Complete Problem above before completing below Problem Richard and Christine McCarthy have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. Years ago, the McCarthys shifted a significant amount of investments into Jack’s name. In 2020, Jack received Forms 1099-INT and 1099-DIV that reported the following: Tandy Corporation Bonds interest $11,300 Tandy Corporation ordinary dividends 3,400 The dividends are not qualified dividends. In addition, Jack works part-time as a waiter in an upscale seafood restaurant in Miami, FL. His 2020 Form W-2 reported: Wages $12,800 Federal withholding 1,080 In spite of his fairly large income, the McCarthys provide over 50 percent of his support and claim Jack as a dependent in 2020. Jack’s mailing address is 100 Duval Street, Apt. #B12, Key West, FL 33040. Use the parent’s information from Problem 1A, Form 1040, Schedule B, and Form 8615, to compute Jack’s 2020 income tax.
Complete Problem above before completing below Problem Richard and Christine McCarthy have a 19-year-old son Jack, (born 10/2/2001; Social Security number 555-55-1212), who is a full-time student at the University of Key West. Years ago, the McCarthys shifted a significant amount of investments into Jack’s name. In 2020, Jack received Forms 1099-INT and 1099-DIV that reported the following:
|
Tandy Corporation Bonds interest |
$11,300 |
|
Tandy Corporation ordinary dividends |
3,400 |
The dividends are not qualified dividends. In addition, Jack works part-time as a waiter in an upscale seafood restaurant in Miami, FL. His 2020 Form W-2 reported:
|
Wages |
$12,800 |
|
Federal withholding |
1,080 |
In spite of his fairly large income, the McCarthys provide over 50 percent of his support and claim Jack as a dependent in 2020. Jack’s mailing address is 100 Duval Street, Apt. #B12, Key West, FL 33040. Use the parent’s information from Problem 1A, Form 1040, Schedule B, and Form 8615, to compute Jack’s 2020 income tax.
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