Preparing a 2019 Individual Tax Return: Don & Megan Draper's Case

This assignment presents a complete 2019 individual tax return for Don and Megan Draper, a married couple with two dependent children. The solution includes Form 1040 and Schedule 2, along with all necessary supporting schedules and forms based on the provided interview information and documentation. The tax return adheres to IRS guidelines, ensuring professional appearance and technical accuracy. The assignment provides a practical application of tax preparation knowledge, demonstrating the correct completion of various tax forms and schedules, including those related to income, deductions, credits, and other taxes. This solution is perfect for students studying tax accounting and finance, seeking a real-world example to understand the complexities of individual tax returns. The solution includes the calculation of taxes and includes the necessary schedules and attachments to support the tax return.

SCHEDULE 2
(Form 1040 or 1040-SR)
2019
Additional Taxes
Department of the Treasury
Internal Revenue Service
▶ Attach to Form 1040 or 1040-SR.
▶ Go to www.irs.gov/Form1040 for instructions and the latest information.
OMB No. 1545-0074
Attachment
Sequence No.02
Name(s) shown on Form 1040 or 1040-SR Your social security number
Part I Tax
1 Alternative minimum tax. Attach Form 6251. . . . . . . . . . . . . . . . . . . 1
2 Excess advance premium tax credit repayment. Attach Form 8962 .. . . . . . . . . . . 2
3 Add lines 1 and 2. Enter here and include on Form 1040 or 1040-SR, line 12b. . . . . . . . 3
Part II Other Taxes
4 Self-employment tax. Attach Schedule SE. . . . . . . . . . . . . . . . . . . . 4
5 Unreported social security and Medicare tax from Form:a 4137 b 8919 . . . . . 5
6 Additional tax on IRAs, other qualified retirement plans, and other tax-favored accounts. Attach Form
5329 if required .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7a Household employment taxes. Attach Schedule H. . . . . . . . . . . . . . . . . 7a
b Repayment of first-time homebuyer credit from Form 5405. Attach Form 5405 if required. . . . 7b
8 Taxes from: a Form 8959 b Form 8960
c Instructions; enter code(s) 8
9 Section 965 net tax liability installment from Form 965-A. . . . . . . 9
10 Add lines 4 through 8. These are your total other taxes. Enter here and on Form 1040 or 1040-SR,
line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
For Paperwork Reduction Act Notice, see your tax return instructions.Cat. No. 71478U Schedule 2 (Form 1040 or 1040-SR) 2019
Don Draper 111111111
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