TAX ASSIGMENT
Fill out a 1040 tax form on the following link: www.irs.gov/pub/irs-pdf/f1040.pdf .
You can find additional instructions at the bottom of this page. Instructions will also be given in class. After filling out the form, click on the button on the toolbar of the form (not the browser toolbar) to save the assignment. NOTE: If you are using a Mac computer, open the form in Adobe Reader, NOT Preview. Preview will not save what you typed in. You will end up submitting a blank form. Submit the assignment through Canvas attaching the form as a pdf file. Do not put anything on line 50 and 64a for this assignment even if they qualify for those items. Do NOT use your own information for the tax form. Use the following information:
Family: Parents – James and Leslie Hancock, Children – Spencer (age 9), Amy (age 5), their status is married filing jointly
Income: James – $39,479, Leslie – $21,041, Interest – $306
IRA: James had an IRA deduction of $3,000 and Leslie had one for $3,500 – total of $6,500
Deductions: They did NOT itemize their deductions; they used the standard deduction of $11,900.
Tax (line 44): $3,214
Child Tax Credit (line 51): $1000 for each child, total of $2,000
Federal Income Tax Withheld (from W-2): James – $973, Leslie – $486