1. The following additional information is available for the family of Albert and Allison Gaytor. In 2020, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc. (hint slightly modified from Chapter 1): e file 5,588.17 268-51-1966 60-3456789 Coconut Grove Fishing Charters, Inc. 2432 Bay Blvd. Coconut Grove, FL 33133 67.254.70 67 254.70 67,254.70 4,169.79 975.19 DD 8.400.00 Albert T. Gaylor 12340 Cocoshell Road Coral Gables, FL 33134 Parking $3,240.00 W-2 Wago and Tax Statement 2020 Copy-To Be was FEDERAL Tutumn bingum sem Sie In addition to the interest from Chapter 1, Albert and Allison also received three Forms 1099. CORRECTED I checked 2020 Florida Electric Company 100 Palm Boulevard Jupiter, FL 33458 Interest Income 703.32 100-INT Copy 59-0247776 266-51-1966 Albert T. Gaytor 12340 Cocoshell Rd Coral Gables, FL 33134 INT for your CORRECTED I checked 1.102 32 2020 Everglades Bank Corporation 1500 S. Krome Ave. Homestead, FL 33034 Dividends and Distributions 1,102.32 10 Copy Forect PAVERS 57-4443344 266-34-1967 Allison Gaytor 0.00 12340 Cocoshell Road Coral Gables, FL 33134 PASCAL P1029-OW mp for your CORRECTED checked 400.00 2020 Grapefruit Mutual Fund 1500 S. Orange Blossom Trail Orlando, FL 32800 Dividends and Distributions 1000W 120.00 Copy Forect 51-3334433 266-34-1967 0.00 Allison Gaytor 12340 Cocoshal Rd Gew Coral Gables, FL 33134 7 TDI for your The Gaytors also received interest of S800 from bonds issued by the Miami-Dade County Airport Authority (Form 1099 not shown). Albert went to the casino on his birthday and won big as reflected on the following Form W-2G CORRESTED Resort and Gaming 2.000.00 2020 1321 Tania w Form W-26 M, FL 30110 Cart Gambling 22-7777777 05-05-1212 Albert Gaylor 12540 Cochelle OF-124562 Coral Gables, 2014 Albert had no other gambling income or losses for the year. In February, Allison received $50,000 in life insurance proceeds from the death of her friend, Sharon In July, Albert's uncle Ivan died and left him real estate (undeveloped tand) worth $72,000, Five years ago, Albert and Allison divorced. Albert married Iris, but the marriage did not work out and they divorced a year later. Under the July 1, 2016 divorce decree, Albert pays Iris $11.500 per year in alimony. All payments were on time in 2020 and iris Social Security number is 667-34-9224. Three years ago, Albert and Allison were remarried Coconut Fishing Charters, Inc pays Albert's captain's license fees and membership dues to the Charter Fisherman's Association. During 2020, Coconut Fishing paid $1,300 for such dues and fees for Albert Allison was laid off from her job on January 2 2020. She received a Form 1099-G for unemployment benefits CORRECTIONSBE Fondo Dept. of Econ Opportunity 2020 4778 Certain Gover 107 L. Jon Blvd Til FL 3300 21-5656 Also Gator 12310 Cocoshe Road Coral 33134 700 Albert and his family are covered by an employee-sponsored health pian at his work Coconut Fishing pays $700 per month in premiums for Albert and his family. During the year, Allison was in the hospital for appendix surgery. The bill for the surgery was $10,100 of which the health insurance reimbursed Albert the full $10,100. Coconut Fishing also pays for Albert's parking at the marina. The monthly cost is $270. Required: Combine this new information about the Gaytor family with the information from Chapter 1 and complete a revised 2020 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters to you 1040 Departement U.S. Individual Income Tax Return 2020 OMB No 1545-00 Ony-Doorn Filing Status Singie Married Wing jointly Married fingreparately FS Head of household Hon Qualitying widow ow) Check only one box If you checked the MFS box enter the name of your spouse. If you checked the HOH or Gw box, enter the child's name if the qualitying person is a child but not your dependent Your trame and middle Your social security number Ortur, Horstrome and ident Laste Spouse's socle secully umber Home as nube and you have a PO box instructions Apt.no Presidential Election Campaign Check here you, or you Cry, town, or post office you have a foreign adores, e complete spaces below. ZIP spouting only want 53 to go to this fund. Checking a box below will not change Foreign country rame Foreign province/county Forpostcode your worlund You Spouse At any time during 2020, did you receive, se send change, or otherwise acquire any francia interest in any virtual currency Yes No Standard Someone can claim you as a dependent Your spouse as a dependerit Deduction Spouse itemizes on a separate retum or you were a duratatulen Age/Blindness You Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 is blind Dependents the instructions Socorty PRO quales for sentrion more Fitne Laste Chid credit Credit for free than four dependents, se instructions and check there 1 Wages, salaries, tos ste. Altach Fort W-2 