2021 Tax Planning Worksheet

INCOME

• Wages: Taxpayer/Spouse

• Interest Income 10 & over

• Dividends $10 & over

• Alimony Received

• State Tax Refund 2020

• Business Income (Sch. C)

• Capital Gain/Loss (Sch. D)

• IRA Withdrawal 1099R

• Pensions, etc. Form 1099-R

• Rental Income (Sch. E)

• Partnership Income (K-1)

• S-Corporations Income

• Unemployment Comp.

• Social Security Benefits

• Misc Income (1099-Misc)

• Jury Duty pay

• Gambling & Lottery Winnings

• Prizes & Awards

• Scholarships & Fellowships

• Foreign Income

• Proceeds from stock sales, etc.

TOTAL INCOME $

• ADJUSTMENTS TO INCOME (SUBTRACTIONS)Educator Expense

• Health Savings Acct.

• Moving Expenses

• IRA Contribution

• SEP/Keogh Etc.

• Self-employed health insurance

• ½ of Self Employment Tax

• Alimony Paid – SSN of recipient

• Penalty on Early Withdrawal

• Student loan int. deduction

• Tuition & fees deduction

ADJ. GROSS INCOME (AGI) $

Deductions – standard/itemized

Exemptions

Taxable Income (Income Tax Rates 10%, 15%, 25%, 28%, 33%, 35%,39.6)

LESS CREDITS:

• Education credits

• Child & dependent care credit (Care Provider info & tax ID Required)

• Retirement savings cont credit

• Child tax credit

• Residential energy credits

NET TAX REFUND/PAYABLE  $