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Answers how to fill out Form 1040, Schedules A, B, C and For

Answers to Income tax accounting questions: Answers how to fill out personal income tax Form 1040, Schedules A, B, C and Form 2441.

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It would be best that you download Form 1040, Schedules A, B, C and Form 2441 from the IRS' website irs.gov and plug in the numbers line by line. This would answer question part one.
<br><br>
<br><br>Income:
<br><br>line 7: $94,000 + $45,000 + $1,500 (Mary's bonus)
<br><br>line 8: $2,100
<br><br>line 9: $900 + $400
<br><br>line 12: -$6,000 (business loss from Schedule C)
<br><br>line 22 Total: total income
<br><br>
<br><br>Adjusted Gross Income:
<br><br>line 33: $36,000
<br><br>line 35: subtract line 33 from line 22: Total adjusted income (write amount on line 36)
<br><br>
<br><br>Taxes and Credits:
<br><br>line 38: Add up all itemized deductions from schedule A (see my previous answer)
<br><br>line 39: subtract line 38 from line 36
<br><br>line 40: is line 36 $103,000 or less? (Yes), then put here $3,000 X the number of exemptions for the family (2 from line 6 - Exemptions)
<br><br>line 41: subtract the $6,000 (from line 40) from line 39
<br><br>line 42: go to the tax schedules and find the line for the income amount shown on line 41. Go across the line to find the amount under "married, ...

Solution Summary

Answers how to fill out personal income tax Form 1040, Schedules A, B, C and Form 2441.

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