11. For 2020, Peggy received a form 1098-E from her federal student loan that showed that she paid $4,600 in interest on a qualified student loan. Her W-2 from her employer shows 79,750 in box 1 and $6,200 in box 2. If these are the only items of income and expense for 2020, what will be Peggy's 1040 show when she files her return using the single filing status?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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11. For 2020, Peggy received a form 1098-E from her federal student loan that
showed that she paid $4,600 in interest on a qualified student loan. Her W-2 from
her employer shows 79,750 in box 1 and $6,200 in box 2. If these are the only
items of income and expense for 2020, what will be Peggy's 1040 show when she
files her return using the single filing status?
12. Humphrey was very busy in 2021 and forgot to file his taxes or file an extension
by April 15, 2021. When he got around to filing his tax return on June 28th, he
found that he owed $1,727 in income tax. How much will Humphrey owe in
penalties in addition to the $1,727 for his failure to file and pay on time?
Transcribed Image Text:11. For 2020, Peggy received a form 1098-E from her federal student loan that showed that she paid $4,600 in interest on a qualified student loan. Her W-2 from her employer shows 79,750 in box 1 and $6,200 in box 2. If these are the only items of income and expense for 2020, what will be Peggy's 1040 show when she files her return using the single filing status? 12. Humphrey was very busy in 2021 and forgot to file his taxes or file an extension by April 15, 2021. When he got around to filing his tax return on June 28th, he found that he owed $1,727 in income tax. How much will Humphrey owe in penalties in addition to the $1,727 for his failure to file and pay on time?
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