Complete 2019 Individual Tax Return for Don and Megan Draper: Detailed

This assignment involves the creation of a professional and technically correct 2019 individual tax return for Don and Megan Draper, who are married filing jointly with two dependent children. The return includes all necessary forms and schedules, such as Form 1040 and Schedule 1. The provided information details their personal data (SSNs, dates of birth, address), filing status, and financial information, including income from various sources like gambling, and adjustments to income. The assignment requires the accurate completion of the tax forms, demonstrating an understanding of tax regulations, deductions, and credits. The solution showcases a practical application of tax preparation principles, offering a comprehensive example of how to complete a tax return based on specific taxpayer circumstances.

SCHEDULE 1
(Form 1040 or 1040-SR)
Department of the Treasury
Internal Revenue Service
Additional Income and Adjustments to Income
▶ Attach to Form 1040 or 1040-SR.
▶ Go to www.irs.gov/Form1040 for instructions and the latest information.
OMB No. 1545-0074
2019Attachment
Sequence No.01
Name(s) shown on Form 1040 or 1040-SR Your social security number
At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any
virtual currency? .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes No
Part I Additional Income
1 Taxable refunds, credits, or offsets of state and local income taxes .. . . . . . . . . . . 1
2a Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2a
b Date of original divorce or separation agreement (see instructions)▶
3 Business income or (loss). Attach Schedule C .. . . . . . . . . . . . . . . . . . 3
4 Other gains or (losses). Attach Form 4797. . . . . . . . . . . . . . . . . . . . 4
5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E .. . . . 5
6 Farm income or (loss). Attach Schedule F. . . . . . . . . . . . . . . . . . . . 6
7 Unemployment compensation. . . . . . . . . . . . . . . . . . . . . . . . 7
8 Other income. List type and amount▶
8
9 Combine lines 1 through 8. Enter here and on Form 1040 or 1040-SR, line 7a. . . . . . . . 9
Part II Adjustments to Income
10 Educator expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
11 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach
Form 2106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Health savings account deduction. Attach Form 8889. . . . . . . . . . . . . . . . 12
13 Moving expenses for members of the Armed Forces. Attach Form 3903. . . . . . . . . . 13
14 Deductible part of self-employment tax. Attach Schedule SE .. . . . . . . . . . . . . 14
15 Self-employed SEP, SIMPLE, and qualified plans .. . . . . . . . . . . . . . . . . 15
16 Self-employed health insurance deduction .. . . . . . . . . . . . . . . . . . . 16
17 Penalty on early withdrawal of savings. . . . . . . . . . . . . . . . . . . . . 17
18a Alimony paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18a
b Recipient’s SSN . . . . . . . . . . . . . . . . . . . . . ▶
c Date of original divorce or separation agreement (see instructions)▶
19 IRA deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
20 Student loan interest deduction. . . . . . . . . . . . . . . . . . . . . . . 20
21 Tuition and fees. Attach Form 8917. . . . . . . . . . . . . . . . . . . . . . 21
22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040 or
1040-SR, line 8a . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
For Paperwork Reduction Act Notice, see your tax return instructions.Cat. No. 71479F Schedule 1 (Form 1040 or 1040-SR) 2019
Don Draper 111111111
✔
139134
Gain from Betting
1450
140584
9830
2000
11830