1:8-63 TAX FORM/RETURN PREPARATION PROBLEMS Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones' Social Security numbers and ages are as follows: Name S.S. No. Age Peter 111-11-1111 32 Amy 222-22-2222 28 Aubrynne 333-33-3333 5 Bryson 444-44-4444 3 Caden 555-55-5555 1 Receipts Peter's salary $70,000 Amy's salary 32,000 Interest income on municipal bonds 2,400 Interest income on certificate of deposit (Universal Savings) 3,100 Dividends on GM stock 1,600 Disbursements Eyeglasses and exam for Aubrynne $ 600 Orthodontic work for Bryson to correct a congenital defect 2,500 Medical insurance premiums, after-tax basis 1,800 Withholding for state income taxes 7,200 Withholding for federal income taxes 16,000 State income taxes paid with last year's tax return 500 (paid when the return was filed in the current year) Property taxes on home 1,100 Property taxes on automobile 300 Interest on home 9,700 Interest on credit cards 200 Cash contribution to church 5,900 In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2008 for $300. Compute Peter and Amy's income tax liability for 2020 using Form 1040, Schedules A and B, and Form 8283, if necessary. Assume the couple had no transactions involving virtual currency