Accounting 3020 S2018: Qualified Dividends & Capital Gain Worksheet

This document presents a completed Qualified Dividends and Capital Gain Tax Worksheet, likely prepared as part of an Accounting 3020 course during the Summer 2018 semester. The worksheet calculates the tax liability on qualified dividends and capital gains, referencing figures from Form 1040 and Schedule D. Key calculations involve determining the applicable tax rates based on income levels and applying them to different portions of the capital gains and qualified dividends. The worksheet systematically works through a series of steps, subtracting various amounts and comparing them to thresholds to arrive at the final tax amount. The final tax on all taxable income is calculated and compared with the tax figured using the worksheet, with the smaller of the two amounts being entered on Form 1040. Desklib is your go-to for solved assignments.

1. Enter the amount from Form 1040, line 43. However, if you
are filing Form
2555 or 2555-EZ (relating to foreign earned income), enter
the amount from
line 3 of the Foreign Earned Income Tax Worksheet
1. 186493
2. Enter the amount from Form 1040, line 9b* 2. 3400
3. Are you filing Schedule D?*
Yes Enter the smaller of line 15
or 16 of
Schedule D. If either line 15 or line 16 is
blank or a loss, enter -0-
No Enter the amount from Form
1040, line 13
3. 0
4. Add lines 2 and 3 4. 3400
5. If filing Form 4952 (used to figure
investment
interest expense deduction), enter any
amount from
line 4g of that form. Otherwise, enter -0-
5. 0
6. Subtract line 5 from line 4. If zero or less, enter -0- 6. 3400
7. Subtract line 6 from line 1. If zero or less, enter -0- 7. 183093
8. Enter:
$37,950 if single or married filing separately,
$75,900 if married filing jointly or qualifying widow(er),
$50,800 if head of household.
8. $50,800
9. Enter the smaller of line 1 or line 8 9. 50800
10. Enter the smaller of line 7 or line 9 10. 50800
11. Subtract line 10 from line 9. This amount is taxed at 0% 11. 0
12. Enter the smaller of line 1 or line 6 12. 3400
13. Enter the amount from line 11 13. 0
14. Subtract line 13 from line 12 14. 3400
15. Enter:
$418,400 if single,
$470,700 if married filing jointly or qualifying widow(er),
$235,350 if married filing separately,
$444,550 if head of household.
15. 2) Joint $470,700

16. Enter the smaller of line 1 or line 15 16. 186493
17. Add lines 7 and 11 17. 183093
18. Subtract line 17 from line 16. If zero or less, enter -0- 18. 3400
19. Enter the smaller of line 14 or line 18 19. 3400
20. Multiply line 19 by 15% (.15) 20. 510
21. Add lines 11 and 19 21. 3400
22. Subtract line 21 from line 12 22. 0
23. Multiply line 22 by 20% (.20) 23. 0
24. Figure the tax on the amount on line 7. If the amount on line 7 is less than $100,000, use the Tax
Table to figure this tax. If the amount on line 7 is $100,000 or more, use the Tax Computation
Worksheet (/Forms/2017_Federal_Tax/Tax_Computation_Worksheet_for_Line44.html?
line2=2017)
24. 38151
25. Add lines 20, 23, and 24 25. 38661
26. Figure the tax on the amount on line 1. If the amount on line 1 is less than $100,000, use the Tax
Table to figure this tax. If the amount on line 1 is $100,000 or more, use the Tax Computation
Worksheet (/Forms/2017_Federal_Tax/Tax_Computation_Worksheet_for_Line44.html?
line2=2017)
26. 39103
27. Tax on all taxable income. Enter the smaller of line 25 or line 26. Also include this amount on
Form 1040, line 44. If you are filing Form 2555 or 2555-EZ, do not enter this amount on Form
1040, line 44. Instead, enter it on line 4 of the Foreign Earned Income Tax Worksheet
27. 38661
*If you are filing Form 2555 or 2555-EZ, see the footnote in the Foreign Earned Income Tax Worksheet before
completing this line.
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