Marc and Mikkel are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules for 2022) Complete Schedule 1 of Form 1040 for Marc and Mikkel.
Marc and Mikkel are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules for 2022) Complete Schedule 1 of Form 1040 for Marc and Mikkel.
Chapter22: S Corporations
Section: Chapter Questions
Problem 9DQ
Related questions
Question
Marc and Mikkel are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules for 2022)
Complete Schedule 1 of Form 1040 for Marc and Mikkel.
Transcribed Image Text:SCHEDULE 1
(Form 1040)
Department of the Treasury
Internal Revenue Service
Name(s) shown on Form 1040, 1040-SR, or 1040-NR
Additional Income and Adjustments to Income
Attach to Form 1040, 1040-SR, or 1040-NR.
Go to www.irs.gov/Form 1040 for instructions and the latest information.
Part I Additional Income
1 Taxable refunds, credits, or offsets of state and local income taxes
2a Alimony received
b
Net operating loss
Date of original divorce or separation agreement (see instructions):
Business income or (loss). Attach Schedule C
3
4
Other gains or (losses). Attach Form 4797
5
Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E
6 Farm income or (loss). Attach Schedule F
7
Unemployment compensation.
8 Other income:
a
b
Gambling
c Cancellation of debt
d Foreign earned income exclusion from Form 2555
e
Income from Form 8853
f Income from Form 8889
g Alaska Permanent Fund dividends
h Jury duty pay
i Prizes and awards
j Activity not engaged in for profit income
k Stock options.
1 Income from the rental of personal property if you engaged in the rental
for profit but were not in the business of renting such property
m Olympic and Paralympic medals and USOC prize money (see
instructions)
n Section 951(a) inclusion (see instructions)
o Section 951A(a) inclusion (see instructions)
p
Section 461(1) excess business loss adjustment
q Taxable distributions from an ABLE account (see instructions)
r Scholarship and fellowship grants not reported on Form W-2
s Nontaxable amount of Medicaid waiver payments included on Form
1040, line 1a or 1d
t Pension or annuity from a nonqualifed deferred compensation plan or
a nongovernmental section 457 plan
u Wages earned while incarcerated
z Other income. List type and amount:
8a
8b
8c
8d
8e
8f
8g
8h
8i
8j
8k
81
8m
8n
80
8p
8q
8r
8s (
8t
8u
8z
Attachment
Sequence No. 01
Your social security number
9 Total other income. Add lines 8a through 8z
10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8
For Paperwork Reduction Act Notice, see your tax return instructions.
Cat. No. 71479F
1
2a
OMB No. 1545-0074
2022
3
4
5
6
7
9
10
Schedule 1 (Form 1040) 2022
Transcribed Image Text:Schedule 1 (Form 1040) 2022
Part II Adjustments to Income
11 Educator expenses
12
Certain business expenses of reservists, performing artists, and fee-basis government
officials. Attach Form 2106
13
Health savings account deduction. Attach Form 8889
14 Moving expenses for members of the Armed Forces. Attach Form 3903
15 Deductible part of self-employment tax. Attach Schedule SE
16
Self-employed SEP, SIMPLE, and qualified plans
Self-employed health insurance deduction
17
18
19a
b Recipient's SSN
c Date of original divorce or separation agreement (see instructions):
20 IRA deduction .
22222
21
Penalty on early withdrawal of savings
Alimony paid
Student loan interest deduction
Reserved for future use
23 Archer MSA deduction
24 Other adjustments:
a Jury duty pay (see instructions)
b
Deductible expenses related to income reported on line 81 from the
rental of personal property engaged in for profit
c
Nontaxable amount of the value of Olympic and Paralympic medals
and USOC prize money reported on line 8m.
d Reforestation amortization and expenses.
e
Repayment of supplemental unemployment benefits under the Trade
Act of 1974.
f
Contributions to section 501(c)(18) (D) pension plans
g Contributions by certain chaplains to section 403(b) plans
h
25
26
Attorney fees and court costs for actions involving certain unlawful
discrimination claims (see instructions).
i Attorney fees and court costs you paid in connection with an award
from the IRS for information you provided that helped the IRS detect
tax law violations
j Housing deduction from Form 2555
k Excess deductions of section 67(e) expenses from Schedule K-1 (Form
1041) .
z
Other adjustments. List type and amount:
24a
24b
24c
24d
24e
24f
24g
24h
24i
24j
24k
24z
Total other adjustments. Add lines 24a through 24z
Add lines 11 through 23 and 25. These are your adjustments to income. Enter here and on
Form 1040 or 1040-SR, line 10, or Form 1040-NR, line 10a
11
12
13
14
15
16
17
18
19a
20
21
22
23
25
Page 2
26
Schedule 1 (Form 1040) 2022
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning