Microsoft Word - ACCT 308 TAX RETURN#2.docx ACCOUNTING 308 TAX RETURN PROJECT #2 Janice and Richard Morgan are married and have no dependents (MFJ). Janice works as an employee from Worldwide...

janice-and-richard-morgan-f1040-4z0hta1k.pdf
Fo
rm1040 2020U.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)
Form 1040 (2020) Page 2
16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 . . 16
17 Amount from Schedule 2, line 3 . . . . . . . . . . . . . . . . . . . . 17
18 Add lines 16 and 17 . . . . . . . . . . . . . . . . . . . . . . . . 18
19 Child tax credit or credit for other dependents . . . . . . . . . . . . . . . . 19
20 Amount from Schedule 3, line 7 . . . . . . . . . . . . . . . . . . . . 20
21 Add lines 19 and 20 . . . . . . . . . . . . . . . . . . . . . . . . 21
22 Subtract line 21 from line 18. If zero or less, enter -0- . . . . . . . . . . . . . . 22
23 Other taxes, including self-employment tax, from Schedule 2, line 10 . . . . . . . . . 23
24 Add lines 22 and 23. This is your total tax . . . . . . . . . . . . . . . . ▶ 24
25 Federal income tax withheld from:
a Form(s) W-2 . . . . . . . . . . . . . . . . . . 25a
b Form(s) 1099 . . . . . . . . . . . . . . . . . . 25b
c Other forms (see instructions) . . . . . . . . . . . . . 25c
d Add lines 25a through 25c . . . . . . . . . . . . . . . . . . . . . . 25d
26 2020 estimated tax payments and amount applied from 2019 return . . . . . . . . . . 26
27 Earned income credit (EIC) . . . . . . . . . . . . . .
• If you have a
qualifying child,
attach Sch. EIC.
• If you have
nontaxable
combat pay,
see instructions.
27
28 Additional child tax credit. Attach Schedule 8812 . . . . . . . 28
29 American opportunity credit from Form 8863, line 8 . . . . . . . 29
30 Recovery rebate credit. See instructions . . . . . . . . . . 30
31 Amount from Schedule 3, line 13 . . . . . . . . . . . . 31
32 Add lines 27 through 31. These are your total other payments and refundable credits . . . ▶ 32
33 Add lines 25d, 26, and 32. These are your total payments . . . . . . . . . . . ▶ 33
Refund 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid . . 34
35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here . . . ▶ 35a
Direct deposit?
See instructions.
▶ b Routing number ▶ c Type: Checking Savings
▶ d Account number
36 Amount of line 34 you want applied to your 2021 estimated tax . . ▶ 36
Amount
You Owe
For details on
how to pay, see
instructions.
37 Subtract line 33 from line 24. This is the amount you owe now . . . . . . . . . . ▶ 37
Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for
2020. See Schedule 3, line 12e, and its instructions for details.
38 Estimated tax penalty (see instructions) . . . . . . . . . ▶ 38
Third Party
Designee
Do you want to allow another person to discuss this return with the IRS? See
instructions . . . . . . . . . . . . . . . . . . . . ▶ Yes. Complete below. No
Designee’s
name ▶
Phone
no. ▶
Personal identification
number (PIN) ▶
Sign
Here
Joint return?
See instructions.
Keep a copy for
your records.
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Your signature Date Your occupation If the IRS sent you an Identity
Protection PIN, enter it here
(see inst.) ▶
Spouse’s signature. If a joint return, both must sign. Date Spouse’s occupation If the IRS sent your spouse an
Identity Protection PIN, enter it here
(see inst.) ▶
Phone no. Email address
▲
Paid
Preparer
Use Only
Preparer’s name Preparer’s signature Date PTIN Check if:
Self-employed
Firm’s name ▶ Phone no.
Firm’s address ▶ Firm’s EIN ▶
Go to www.irs.gov/Form1040 for instructions and the latest information. Form 1040 (2020)
Version B, Cycle 8
INTERNAL USE ONLY
DRAFT AS OF
July 17, 2020
Version B, Cycle 8
INTERNAL USE ONLY
DRAFT AS OF
July 17, 2020
2020 Form 1040
SE:W:CAR:MP
U.S. Individual Income Tax Return
Form
1040
2020
2020. Cat. No. 11320B.
U.S. Individual Income Tax Return
Department of the Treasury—Internal Revenue Service
(99)
OMB No. 1545-0074
O M B No. 1545-0074. For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions.
IRS Use Only—Do not write or staple in this space.
Filing Status 
Check onlyone 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  ▶
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.
At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?
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 checkhere ▶
(2) Social securitynumber
(3) Relationshipto you
(4) ✔ if qualifies for (see instructions):
(1) First name           Last name
(2) Dependent's identifying number.
(3) Dependent’s relationship to you.
Child tax credit
(4). Check if qualifying for (see instructions). Child Tax Credit.
Credit for other dependents
(4). Check if qualifying for (see instructions). Credit for other dependents.
1
Wages, salaries, tips, etc. Attach Form(s) W-2
1
Attach
Sch. B if required.
2
a
Tax-exempt interest
2a
b  Taxable interest
2b
3
a
Qualified dividends
3a
b  Ordinary dividends
3b
4
a
IRA distributions
4a
b  Taxable amount
4b
5
a
Pensions and annuities
5a
b  Taxable amount
5b
6
a
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)
8. Enter the standard deduction; otherwise, attach Schedule A. Dollars.
Standard Deduction for—
• Single or Married filing separately,  $12,400
• Married filing  jointly or Qualifyingwidow(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)
Form 1040 (2020)
Page 2
16
Tax (see instructions). Check if any from Form(s): 
1
2
3

16
17
Amount from Schedule 2, line 3
17
18
Add lines 16 and 17
18
19
Child tax credit or credit for other dependents
19
20
Amount from Schedule 3, line 7
20
21
Add lines 19 and 20
21
22
Subtract line 21 from line 18. If zero or less, enter -0-
22
23
Other taxes, including self-employment tax, from Schedule 2, line 10
23
24
Add lines 22 and 23. This is your total tax          ▶
24
25
Federal income tax withheld from:
a
Form(s) W-2
25a
b
Form(s) 1099
25b
c
Other forms (see instructions)
25c
d
Add lines 25a through 25c
25d
26
2020 estimated tax payments and amount applied from 2019 return
26
27
Earned income credit (EIC)
• If you have a qualifying child, attach Sch. EIC.
• If you have nontaxable combat pay, see instructions.
27
28
Additional child tax credit. Attach Schedule 8812
28
29
American opportunity credit from Form 8863, line 8
29
30
Recovery rebate credit. See instructions
30
31
Amount from Schedule 3, line 13
31
32
Add lines 27 through 31. These are your total other payments and refundable credits          ▶
32
33
Add lines 25d, 26, and 32. These are your total payments          ▶
33
Refund
34
If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid
34
35
a
Amount of line 34 you want refunded to you. If Form 8888 is attached, check here          ▶
35a
Direct deposit? See instructions.
▶
b
Routing number
▶ c Type: 
▶
d
Account number
36
Amount of line 34 you want applied to your 2021 estimated tax          ▶
36
Amount
You Owe
For details on how to pay, see instructions.
37
Subtract line 33 from line 24. This is the amount you owe now           ▶
37
Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its instructions for details. 
38
Estimated tax penalty (see instructions)          ▶
38
Third Party Designee
Do you want to allow another person to discuss this return with the IRS? See instructions           ▶
Designee’sname  ▶
Phoneno.  ▶
Personal identificationnumber (PIN)  ▶
Sign Here
Joint return?
See instructions. Keep a copy for your records.
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Your signature
Date
If the IRS sent you an Identity Protection PIN, enter it here(see inst.) ▶
Spouse’s signature. If a joint return, both must sign. 
Date
If the IRS sent your spouse an Identity Protection PIN, enter it here (see inst.) ▶
▲
Paid Preparer Use Only
Preparer’s signature
Date
Check if:
Go to www.irs.gov/Form1040 for instructions and the latest information.
Form 1040 (2020) 
        c1_01: 2
        f1_01:
        f1_02: Janice
        f1_03: Morgan
        f1_04:
        f1_05: Richard
        f1_06: Morgan
        f1_07:
        f1_08: 132 Stone Avenue,
        f1_09:
        f1_10: Pleasant Hill, NM 88135
        f1_11:
        f1_12:
        f1_13:
        f1_14:
        f1_15:
        c1_02: 0
        c1_03: 0
        c1_04:
        c1_05: 0
        c1_06: 0
        c1_07: 0
        c1_08: 0
        c1_09: 0
        c1_10: 0
        c1_11: 0
        c1_12:
        f1_16:
        f1_17:
        f1_18:
        c1_13:
        c1_14:
        f1_19:
        f1_20:
        f1_21:
        c1_15:
        c1_16:
        f1_22:
        f1_23:
        f1_24:
        c1_17:
        c1_18:
        f1_25:
        f1_26:
        f1_27:
        c1_19:
        c1_20:
        f1_28: 157100
        f1_29:
        f1_30: 1500
        f1_31:
        f1_32: 0
        f1_33:
        f1_34: 0
        f1_35:
        f1_36: 0
        f1_37:
        f1_38: 0
        c1_21: 0
        f1_39: $11,000
        f1_40: $33900
        f1_41: 203500
        f1_42: 14041
        f1_43: 300
        f1_44: 14341
        f1_45: 189159
        f1_46: 24800
        f1_47: 6780
        f1_48: 31580
        f1_49: 157579
        c2_01:
        c2_02:
        c2_03:
        f2_01:
        f2_02: 26247
        f2_03: 0
        f2_04: 26247
        f2_05: 0
        f2_06: 0
        f2_07: 0
        f2_08: 26247
        f2_09: 4082
        f2_10: 30329
        f2_11: 35000
        f2_12: 0
        f2_13: 0
        f2_14: 35000
        f2_15: 0
        f2_16: 0
        f2_17: 0
        f2_18: 0
        f2_19: 0
        f2_20: 0
        f2_21: 0
        f2_22: 35000
        f2_23: 4671
        c2_04: 0
        f2_24:
        f2_25:
        c2_05: 0
        f2_26:
        f2_27:
        f2_28:
        f2_32:
        c2_6:
        f2_33:
        f2_34:
        f2_35:
        f2_36:
        f2_37:
        f2_38:
        f2_39:
        f2_40:
        f2_41:
        f2_42:
        f2_43:
        c2_07: 0
        f2_44:
        f2_45:
        f2_46:
        f2_47:
janice-and-richard-morgan-f1040s1-m5gd1p4d.pdf
SCHEDULE 1
(Form 1040)
Department of the Treasury
Internal Revenue Service
Additional Income and Adjustments to Income
▶ Attach to Form 1040, 1040-SR, or 1040-NR.
▶ Go to www.irs.gov/Form1040 for instructions and the latest information.
OMB No. 1545-0074
2020
Attachment
Sequence No. 01
Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number
Part I Additional Income
1 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . . 1
2a Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a
b Date of original divorce or separation agreement (see instructions) ▶
3 Business income or (loss). Attach Schedule C . . . . . . . . . . . . . . . 3
4 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . 4
5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 5
6 Farm income or (loss). Attach Schedule F . . . . . . . . . . . . . . . . . 6
7 Unemployment compensation . . . . . . . . . . . . . . . . . . . . . . 7
8 Other income. List type and amount ▶
8
9

Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR,
line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part II Adjustments to Income
10 Educator expenses . ....