IRS Use Only—Donot write or staple in this space. For the year Jan. 1–Dec. 31,2017, or other tax year beginning , 2017, ending , 20 See separateinstructions. Your first name and initial Last name Your socialsecurity number
If a joint return, spouse’s first name and initial Last nameSpouse’s social security number
? Make sure the SSN(s) above and on line 6c are correct.
Home address (number and street). If you have a P.O. box, seeinstructions. Apt. no.
City, town or post office, state, and ZIP code. If you have aforeign address, also complete spaces below (seeinstructions).
Foreign countryname                                       Foreignprovince/state/county                       Foreign postal code  
Presidential Election Campaign Check here if you, or your spouse iffiling jointly, want $3 to go to this fund. Checking a box belowwill not change your tax or refund. You Spouse
Filing Status
Check only one box.
1 Single 2 Married filing jointly (even if only one had income) 3Married filing separately. Enter spouse’s SSN above and full namehere. ?
4 Head of household (with qualifying person). (See instructions.)If the qualifying person is a child but not your dependent, enterthis child’s name here. ? 5 Qualifying widow(er) (see instructions)Exemptions 6a Yourself. If someone can claim you as a dependent, donot check box 6a . . . . . b Spouse . . . . . . . . . . . . . . . .. . . . . . . . } c Dependents: (1) Firstname                        Last name (2) Dependent’s social security number (3) Dependent’srelationship to you (4) ? if child under age 17 qualifying forchild tax credit (see instructions)
If more than four dependents, see instructions and check here?
d Total number of exemptions claimed . . . . . . . . . . . . . . .. .
Boxes checked on 6a and 6b No. of children on 6c who: • lived withyou • did not live with you due to divorce or separation (seeinstructions) Dependents on 6c not entered above Add numbers onlines above ?
Income
Attach Form(s) W-2 here. Also attach Forms W-2G and  1099-R if tax was withheld.
If you did not get a W-2,   see instructions.
7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . .. . . 7 8a Taxable interest. Attach Schedule B if required . . . .. . . . . . . . 8a b Tax-exempt interest. Do not include on line 8a. . . 8b 9 a Ordinary dividends. Attach Schedule B if required . .. . . . . . . . . 9a b Qualified dividends . . . . . . . . . . . 9b10 Taxable refunds, credits, or offsets of state and local incometaxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . .. . . . . . . . 11 12 Business income or (loss). Attach Schedule Cor C-EZ . . . . . . . . . . 12 13 Capital gain or (loss). AttachSchedule D if required. If not required, check here ? 13 14 Othergains or (losses). Attach Form 4797 . . . . . . . . . . . . . . 1415 a IRA distributions . 15a b Taxable amount . . . 15b 16 aPensions and annuities 16a b Taxable amount . . . 16b 17 Rentalreal estate, royalties, partnerships, S corporations, trusts, etc.Attach Schedule E 17 18 Farm income or (loss). Attach Schedule F .. . . . . . . . . . . . . 18 19 Unemployment compensation . . . . .. . . . . . . . . . . . 19 20 a Social security benefits 20a bTaxable amount . . . 20b 21 Other income. List type and amount 2122 Combine the amounts in the far right column for lines 7 through21. This is your total income ? 22
Adjusted Gross Income
23 Educator expenses . . . . . . . . . . . 23 24 Certain businessexpenses of reservists, performing artists, and fee-basisgovernment officials. Attach Form 2106 or 2106-EZ 24 25 Healthsavings account deduction. Attach Form 8889 . 25 26 Movingexpenses. Attach Form 3903 . . . . . . 26 27 Deductible part ofself-employment tax. Attach Schedule SE . 27 28 Self-employed SEP,SIMPLE, and qualified plans . . 28 29 Self-employed healthinsurance deduction . . . . 29 30 Penalty on early withdrawal ofsavings . . . . . . 30 31 a Alimony paid b Recipient’s SSN ? 31a 32IRA deduction . . . . . . . . . . . . . 32 33 Student loan interestdeduction . . . . . . . . 33 34 Tuition and fees. Attach Form 8917. . . . . . 34 35 Domestic production activities deduction. AttachForm 8903 35 36 Add lines 23 through 35 . . . . . . . . . . . . . .. . . . . 36 37 Subtract line 36 from line 22. This is youradjusted gross income . . . . . ? 37 For Disclosure, Privacy Act,and Paperwork Reduction Act Notice, see separate instructions. Cat.No. 11320B Form 1040 (2017)

COUSE FEDERAL TAXPROCEDURE

Answer & Explanation Solved by verified expert
3.9 Ratings (727 Votes)
Form 1040 Department of the TreasuryInternal Revenue Service 99 2017 US Individual Income Tax Return OMB No 15450074 IRS Use OnlyDo not write or staple in this space For the year Jan 1Dec 31 2017 or other tax year beginning 2017 ending See separate instructions Your first name and initial Last name Your social security number Demarco Jackson If joint return spouses name initial Last name Spouses social security number Janine Home address number and street If you have a PO box see instructions Apt no Make sure the SSNs above and on line 6c are correct 1610 Quince avenue City town or post office state and ZIP code If you have a foreign address also complete spaces below see instructions Presidential Election Campaign Mc allen TX 78701 Check here if you or your spouse if filing jointly want 3 to go to this fund Checking a box below will not change your tax or Foreign country name Foreign provincestatecounty Foreign postal code refund You Spouse Filing Status 1 Single 4 Head of household with qualifying person See instructions 2 x Married filing joint return even if only one had income If the qualifying person is a child but not your dependent enter Check only one 3 Married filing separate return Enter    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

