fully you are finding that your wedded bliss outweighs the tax penalty! If you have any questions or would
like further explanation, please do not hesitate to call me.
Your friend,
Trevor Malcolm
For Whittenburg and Gill, CPAs
Group 4 – Comprehensive Problems
1A. See page 1-5 and 1-6.
1B. See page 1-7 and 1-9.
2A. See pages 1-10 and 1-11.
2B. See pages 1-12 and 1-13.
Group 5 – Cumulative Software Problem
The solution to the Cumulative Software Problem is posted on the website for the textbook at
www.cengage.com/login.
1-4 Chapter 1 – The Individual Income Tax Return
Comprehensive Problem 1A
August 18, 2020
DO NOT FILE
DRAFT AS OF
DRAFT AS OF
Form
1040 2020
U.S. Individual Income Tax Return
Department of the Treasury—Internal Revenue Service (99)
OMB No. 1545-0074 IRS Use Only—Do not write or staple in this space.
Filing Status
Check only
one box.
Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW)
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 Spouse’s social security number
Home address (number and street). If you have a P.O. box, see instructions. Apt. no.
City, town, or post office. If you have a foreign address, also complete spaces below. State ZIP code
Foreign country name Foreign province/state/county Foreign postal 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
your tax or refund.
You Spouse
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Yes No
Standard
Deduction
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
Age/Blindness You: Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 Is blind
Dependents (see instructions):
If more
than four
dependents,
see instructions
and check
here ?
(2) Social security
number
(3) Relationship
to you
(4) ? if qualifies for (see instructions):
(1) First name Last name Child tax credit Credit for other dependents
1 Wages, salaries, tips, etc. Attach Form(s) W-2 . . . . . . . . . . . . . . . . 1
Attach
Sch. B if
required.
2a Tax-exempt interest . . . 2a
b Taxable interest . . . . .
2b
3a Qualified dividends . . . 3a
b Ordinary dividends . . . . .
3b
4a IRA distributions . . . . 4a b Taxable amount . . . . . . 4b
5a Pensions and annuities . . 5a b Taxable amount . . . . . . 5b
6a Social security benefits . . 6a b Taxable amount . . . . . . 6b
7 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . .
?
7
8 Other income from Schedule 1, line 9 . . . . . . . . . . . . . . . . . . . 8
9 Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income . . . . . . . . .
?
9
10 Adjustments to income:
a From Schedule 1, line 22 . . . . . . . . . . . . . . 10a
b Charitable contributions if you take the standard deduction. See instructions 10b
c Add lines 10a and 10b. These are your total adjustments to income . . . . . . . .
?
10c
11 Subtract line 10c from line 9. This is your adjusted gross income . . . . . . . . .
?
11
12 Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . .
Standard
Deduction for—
• Single or
Married filing
separately,
$12,400
• Married filing
jointly or
Qualifying
widow(er),
$24,800
• Head of
household,
$18,650
• If you checked
any box under
Standard
Deduction,
see instructions.
12
13 Qualified business income deduction. Attach Form 8995 or Form 8995-A . . . . . . . . 13
14 Add lines 12 and 13 . . . . . . . . . . . . . . . . . . . . . . . . 14
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 )
Solutions for Questions and Problems – Chapter 1 1-5