Calculate tax refund

Filing Status, Dependents, Gross Income, Deductions, Investments, Schedule C Income John (48) and Sandy (43) Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. They live in Anderson, South Carolina. In 2020, John worked as a computer analyst at a Clemson University earning a salary of $152,000. Sandy worked part time as a receptionist for a Dunn & Johnson, LLC earning a salary of $29,000. See their W-2s attached. The Fergusons received a $600 refund of their state income taxes from 2019. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The entire Ferguson family was covered by minimum essential health insurance during each month in 2020. The above amounts do not reflect any income items described below. The Ferguson's insurance was through Clemson University. The Fergusons plan to file a joint tax return. They provided the following information: . John's social security number is 598-94-2583 Sandy's social security number is 301-52-2942 Samantha's social security number is 887-44-8710 The Ferguson's mailing address is 286 Elm Drive, Anderson, SC 29621 Sandy and John also support Sandy's aging mother, Martha, age 79. Her social security number is 402-78-4487. Martha lives in a nursing home in Anderson, but the Fergusons pay 80% of Martha's support. Martha's gross income for 2020 is $6,000. The Fergusons reported making the following payments during the year: The Wilsons paid the following expenses during the year: Alimony payments to John's ex-wife (divorced on 12/31/2014) $10,000 Child support payments for John's child with his ex-wife $ 4.100 Dentist (unreimbursed by insurance) $ 2.000 Doctors (unreimbursed by insurance) $ 2.825 Prescriptions (unreimbursed by insurance) $ 1,655 Real property taxes on residence $12,200 Vehicle (not used for business) property tax based upon value $ 570 Mortgage interest on principal residence mortgage of $600,000 $12,037 Kid Care day care center (87-2223349) for Samantha's care $ 4,250 while John and Sandy worked. Contribution to United Way $ 2.000 Contribution to American Cancer Society $ 500 Contribution to neighborhood drive to oppose development $ 500 Contribution to American Cancer Society Contribution to neighborhood drive to oppose development Contribution to the Anderson Methodist Church $ 500 $ 500 $12,000 The Fergusons also donated clothing, electronics, furniture and other household goods to the Salvation Army of Anderson, SC on November 12, 2020. Estimated thrift value of the goods donated was $450 (original cost was $2,000). Attached are Forms 1099-DIV for the Ferguson's dividend income. The Fergusons also received interest income from First Citizens Bank in the amount of $176 and State of South Carolina bonds in the amount of $2,490. The Ferguons had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B and basis information for each stock sale and purchase was reported to the IRS): Sold 2,000 shares of Microsoft Sold 75 shares of Apple, Inc. Sold 350 shares of Cooper Tire Sold 1,000 shares of Cardinal Health Sold 50 shares of Union Pacific 07/01/20 04/15/20 10/14/20 09/03/20 01/07/20 $22,500 $28,750 $14,700 $35,000 $ 2.750 Relevant tax basis/holding period information related to sales of securities in the current year: Purchased 100 shares of Procter & Gamble 07/10/20 $ 7.700 Purchased 350 shares of Cooper Tire 11/01/20 $14,000 Purchased 75 shares of Apple, Inc. 04/27/20 $29,250 Purchased 350 shares of PepsiCo 05/14/20 $32,000 Purchased 300 shares of Kellogg 10/14/20 $21,000 Purchased 2,000 shares of Microsoft on 05/01/20 $21,000 Purchased 200 shares of Apple, Inc. on 03/08/16 $90,000 Purchased 300 shares of Cooper Tire on 01/12/15 $ 9,000 Purchased 50 shares of Cooper Tire on 06/28/18 $ 2.000 Purchased 100 shares of Union Pacific on 09/05/17 $ 6.000 Received 1,000 shares of Cardinal Health from Sandy's father as a gift on 10/10/02. Her father's basis in the stock at the time of the gift was $7,000. Fair market value of the stock at the date of the gift was $41,000 The Fergusons have a $3,000 long-term capital loss carryover and a $5,000 short-term capital loss carryover from the prior tax year. Sandy Ferguson has an online business selling custom screen-printed t-shirts: (she uses the cash method of accounting). Revenue reported from her Schedule C Business = $71,489 Sandy is an active participant, and the business is not considered a specified service trade or businesses for purposes of the Qualified Business Income Deduction. During the year, Sandy paid the following business expenses in her business: Supplies Advertising Shipping Office Expenses Utilities $21,900 $ 2,450 $ 6,390 $12,825 $ 1,818 Sandy's business did not require the filing of Form 1099 to report payments she made during the tax year. Sandy purchased the following assets during 2020 that she uses 100% for her online business: Asset Computer Desk Screen Printing Machine Drafting Table Purchase Date July 18, 2020 May 12, 2020 July 20, 2020 October 11, 2020 Purchase Price $ 3.412.00 $ 5,810.00 $12,412.00 $ 6,416.00 She does not want to elect Section 179 or bonus depreciation. The Fergusons would like to contribute to the Presidential Election Campaign Fund. They would also like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. Filing Status, Dependents, Gross Income, Deductions, Investments, Schedule C Income John (48) and Sandy (43) Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. They live in Anderson, South Carolina. In 2020, John worked as a computer analyst at a Clemson University earning a salary of $152,000. Sandy worked part time as a receptionist for a Dunn & Johnson, LLC earning a salary of $29,000. See their W-2s attached. The Fergusons received a $600 refund of their state income taxes from 2019. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The entire Ferguson family was covered by minimum essential health insurance during each month in 2020. The above amounts do not reflect any income items described below. The Ferguson's insurance was through Clemson University. The Fergusons plan to file a joint tax return. They provided the following information: . John's social security number is 598-94-2583 Sandy's social security number is 301-52-2942 Samantha's social security number is 887-44-8710 The Ferguson's mailing address is 286 Elm Drive, Anderson, SC 29621 Sandy and John also support Sandy's aging mother, Martha, age 79. Her social security number is 402-78-4487. Martha lives in a nursing home in Anderson, but the Fergusons pay 80% of Martha's support. Martha's gross income for 2020 is $6,000. The Fergusons reported making the following payments during the year: The Wilsons paid the following expenses during the year: Alimony payments to John's ex-wife (divorced on 12/31/2014) $10,000 Child support payments for John's child with his ex-wife $ 4.100 Dentist (unreimbursed by insurance) $ 2.000 Doctors (unreimbursed by insurance) $ 2.825 Prescriptions (unreimbursed by insurance) $ 1,655 Real property taxes on residence $12,200 Vehicle (not used for business) property tax based upon value $ 570 Mortgage interest on principal residence mortgage of $600,000 $12,037 Kid Care day care center (87-2223349) for Samantha's care $ 4,250 while John and Sandy worked. Contribution to United Way $ 2.000 Contribution to American Cancer Society $ 500 Contribution to neighborhood drive to oppose development $ 500 Contribution to American Cancer Society Contribution to neighborhood drive to oppose development Contribution to the Anderson Methodist Church $ 500 $ 500 $12,000 The Fergusons also donated clothing, electronics, furniture and other household goods to the Salvation Army of Anderson, SC on November 12, 2020. Estimated thrift value of the goods donated was $450 (original cost was $2,000). Attached are Forms 1099-DIV for the Ferguson's dividend income. The Fergusons also received interest income from First Citizens Bank in the amount of $176 and State of South Carolina bonds in the amount of $2,490. The Ferguons had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B and basis information for each stock sale and purchase was reported to the IRS): Sold 2,000 shares of Microsoft Sold 75 shares of Apple, Inc. Sold 350 shares of Cooper Tire Sold 1,000 shares of Cardinal Health Sold 50 shares of Union Pacific 07/01/20 04/15/20 10/14/20 09/03/20 01/07/20 $22,500 $28,750 $14,700 $35,000 $ 2.750 Relevant tax basis/holding period information related to sales of securities in the current year: Purchased 100 shares of Procter & Gamble 07/10/20 $ 7.700 Purchased 350 shares of Cooper Tire 11/01/20 $14,000 Purchased 75 shares of Apple, Inc. 04/27/20 $29,250 Purchased 350 shares of PepsiCo 05/14/20 $32,000 Purchased 300 shares of Kellogg 10/14/20 $21,000 Purchased 2,000 shares of Microsoft on 05/01/20 $21,000 Purchased 200 shares of Apple, Inc. on 03/08/16 $90,000 Purchased 300 shares of Cooper Tire on 01/12/15 $ 9,000 Purchased 50 shares of Cooper Tire on 06/28/18 $ 2.000 Purchased 100 shares of Union Pacific on 09/05/17 $ 6.000 Received 1,000 shares of Cardinal Health from Sandy's father as a gift on 10/10/02. Her father's basis in the stock at the time of the gift was $7,000. Fair market value of the stock at the date of the gift was $41,000 The Fergusons have a $3,000 long-term capital loss carryover and a $5,000 short-term capital loss carryover from the prior tax year. Sandy Ferguson has an online business selling custom screen-printed t-shirts: (she uses the cash method of accounting). Revenue reported from her Schedule C Business = $71,489 Sandy is an active participant, and the business is not considered a specified service trade or businesses for purposes of the Qualified Business Income Deduction. During the year, Sandy paid the following business expenses in her business: Supplies Advertising Shipping Office Expenses Utilities $21,900 $ 2,450 $ 6,390 $12,825 $ 1,818 Sandy's business did not require the filing of Form 1099 to report payments she made during the tax year. Sandy purchased the following assets during 2020 that she uses 100% for her online business: Asset Computer Desk Screen Printing Machine Drafting Table Purchase Date July 18, 2020 May 12, 2020 July 20, 2020 October 11, 2020 Purchase Price $ 3.412.00 $ 5,810.00 $12,412.00 $ 6,416.00 She does not want to elect Section 179 or bonus depreciation. The Fergusons would like to contribute to the Presidential Election Campaign Fund. They would also like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check