Artach 28 Tax-exempt interest 2a Taxable interest Beh B 3a 3a Qualified dividends required b Ordinary dividends 4 RA GIAI ong, 4a Taxable amount sa Pensions and annuities 50 Taxable amount Standard 6a social security benefits Taxable amount Deduction for 7 Capital gain). Attach Schedule Dif required. If not required, check here ger Married to 8 Other income from Schedule 1 Ine 9 www. $12.00 Add lines 1, 25, 30, 40, 50, 60, 7 and 8. This is your total income Mading 10 Adjustments to income Og - From Schedule 1. line 22 ww 4800 Chartable contributions you take the standard deduction See instructions det Add lines 109 and 100. These are your total adjustments to Income 10c 1800 11 Subtractine 10 frontine. This is you adjusted gross income 11 you checked 12 Standard deduction or itemired deductions from Schedule Al tex 13 Qualified business income deduction. Attach Form 1995 or Form 1995-A Den 14 Addis 12 and 13. 14 15 Taxable income. Subtract in 16 from the 11. Pero essenter 15 For Diclosure, Privacy Act, and Paperwork reduction Act Notice, see separate instructions Yo 1040 1 A 8988- 100 1 12 13 18 20 "AGES 8885 Form 1040020 Page 2 16 Tax see instructions. Check if any from Format 1614 24972 30 16 17 Amount from Schedule 2. line 3 17 18 Addnes 16 and 17 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3. ine 7 21 Addis 19 and 20 21 22 Subtractine 21 from line 18. If zero or loss, enter-O- 22 23 Other taxes, including self-employment tax. from Schedule 2. no 10 23 24 Adde 22 and 23. This is your total tax 24 25 Federal income tax wehheld from a Formis) W-2 25a Form) 1099 25 Other forms e instructions) 250 d Addines 25a through 250 you 26 2020 estimated tax payments and amount applied from 2019 retum 27 Earned Income credit) THI UA ENET you have 28 Additional child tax credit. Attach Schedule 5812 mortable 29 American opportunity credit from Form 8863, Ines Copy con 30 Recovery robote credit. See instructions 31 Amount from Schedule 3. ine 13 32 Addines 27 through 31. These are your total other payments and refundable credits 32 39 Add lines 250, 26, and 32. These are your total payments 33 Refund 34 Vine 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 350 Amount of line 34 you want refunded to you. Form 3888 s attached, check here Direct? > Routing number Sections Account number Type Checking Savings 36 Amount of line 34 you want applied to your 2021 estimated tax Amount 37 Subtractine 33 from Ine 24. This is the amount you owe now You Owe Fortison Note: Schedule and Schedule Setlers, line 37 may not represent all of the then you owe for how to prese 2020. See Schedule 3. Ine 120, and is instructions for details instructions 38 Estimated tax penalty constructions Third Party Do you want to allow another person to discuss this return with the RS? See Designer Instructions Yes. Complete below. No Desiones Phone Profition name Number Sign Under perties of persy declare that have examined it and accompanying schedules and stone bestel my knowledge and Here Delit. Dey were corect and completo. Declaration of prepare the man tepayee is based on an internation of which prepare te ay knowledge Your site Your occupation the you an identity Protection Interit here J? seet Section Spouse's signature rajoitretum, both most sign Dune Spoussoption coyo e RS send your spouse Identity Protection PIN enter these cords eenst Phone ne Emas Precare's Preparer's sure Ome PTIN Check Paly Selayed Preparer Firm's name Phone Use Only Firm's address F'S EN Go to www.in.goForm for instructions and the test Information Fon 1040 350 To contains > Attachment Sunce No 01 : 18 2010 NOT FILE 7 8 9 SCHEDULE 1 OMB No 1545-004 (Form 1040) Additional Income and Adjustments to Income 2020 Department of Trry Attach to Form 1040,1040-SR, or 1040-NR. real Revenue Service Go to www.in.gov/Form 1040 for instructions and the latest information Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number Part Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F 7 Unemployment compensation 8 Other income. List type and amount 9 Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 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 12 Health savings account deduction. Attach Form 8889 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP, SIMPLE, and qualified plans 15 16 Self-employed health insurance deduction 17 Penalty on early withdrawal of savings 18a Alimony paid b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction 19 20 Student loan interest deduction 21 Tuition and fees deduction. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a 22 For Paperwork Reduction Act Notice, see your tax return Instructions. Cat No. 71475F Schedule 1 (Form 10402000 11 12 14 16 17 18a 20 1. The following additional information is available for the family of Albert and Allison Gaytor. In 2020, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc. (hint slightly modified from Chapter 1): e file 5,588.17 268-51-1966 60-3456789 Coconut Grove Fishing Charters, Inc. 2432 Bay Blvd. Coconut Grove, FL 33133 67.254.70 67 254.70 67,254.70 4,169.79 975.19 DD 8.400.00 Albert T. Gaylor 12340 Cocoshell Road Coral Gables, FL 33134 Parking $3,240.00 W-2 Wago and Tax Statement 2020 Copy-To Be was FEDERAL Tutumn bingum sem Sie In addition to the interest from Chapter 1, Albert and Allison also received three Forms 1099. CORRECTED I checked 2020 Florida Electric Company 100 Palm Boulevard Jupiter, FL 33458 Interest Income 703.32 100-INT Copy 59-0247776 266-51-1966 Albert T. Gaytor 12340 Cocoshell Rd Coral Gables, FL 33134 INT for your CORRECTED I checked 1.102 32 2020 Everglades Bank Corporation 1500 S. Krome Ave. Homestead, FL 33034 Dividends and Distributions 1,102.32 10 Copy Forect PAVERS 57-4443344 266-34-1967 Allison Gaytor 0.00 12340 Cocoshell Road Coral Gables, FL 33134 PASCAL P1029-OW mp for your CORRECTED checked 400.00 2020 Grapefruit Mutual Fund 1500 S. Orange Blossom Trail Orlando, FL 32800 Dividends and Distributions 1000W 120.00 Copy Forect 51-3334433 266-34-1967 0.00 Allison Gaytor 12340 Cocoshal Rd Gew Coral Gables, FL 33134 7 TDI for your The Gaytors also received interest of S800 from bonds issued by the Miami-Dade County Airport Authority (Form 1099 not shown). Albert went to the casino on his birthday and won big as reflected on the following Form W-2G CORRESTED Resort and Gaming 2.000.00 2020 1321 Tania w Form W-26 M, FL 30110 Cart Gambling 22-7777777 05-05-1212 Albert Gaylor 12540 Cochelle OF-124562 Coral Gables, 2014 Albert had no other gambling income or losses for the year. In February, Allison received $50,000 in life insurance proceeds from the death of her friend, Sharon In July, Albert's uncle Ivan died and left him real estate (undeveloped tand) worth $72,000, Five years ago, Albert and Allison divorced. Albert married Iris, but the marriage did not work out and they divorced a year later. Under the July 1, 2016 divorce decree, Albert pays Iris $11.500 per year in alimony. All payments were on time in 2020 and iris Social Security number is 667-34-9224. Three years ago, Albert and Allison were remarried Coconut Fishing Charters, Inc pays Albert's captain's license fees and membership dues to the Charter Fisherman's Association. During 2020, Coconut Fishing paid $1,300 for such dues and fees for Albert Allison was laid off from her job on January 2 2020. She received a Form 1099-G for unemployment benefits CORRECTIONSBE Fondo Dept. of Econ Opportunity 2020 4778 Certain Gover 107 L. Jon Blvd Til FL 3300 21-5656 Also Gator 12310 Cocoshe Road Coral 33134 700 Albert and his family are covered by an employee-sponsored health pian at his work Coconut Fishing pays $700 per month in premiums for Albert and his family. During the year, Allison was in the hospital for appendix surgery. The bill for the surgery was $10,100 of which the health insurance reimbursed Albert the full $10,100. Coconut Fishing also pays for Albert's parking at the marina. The monthly cost is $270. Required: Combine this new information about the Gaytor family with the information from Chapter 1 and complete a revised 2020 tax return for Albert and Allison. Be sure to save your data input files since this case will be expanded with more tax information in later chapters to you 1040 Departement U.S. Individual Income Tax Return 2020 OMB No 1545-00 Ony-Doorn Filing Status Singie Married Wing jointly Married fingreparately FS Head of household Hon Qualitying widow ow) Check only one box If you checked the MFS box enter the name of your spouse. If you checked the HOH or Gw box, enter the child's name if the qualitying person is a child but not your dependent Your trame and middle Your social security number Ortur, Horstrome and ident Laste Spouse's socle secully umber Home as nube and you have a PO box instructions Apt.no Presidential Election Campaign Check here you, or you Cry, town, or post office you have a foreign adores, e complete spaces below. ZIP spouting only want 53 to go to this fund. Checking a box below will not change Foreign country rame Foreign province/county Forpostcode your worlund You Spouse At any time during 2020, did you receive, se send change, or otherwise acquire any francia interest in any virtual currency Yes No Standard Someone can claim you as a dependent Your spouse as a dependerit Deduction Spouse itemizes on a separate retum or you were a duratatulen Age/Blindness You Were born before January 2, 1956 Are blind Spouse: Was born before January 2, 1956 is blind Dependents the instructions Socorty PRO quales for sentrion more Fitne Laste Chid credit Credit for free than four dependents, se instructions and check there 1 Wages, salaries, tos ste. Altach