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Any help with the tax returns forms would be great Instructions: Please complete the 2020 federal income tax return for Margaret Carmack. Ignore the requirement
Any help with the tax returns forms would be great
Instructions: Please complete the 2020 federal income tax return for Margaret Carmack. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Margaret Carmack has undergone some major changes in her life recently. In 2019, at the age of 46, her husband, Roger, passed away. Margaret has not remarried as of the end of 2020. Margaret currently lives in Bedford, Pennsylvania. She was living in Pittsburgh when her husband passed away but she moved back to her childhood home so she could get help from her family raising her children. Margaret was employed in Pittsburgh early in the year but left that job and relocated 100 miles away to pursue a new life and start her new job. Margaret has three children (ages as of the end of the year): Alyssa (24), Tyler (16), and Connor (11). Margaret would like to determine her federal income tax under the filing status that is most advantageous for her. Margaret reported the following information: . Margaret's social security number is 294-83-2845 Alyssa's social security number is 824-84-8456 Tyler's social security number is 824-34-9584 Connor's social security number is 824-56-2984 Margaret's mailing address is 623 S. Liberty Road Bedford, Pennsylvania 15522 . Alyssa is unmarrled and a full-time graduate student at Pennsylvania State University (PSU) (EIN 33. 9876543), PSU's address is 1250 Happy Valley, State College, PA 16801. She received her bachelor's degree the year her father passed away. This year represents her fifth year of full-time higher education schooling. Alyssa works part-time in State College to help with some of her living expenses. Alyssa earned $4,300 in gross income during the year and had her income tax return prepared on campus by Volunteer Income Tax Assistance (VITA) volunteers. Margaret provided support for Alyssa Including paying for rent, books, tuition, food, clothes, medicine, and other support items. In total, Margaret provided $10,700 of support for the year. PSU provided Alyssa with a Form 1098-T at year end. Margaret would like to take the education credit if she qualifies. Alyssa's higher education experises for her university studies were as follows: Tuition $8,500 Books $2,000 In order to permit Margaret to maintain a full-time job, she sends Connor to a day care program after school five days a week. During the year, Margaret paid the day care operator $4,250 for Connor's care. The day care details are as follows: Horizon Day Care 452 S. Patriot Road Bedford, PA 15522 EIN-43-6598324 Margaret incurred the following moving-related expenses during the year: Household items Meals in transit House hunting trip $3,300 150 1,750 In addition she drove her car the 100 miles to Bedford as part of the move. Her previous workplace was located 10 miles from the previous home she was renting and her new job is exactly 100 miles away from her prior residence. Margaret's W-2s for the year reported the following: Employer Gross Wages Federal Income Tax Withholding $3,900 State Income Tax Withholding $700 $78,435 Juniata Development Corporation Pittsburgh Real Estate $2,450 $200 $125 Margaret's employers withheld all applicable and appropriate payroll taxes. The entire Carmack family was covered by minimum essential health insurance during each month in 2016. The insurance was provided by Margaret's employers. Margaret also received the following during the year: Life Insurance Payment-Mutual Life (Mother's passing) $100,000 Cash gift from her father $ 5,000 Interest income-First Bank of Bedford $ 310 Interest income-General Electric Bond $ 3,200 Interest income-Bedford School District Municipal Bond $ 3,500 PA state income tax refund* $ 325 *Refund was from state tax she paid last year. Margaret deducted all of her state taxes as itemized deductions, and received full tax benefit for the deductions, on her prior year federal tax return. Margaret sold the following stock during the year: Coca Cola Stock -acquired on 10/8/15 for $4,000 and sold on 4/5/20 for $4,100 Company B stock - acquired on 8/15/12 for $8,000 and sold on 4/5/20 for $4,000. XYZ Company stock - acquired on 4/1/20 for $1,000 and sold on 12/11/20 for $900 Basis was reported to the IRS on all these stock sales. Margaret did not own, control or manage any foreign bank accounts nor was she a grantor or beneficiary of a foreign trust during the tax year. Margaret paid or incurred the following expenses during the year: + Dentist (unreimbursed by insurance) $1,500 + Doctors (unreimbursed by insurance) $ 475 + Prescriptions (unreimbursed by insurance) $ 855 Real property taxes on residence $ 950 Vehicle registration fee based upon value of vehicle $ 175 * Mortgage Interest on principal residence (Form 1098 received) $4,845 - Contribution to the American Lung Association - Contribution to the Habitat for Humanity $1,000 - Contribution to Presbyterian Church $4,000 - Contribution to Penn State University $ 200 $ 400 Margaret wants to contribute to the Presidential Election Campaign. She would like to receive a refund (if any) of any tax she may have overpaid for the year. Her preferred method of receiving the refund is by check. Instructions: Please complete the 2020 federal income tax return for Margaret Carmack. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Margaret Carmack has undergone some major changes in her life recently. In 2019, at the age of 46, her husband, Roger, passed away. Margaret has not remarried as of the end of 2020. Margaret currently lives in Bedford, Pennsylvania. She was living in Pittsburgh when her husband passed away but she moved back to her childhood home so she could get help from her family raising her children. Margaret was employed in Pittsburgh early in the year but left that job and relocated 100 miles away to pursue a new life and start her new job. Margaret has three children (ages as of the end of the year): Alyssa (24), Tyler (16), and Connor (11). Margaret would like to determine her federal income tax under the filing status that is most advantageous for her. Margaret reported the following information: . Margaret's social security number is 294-83-2845 Alyssa's social security number is 824-84-8456 Tyler's social security number is 824-34-9584 Connor's social security number is 824-56-2984 Margaret's mailing address is 623 S. Liberty Road Bedford, Pennsylvania 15522 . Alyssa is unmarrled and a full-time graduate student at Pennsylvania State University (PSU) (EIN 33. 9876543), PSU's address is 1250 Happy Valley, State College, PA 16801. She received her bachelor's degree the year her father passed away. This year represents her fifth year of full-time higher education schooling. Alyssa works part-time in State College to help with some of her living expenses. Alyssa earned $4,300 in gross income during the year and had her income tax return prepared on campus by Volunteer Income Tax Assistance (VITA) volunteers. Margaret provided support for Alyssa Including paying for rent, books, tuition, food, clothes, medicine, and other support items. In total, Margaret provided $10,700 of support for the year. PSU provided Alyssa with a Form 1098-T at year end. Margaret would like to take the education credit if she qualifies. Alyssa's higher education experises for her university studies were as follows: Tuition $8,500 Books $2,000 In order to permit Margaret to maintain a full-time job, she sends Connor to a day care program after school five days a week. During the year, Margaret paid the day care operator $4,250 for Connor's care. The day care details are as follows: Horizon Day Care 452 S. Patriot Road Bedford, PA 15522 EIN-43-6598324 Margaret incurred the following moving-related expenses during the year: Household items Meals in transit House hunting trip $3,300 150 1,750 In addition she drove her car the 100 miles to Bedford as part of the move. Her previous workplace was located 10 miles from the previous home she was renting and her new job is exactly 100 miles away from her prior residence. Margaret's W-2s for the year reported the following: Employer Gross Wages Federal Income Tax Withholding $3,900 State Income Tax Withholding $700 $78,435 Juniata Development Corporation Pittsburgh Real Estate $2,450 $200 $125 Margaret's employers withheld all applicable and appropriate payroll taxes. The entire Carmack family was covered by minimum essential health insurance during each month in 2016. The insurance was provided by Margaret's employers. Margaret also received the following during the year: Life Insurance Payment-Mutual Life (Mother's passing) $100,000 Cash gift from her father $ 5,000 Interest income-First Bank of Bedford $ 310 Interest income-General Electric Bond $ 3,200 Interest income-Bedford School District Municipal Bond $ 3,500 PA state income tax refund* $ 325 *Refund was from state tax she paid last year. Margaret deducted all of her state taxes as itemized deductions, and received full tax benefit for the deductions, on her prior year federal tax return. Margaret sold the following stock during the year: Coca Cola Stock -acquired on 10/8/15 for $4,000 and sold on 4/5/20 for $4,100 Company B stock - acquired on 8/15/12 for $8,000 and sold on 4/5/20 for $4,000. XYZ Company stock - acquired on 4/1/20 for $1,000 and sold on 12/11/20 for $900 Basis was reported to the IRS on all these stock sales. Margaret did not own, control or manage any foreign bank accounts nor was she a grantor or beneficiary of a foreign trust during the tax year. Margaret paid or incurred the following expenses during the year: + Dentist (unreimbursed by insurance) $1,500 + Doctors (unreimbursed by insurance) $ 475 + Prescriptions (unreimbursed by insurance) $ 855 Real property taxes on residence $ 950 Vehicle registration fee based upon value of vehicle $ 175 * Mortgage Interest on principal residence (Form 1098 received) $4,845 - Contribution to the American Lung Association - Contribution to the Habitat for Humanity $1,000 - Contribution to Presbyterian Church $4,000 - Contribution to Penn State University $ 200 $ 400 Margaret wants to contribute to the Presidential Election Campaign. She would like to receive a refund (if any) of any tax she may have overpaid for the year. Her preferred method of receiving the refund is by checkStep by Step Solution
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