Income Tax Fundamentals Essay

1590 Words May 6th, 2013 7 Pages
Chapter 1 – Cumulative Software Problem Answer

1-1

Comprehensive Problem 2

1040

Form

Department of the Treasury—Internal Revenue Service

(99)

U.S. Individual Income Tax Return
Last name

2011
, 2011, ending

OMB No. 1545-0074 , 20

IRS Use Only—Do not write or staple in this space.

*

For the year Jan. 1–Dec. 31, 2011, or other tax year beginning Your first name and initial If a joint return, spouse’s first name and initial

See separate instructions.
Your social security number Spouse’s social security number

Ivan I. Incisor Last name Irene I. Incisor Home address (number and street). If you have a P.O. box, see instructions. 468 Mule Deer Lane City, town or post office, state, and ZIP code. If you
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You were born before January 2, 1947, Spouse was born before January 2, 1947,

Blind. Blind.

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38

65,380 11,900 53,480 11,400 42,080 5,441 5,441

Total boxes checked 39a 39b . . . . 40 41 42

If your spouse itemizes on a separate return or you were a dual-status alien, check here

Itemized deductions (from Schedule A) or your standard deduction (see left margin) Subtract line 40 from line 38 . . . . . . . . . . . . . . . . .

Exemptions. Multiply $3,700 by the number on line 6d . . . . . . . . . . . . Taxable income. Subtract line 42 from line 41. If line 42 is more than line 41, enter -0- . . Form 4972 c 962 election Tax (see instructions). Check if any from: a Form(s) 8814 b Alternative minimum tax (see instructions). Attach Form 6251 . Add lines 44 and 45 . . . . . . . . . . . . . . Foreign tax credit. Attach Form 1116 if required . . . .
Credit for child and dependent care expenses. Attach Form 2441

Education credits from Form 8863, line 23 . . . . . Retirement savings contributions credit. Attach Form 8880 Child tax credit (see instructions) . . . . . . . .

Residential energy credits. Attach Form 5695 . . . . 52 3800 b 8801 c Other credits from Form: a 53 Add lines 47 through 53. These

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