Federal taxation form

1- John M. Reed is 10 years old and may be claimed as a dependent on his parent’s return. In 2023, John received taxable interest of $5,000.00. He had no earned income. John’s parents are James Reed, whose social security is 801-77-5432, and Elaine Reed (SS#125-84-7799) John’s social security number is 759-42-1134. For 2023, James and Elaine file a joint return and elect to report John’s income on their return. Prepare a Form 8814 for Mr. and Mrs. Reed along with the appropriate lines of the 1040 and Schedule 1. Go to

www.irs.gov

to download Form 8814, Form 1040 with Schedule 1.

2- Bob (Social security #321-77-8888) and Mary Brown have one child, Kevin, age 15. For 2023, Kevin (Social security #143-44-7777) has $4,300 of interest income and $1,500 of earned income. He does not itemize deductions on the tax return that he is required to file. Bob and Mary(parents) have taxable income of $190,000 and had $32,415 total tax on line 16 of their 1040. Use the above information to complete Form 8615 and Form 1040 for Kevin. Go to

www.irs.com

and download Form 8615 and Form 1040.