8. Note: Form 1040, Line 10b instructions state: If you don't itemize deductions on Schedule...
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8. Note: Form 1040, Line 10b instructions state:
If you don't itemize deductions on Schedule A(Form 1040), you (or you and your spouse if filing jointly) may be able to take a charitable deduction for cash contributions made in 2020. Enter the total amount of your contributions on line 10b. Don't enter more than: $300 if single, head of household, or qualifying widow(er); $300 if married filing jointly; or $150 if married filing separately.
If the TP in question 4 above had the filing status of married filing jointly and both spouses are between the ages of 50 and 60, the amount on Form 1040, Line 12 should be:
a. $12,400.
b. $24,800.
c. $25,600.
d. $26,150.
9. If the TP overpays her 2020 Federal income tax liability by $5,200, but wants to apply $3,000 of the overpayment to her 2021 estimated Federal income tax liability, then she should enter $3,000 on:
a. Form 1040, Line 26.
b. Schedule 3, Line 8.
c. Form 1040, Line 25a.
d. Form 1040, Line 36.
If only one of the following is a correct entry on the TPs return, it is:
a. $3,000 on Schedule D, Part I, Line 1, column (h).
b. ($10,000) on Form 8949, Part II, Line 1, column (h).
c. ($3,000) on Form 1040, Line 7.
d. ($7,000) on Schedule D, Part III, Line 21
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