Fort W-2 Artach 28 Tax-exempt interest 2a Taxable interest Beh B 3a 3a Qualified dividends required b Ordinary dividends 4 RA GIAI ong, 4a Taxable amount sa Pensions and annuities 50 Taxable amount Standard 6a social security benefits Taxable amount Deduction for 7 Capital gain). Attach Schedule Dif required. If not required, check here ger Married to 8 Other income from Schedule 1 Ine 9 www. $12.00 Add lines 1, 25, 30, 40, 50, 60, 7 and 8. This is your total income Mading 10 Adjustments to income Og - From Schedule 1. line 22 ww 4800 Chartable contributions you take the standard deduction See instructions det Add lines 109 and 100. These are your total adjustments to Income 10c 1800 11 Subtractine 10 frontine. This is you adjusted gross income 11 you checked 12 Standard deduction or itemired deductions from Schedule Al tex 13 Qualified business income deduction. Attach Form 1995 or Form 1995-A Den 14 Addis 12 and 13. 14 15 Taxable income. Subtract in 16 from the 11. Pero essenter 15 For Diclosure, Privacy Act, and Paperwork reduction Act Notice, see separate instructions Yo 1040 1 A 8988- 100 1 12 13 18 20 "AGES 8885 Form 1040020 Page 2 16 Tax see instructions. Check if any from Format 1614 24972 30 16 17 Amount from Schedule 2. line 3 17 18 Addnes 16 and 17 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3. ine 7 21 Addis 19 and 20 21 22 Subtractine 21 from line 18. If zero or loss, enter-O- 22 23 Other taxes, including self-employment tax. from Schedule 2. no 10 23 24 Adde 22 and 23. This is your total tax 24 25 Federal income tax wehheld from a Formis) W-2 25a Form) 1099 25 Other forms e instructions) 250 d Addines 25a through 250 you 26 2020 estimated tax payments and amount applied from 2019 retum 27 Earned Income credit) THI UA ENET you have 28 Additional child tax credit. Attach Schedule 5812 mortable 29 American opportunity credit from Form 8863, Ines Copy con 30 Recovery robote credit. See instructions 31 Amount from Schedule 3. ine 13 32 Addines 27 through 31. These are your total other payments and refundable credits 32 39 Add lines 250, 26, and 32. These are your total payments 33 Refund 34 Vine 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid 34 350 Amount of line 34 you want refunded to you. Form 3888 s attached, check here Direct? > Routing number Sections Account number Type Checking Savings 36 Amount of line 34 you want applied to your 2021 estimated tax Amount 37 Subtractine 33 from Ine 24. This is the amount you owe now You Owe Fortison Note: Schedule and Schedule Setlers, line 37 may not represent all of the then you owe for how to prese 2020. See Schedule 3. Ine 120, and is instructions for details instructions 38 Estimated tax penalty constructions Third Party Do you want to allow another person to discuss this return with the RS? See Designer Instructions Yes. Complete below. No Desiones Phone Profition name Number Sign Under perties of persy declare that have examined it and accompanying schedules and stone bestel my knowledge and Here Delit. Dey were corect and completo. Declaration of prepare the man tepayee is based on an internation of which prepare te ay knowledge Your site Your occupation the you an identity Protection Interit here J? seet Section Spouse's signature rajoitretum, both most sign Dune Spoussoption coyo e RS send your spouse Identity Protection PIN enter these cords eenst Phone ne Emas Precare's Preparer's sure Ome PTIN Check Paly Selayed Preparer Firm's name Phone Use Only Firm's address F'S EN Go to www.in.goForm for instructions and the test Information Fon 1040 350 To contains > Attachment Sunce No 01 : 18 2010 NOT FILE 7 8 9 SCHEDULE 1 OMB No 1545-004 (Form 1040) Additional Income and Adjustments to Income 2020 Department of Trry Attach to Form 1040,1040-SR, or 1040-NR. real Revenue Service Go to www.in.gov/Form 1040 for instructions and the latest information Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number Part Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or loss). Attach Schedule 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F 7 Unemployment compensation 8 Other income. List type and amount 9 Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 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 12 Health savings account deduction. Attach Form 8889 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 15 Self-employed SEP, SIMPLE, and qualified plans 15 16 Self-employed health insurance deduction 17 Penalty on early withdrawal of savings 18a Alimony paid b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction 19 20 Student loan interest deduction 21 Tuition and fees deduction. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a 22 For Paperwork Reduction Act Notice, see your tax return Instructions. Cat No. 71475F Schedule 1 (Form 10402000 11 12 14 16 17 18a 20