2)requiredinformation[The followinginformation applies to the questions displayed below.]Demarco and Janine Jackson have been married for 20 years and havefour children who qualify as their dependents (Damarcus, Janine,Michael, and Candice). The couple received salary income of$187,000, qualified business income of $20,500 from an investmentin a partnership, and they sold their home this year. Theyinitially purchased the home three years ago for $252,500 and theysold it for $302,500. The gain on the sale qualified for theexclusion from the sale of a principal residence. The Jacksonsincurred $18,600 of itemized deductions, and they had $4,600withheld from their paychecks for federal taxes. They are alsoallowed to claim a child tax credit for each of their children.However, because Candice is 18 years of age, the Jacksons may claima child tax credit for other qualifying dependents for Candice.(Use the tax rate schedules.)Download theTax Form and enter the required values in the appropriate fields.Complete the first two pages of the Jackson's Form 1040 ( use themost recent from available).m1040 Department of the Treasury—Internal Revenue Service (99) U.S.Individual Income Tax Return 2017 OMB No. 1545-0074 IRS Use Only—Donot write or staple in this space. For the year Jan. 1–Dec. 31,2017, or other tax year beginning , 2017, ending , 20 See separateinstructions. Your first name and initial Last name Your socialsecurity numberIf a joint return, spouse’s first name and initial Last nameSpouse’s social security number? Make sure the SSN(s) above and on line 6c are correct.Home address (number and street). If you have a P.O. box, seeinstructions. Apt. no.City, town or post office, state, and ZIP code. If you have aforeign address, also complete spaces below (seeinstructions).Foreign countryname                                       Foreignprovince/state/county                       Foreign postal code  Presidential Election Campaign Check here if you, or your spouse iffiling jointly, want $3 to go to this fund. Checking a box belowwill not change your tax or refund. You SpouseFiling StatusCheck only one box.1 Single 2 Married filing jointly (even if only one had income) 3Married filing separately. Enter spouse’s SSN above and full namehere. ?4 Head of household (with qualifying person). (See instructions.)If the qualifying person is a child but not your dependent, enterthis child’s name here. ? 5 Qualifying widow(er) (see instructions)Exemptions 6a Yourself. If someone can claim you as a dependent, donot check box 6a . . . . . b Spouse . . . . . . . . . . . . . . . .. . . . . . . . } c Dependents: (1) Firstname                        Last name (2) Dependent’s social security number (3) Dependent’srelationship to you (4) ? if child under age 17 qualifying forchild tax credit (see instructions)If more than four dependents, see instructions and check here?d Total number of exemptions claimed . . . . . . . . . . . . . . .. .Boxes checked on 6a and 6b No. of children on 6c who: • lived withyou • did not live with you due to divorce or separation (seeinstructions) Dependents on 6c not entered above Add numbers onlines above ?IncomeAttach Form(s) W-2 here. Also attach Forms W-2G and  1099-R if tax was withheld.If you did not get a W-2,   see instructions.7 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . .. . . 7 8a Taxable interest. Attach Schedule B if required . . . .. . . . . . . . 8a b Tax-exempt interest. Do not include on line 8a. . . 8b 9 a Ordinary dividends. Attach Schedule B if required . .. . . . . . . . . 9a b Qualified dividends . . . . . . . . . . . 9b10 Taxable refunds, credits, or offsets of state and local incometaxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . .. . . . . . . . 11 12 Business income or (loss). Attach Schedule Cor C-EZ . . . . . . . . . . 12 13 Capital gain or (loss). AttachSchedule D if required. If not required, check here ? 13 14 Othergains or (losses). Attach Form 4797 . . . . . . . . . . . . . . 1415 a IRA distributions . 15a b Taxable amount . . . 15b 16 aPensions and annuities 16a b Taxable amount . . . 16b 17 Rentalreal estate, royalties, partnerships, S corporations, trusts, etc.Attach Schedule E 17 18 Farm income or (loss). Attach Schedule F .. . . . . . . . . . . . . 18 19 Unemployment compensation . . . . .. . . . . . . . . . . . 19 20 a Social security benefits 20a bTaxable amount . . . 20b 21 Other income. List type and amount 2122 Combine the amounts in the far right column for lines 7 through21. This is your total income ? 22Adjusted Gross Income23 Educator expenses . . . . . . . . . . . 23 24 Certain businessexpenses of reservists, performing artists, and fee-basisgovernment officials. Attach Form 2106 or 2106-EZ 24 25 Healthsavings account deduction. Attach Form 8889 . 25 26 Movingexpenses. Attach Form 3903 . . . . . . 26 27 Deductible part ofself-employment tax. Attach Schedule SE . 27 28 Self-employed SEP,SIMPLE, and qualified plans . . 28 29 Self-employed healthinsurance deduction . . . . 29 30 Penalty on early withdrawal ofsavings . . . . . . 30 31 a Alimony paid b Recipient’s SSN ? 31a 32IRA deduction . . . . . . . . . . . . . 32 33 Student loan interestdeduction . . . . . . . . 33 34 Tuition and fees. Attach Form 8917. . . . . . 34 35 Domestic production activities deduction. AttachForm 8903 35 36 Add lines 23 through 35 . . . . . . . . . . . . . .. . . . . 36 37 Subtract line 36 from line 22. This is youradjusted gross income . . . . . ? 37 For Disclosure, Privacy Act,and Paperwork Reduction Act Notice, see separate instructions. Cat.No. 11320B Form 1040 (2017)COUSE FEDERAL TAXPROCEDURE

Other questions asked by students