Individual Tax Return ProjectInstructions:Please complete the 2019 federal individual income tax...

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Individual Tax Return ProjectInstructions:Please complete the 2019 federal individual income tax return (Form 1040, Schedule 1 and Schedule A) for Bob and Melissa Grant.  Stop after completing 1040 Line 12a for this project. Submit and check your answers on D2L>Quizzes>Individual Tax Return.Bob and Melissa Grant are maied and live in Lexington, Kentucky. The Grants would like to file a joint tax return for the year. They have 19-year-old twin-daughters who still qualify as their dependents on the tax return.Bob Grant received the following during the year:    Employe    Gross Wages    Federal Income Tax Withholding    State Income Tax Withholding    University of Kentucky    $117,450    $22,000    $6,000Melissa Grant received the following during the year:    Employe    Gross Wages    Federal Income Tax Withholding    State Income Tax Withholding    Jensen Photography    $20,500    $2,450    $1,025All applicable and appropriate payroll taxes were withheld by Grants’ respective employers.The Grants also received the following during the year:Interest Income from First Kentucky Bank$580Interest Income from City of Lexington, KY Bond$600Interest Income from U.S. Treasury Bond$825Disability insurance payments received by Bob on account of injury3,000Bob’s employer paid for the insurance policy issued by Aflac (NYSE AFL) as part of the tax-free fringe benefits Payment to Melissa as a result of a lawsuit for damages she sustained in a car accident:· Reimbursement for her medical Expenses                             $14,500· Punitive Damages                                                          $10,000Eight years ago, Melissa purchased an annuity contract for $80,000. This year, she received her first payment on the annuity.  The payment amount was $16,000.  The annuity started to pay on January 1 and she received a full first year’s payment.  It will pay her $16,000 per year for ten years beginning this year.  In 2019, they also received $420 of Kentucky state income tax refund. They took itemized deduction in 2018 and the amount of their total itemized deduction in 2018 is $31,878. The total of their 2018 State and Local Taxes paid is $9,100.The Grants also placed $455 in the Kentucky Dey and won $3,225 from their tickets.The Grants paid or incued the following expenses during the year:Dental/Orthdontist (not paid by insurance)                            $ 23,000Medical visits   (not paid by insurance)                                XXXXXXXXXX625Prescriptions (not paid by insurance)                          XXXXXXXXXX380Real property taxes on residence   XXXXXXXXXX,800Mortgage interest on principal residence              XXXXXXXXXX8,560Contribution to First Baptist Church of Kentucky (Qualified Charity XXXXXXXXXX,000Fee paid to Jones & Company, CPAs for tax preparation  XXXXXXXXXX200In addition, Melissa paid $2,500 of interest on her student loan.During the year, the Grants’ personal belongings were damaged by a federally declared disaster in September of the cuent year.  All the items are considered damaged in one event.    Item    Purchase Date    Decline in FMV    Tax Basis of Item    Insurance Reimbursement Received    Laptop computer and Printe    09/01/2013    3,000    3,000    500    Rifle    03/01/2010    12,000    12,500    500    TV/Projecto    03/01/2010    5,000    13,000    1,000    2005 Honda Pilot    07/01/2011    4,000    6,500    500The Grants do not want to contribute to the Presidential Election Campaign and do not have any virtual cuency.1 DAppendix DTax Rates2019 Tax Rate SchedulesIndividualsSchedule X-Single If taxable   income is  But not  over:  over: The tax is: $            0 $    9,700 10% of taxable income $     9,700 $  39,475 $970 plus 12% of the excess     over $9,700 $  39,475 $  84,200 $4,543 plus 22% of the excess     over $39,475 $  84,200 $160,725 $14,382.50 plus 24% of the excess     over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess     over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess     over $204,100 $510,300 — $153,798.50 plus 37% of the excess     over $510,300Schedule Z-Head of Household If taxable   income is  But not  over:  over: The tax is: $            0 $  13,850 10% of taxable income $  13,850 $  52,850 $1,385 plus 12% of the excess     over $13,850 $  52,850 $ 84,200 $6,065 plus 22% of the excess     over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess     over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess     over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess     over $204,100 $510,300 — $152,380 plus 37% of the excess     over $510,300Schedule Y-1-Maied Filing Jointly  or Qualifying Widow(er) If taxable   income is  But not  over: over: The tax is: $            0 $  19,400 10% of taxable income $  19,400 $  78,950 $1,940 plus 12% of the excess     over $19,400 $  78,950 $168,400 $9,086 plus 22% of the excess     over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess     over $168,400 $321,450 $408,200 $65,497 plus 32% of the excess     over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess     over $408,200 $612,350 — $164,709.50 plus 37% of the excess     over $612,350Schedule Y-2-Maied Filing Separately If taxable   income is But not  over: over: The tax is: $            0 $     9,700 10% of taxable income $     9,700 $  39,475 $970 plus 12% of the excess     over $9,700 $  39,475 $  84,200 $4,543 plus 22% of the excess     over $39,475 $  84,200 $160,725 $14,382.50 plus 24% of the excess     over $84,200 $160,725 $204,100 $32,748.50 plus 32% of the excess     over $160,725 $204,100 $306,175 $46,628.50 plus 35% of the excess     over $204,100 $306,175 — $82,354.75 plus 37% of the excess     over $306,175spi69614_appd_D-D1.indd   4 2/20/19   5:51 PMAppendix D D-1Amount of Each Additional Standard Deduction for Taxpayers Who Are Age 65 or Blind XXXXXXXXXX   Amount AmountMaied taxpayers  $1,300 $1,300Single taxpayer or head of household $1,600 $1,650 If taxable   income is But not   over: over: The tax is: $         0  $  2,600 10% of taxable income $  2,600 $  9,300 $260 plus 24% of the excess     over $2,600 $  9,300 $12,750 $1,868 plus 35% of the excess     over $9,300 $12,750   $3,075.50 plus 37% of the excess     over $12,750Estates and TrustsTax Rates for Net Capital Gains and Qualified DividendsRate*  Taxable Income Maied Maied  Head of Trusts  Filing Jointly Filing Separately Single Household and Estates 0% $0 − $78,750 $0 − $39,375 $0 − $39,375 $0 − $52,750 $0 − $2,65015% $78,751 − $488,850 $39,376 − $244,425 $39,376 − $434,550 $52,751 − $461,700 $2,651 − $12,95020% $488,851+ $244,426+ $434,551+ $461,701+ $12,951+*This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified divi-dends are included in taxable income last for this purpose).Basic Standard Deduction Amounts* XXXXXXXXXX  Filing Status Amount AmountMaied Filing Jointly $24,000 $24,400Qualifying Widow or Widower $24,000 $24,400Maied Filing Separately $12.000 $12,200Head of Household $18,000 $18,350Single  $12,000 $12,200*For individuals claimed as a dependent on another return, the 2019 standard deduction is the greater of (1) $1,100 or (2) $350 plus earned income not to exceed the standard deduction amount of those who are not dependents.Corporations Rate Taxable Income 21% AllExemption Amount XXXXXXXXXX $4,150 $4,200**Used for qualifying relative gross income test.spi69614_appd_D-D1.indd   1 2/20/19   5:51 PM 2019 Form 1040Fom1040 Department of the Treasury—Internal Revenue Service (99)U.S. Individual Income Tax Return 2019 OMB No XXXXXXXXXXIRS Use Only—Do not write or staple in this space. Filing Status

Hari Kiran · Accepted Answer

2019 Form 1040
Fo
rm1040 Department of the Treasury—Internal Revenue Service (99)U.S. Individual Income Tax Return 2019 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 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, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). 
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
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, 1955 Are blind Spouse: Was born before January 2, 1955 Is blind
If more than four dependents, 
see instructions and ✓ here  ▶
Dependents (see instructions): (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
2a Tax-exempt interest . . . . 2a b  Taxable interest. Attach Sch. B if required 2b 
3a Qualified dividends . . . . 3a b  Ordinary dividends. Attach Sch. B if required 3b 
4a IRA distributions . . . . . 4a b  Taxable amount . . . . . . 4b 
c Pensions and annuities . . . 4c d  Taxable amount . . . . . . 4d 
5a Social security benefits . . . 5a b  Taxable amount . . . . . . 5b 
6 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . . . . .  ▶ 6
7a Other income from Schedule 1, line 9 . . . . . . . . . . . . . . . . . . . . 7a
b Add lines 1, 2b, 3b, 4b, 4d, 5b, 6, and 7a. This is your total income . . . . . . . . . . .  ▶ 7b
8 a Adjustments to income from Schedule 1, line 22  . . . . . . . . . . . . . . . . . 8a
b Subtract line 8a from line 7b. This is your adjusted gross income  . . . . . . . . . . .  ▶ 8b
9 Standard deduction or itemized deductions (from Schedule A)  . . . . .
Standard  
Deduction for—
• Single or Married 
filing separately,  
$12,200
• Married filing  
jointly or Qualifying 
widow(er), 
$24,400
• Head of 
household,  
$18,350
• If you checked 
any box under 
Standard 
Deduction, 
see instructions.
9
10 Qualified business income deduction. Attach Form 8995 or Form 8995-A . . . 10
11a Add lines 9 and 10 . . . . . . . . . . . . . . . . . . . . . . . . . 11a
b Taxable income. Subtract line 11a from line 8b. If zero or less, enter -0- . . . . . . . . . . . 11b
For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040 (2019)
Form 1040 (2019) Page 2
12a Tax (see inst.) Check if any from Form(s): 1 8814 2 4972 3 12a
b Add Schedule 2, line 3, and line 12a and enter the total . . . . . . . . . . . . . .  ▶ 12b
13a Child tax credit or credit for other dependents . . . . . . . . . . 13a
b Add Schedule 3, line 7, and line 13a and enter the total . . . . . . . . . . . . . .  ▶ 13b
14 Subtract line 13b from line 12b. If zero or less, enter -0- . . . . . . . . . . . . . . . 14
15 Other taxes, including self-employment tax, from Schedule 2, line 10 . . . . . . . . . . . . 15
16 Add lines 14 and 15. This is your total tax . . . . . . . . . . . . . . . . . .  ▶ 16
17 Federal income tax withheld from Forms W-2 and 1099 . . . . . . . . . . . . . . . 17
18 Other payments and refundable credits:

Individual Tax Return Project Instructions: Please complete the 2019 federal individual income tax return (Form 1040, Schedule 1 and Schedule A) for Bob and Melissa Grant. Stop after completing 1040...

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