Question

John and Sarah 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. John contributed $2,500 to an individual retirement account, and John paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2005). John and Sarah have a 10-year-old son, Michael, who lived with them throughout the entire year. Thus, John and Sarah are allowed to claim a $2,000 child tax credit for Michael. John and Sarah paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the year.

Need to know if I filled this out correctly. I think I did but double-check
Ur. lui Tantum TOMB NO. 1545-0074 IRS Use Only-Do not write or staple in this space. Filing Status Single Married filing jointly Married filing separately (MFS) Head of household (HOH) Qualifying widow(er) (QW) Check only If you checked the MFS box, enter the name of spouse. If you checked the HOH or QW box, enter the child's name if the qualifying person is one box a child but not your dependent. Your first name and middle initial Last name Your social security number Marc If joint retum, spouse's first name and middle initial Last name Spouse's social security number Michelle Home address (number and street). If you have a P.O. box, see instructions. Apt. no. Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. City, town post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Checking a box below will not change your tax or refund. You Spouse Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You Were born before January 2, 1955 Are blind Spouse: Was born before January 2, 1955 Is blind Dependents (see instructions): (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 Matthew Son v 1 76000 500 2b 3b 4b 4d 5b 6 7a 1 Wages, salaries, tips, etc. Attach Form(s) W-2 . 2a Tax-exempt interest. 2a 350 b Taxable interest. Attach Sch. B if required За Qualified dividends. 3a b Ordinary dividends. Attach Sch. B if required Standard Deduction for 4a IRA distributions. 4a b Taxable amount Single or Married с Pensions and annuities 4c d Taxable amount d filing separately, $12,200 5a Social security benefits. 5a b Taxable amount • Married filing 6 jointly or Qualifying Capital gain or loss). Attach Schedule D if required. If not required, check here widow(er). 7a Other income from Schedule 1, line 9 $24,400 • Head of b Add lines 1, 2, 3, 4b, 40, 56, 6, and 7a. This is your total income household, $18,350 8а Adjustments to income from Schedule 1, line 22 • If you checked b . Subtract line 8a from line 7b. This is your adjusted gross income any box under 9 Standard Standard deduction or itemized deductions (from Schedule A) 9 24400 Deduction, 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A 10 see instructions. 11a Add lines 9 and 10 b Taxable income. Subtract line 11a from line 8b. If zero or less, enter-O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B 7b 8a 76500 4000 72500 8b 11a 11b 48100 Form 1040 (2019)

Answer 1

Verification of Form 1040(2019)

I have checked and Completely verified your Form 1040(2019) with double checked and i have found some mistakes

• You have wrongly calculated tax Liability $5,377 instead of $5,384 (which has been highlighted below)
• Accordingly your amount of refund also incorrect (Highlighted Below)

Apart from above everything is perfect.

Computation of Tax Payable (Refund) of John and Sarah for the year 2019

Particulars	Amount in $	Computation
(1) Gross income	76,500	$64,000 salary + $12,000 salary + $500 corporate bond interest Interest received from municipal bonds of $350 shall not be taxable
(2) For AGI deductions	4,000	$2,500 individual retirement account + $1,500 alimony paid
(3) Adjusted gross income	72,500	(1) – (2)
(4) Standard deduction	24,400	For 2019,Standard deduction. Married filing jointly or qualifying widow(er) $24,400
(5) Itemized deductions	6,000
(6) Greater of standard deductions or itemized deductions	24,400	(4) > (5)
(7) Taxable income	48,100	(3) - (6)
(8) Income tax liability	5,384	$1,940 plus 12% of the excess over $19,400 =$1,940+12%(48,100-19,400)
(9) Child Tax Credit	2,000	Child credit for 10-year old son Michael
(10) Withholding Tax	3,500	Total of $3,500 in federal income taxes withheld from their paychecks during the year.
(11)Tax Payable (Refund)	(116)	(8) - (9) - (10)

Note

1. Tax Rate for 2019 Year

Married Filing Jointly Taxable income Tax Due $ to $ 19,400 10% of Taxable income $ 19,401 to $ 78,950 $ 1,940 plus 12% of the amount over $ 19,400 $ 78,951 to $168,400 $ 9,086 plus 22% of the amount over $78,950 $ 168,401 to $321,450 $ 28,765 plus 24% of the amount over $168,400 $321,451 to $408,200 $ 65,497 plus 32% of the amount over $321,450 $ 408,201 to $612,350 $ 93,257 plus 35% of the amount over $408,200 $612,351 and higher $164,710 phıs 37% of the amount over $612,350