Complete 2020 1040 Income tax, Schedule A use 7.5% Med, Schedule E, and Schedule 1

1. Barry and Mary Roosevelt, ages 33 and 31, are married and live at 430 South Michigan Avenue, Chicago IL 60605. Barrys social security number is 123-45-6789 and Marys numbers is 987-65-4321.

2. Barry and Mary have 2 children, Ann age 7 and Marie age 5. Social security numbers 321-44-7788 and 321-55-9966. Barry also has another child, Timmy age 10, from a previous relationship. Timmy lives with his mom in Arizona during the school year and Barry pays child support of $500 per month. Take the Child Tax Credit for all applicable children.

3. Mary is a CPA for a local firm. For the year she earned a salary of $90,000 with $20,000 in Federal withholding and $5,000 in State withholding. During the year Mary paid $6,000 in health insurance premiums for family healthcare coverage.

4. Barry owns some rental property in Tennessee. During the year, the rental property had gross revenues of $50,000 and incurred the following expenses:

1. Taxes $10,000
2. Insurance $5,000
3. Advertising $4,000
4. Utilities $3,000
5. Repairs & maintenance $5,000

5. Barry was able to collect unemployment compensation for a portion of the year. He collected $10,000 in total benefits for the year and no withholding.

6. Mary received $10,000 as a gift from a rich ex-boyfriend. Mary also received $50,000 as the beneficiary of her fathers life insurance policy. (Mary was the sole beneficiary of the policy.)

7. Barry injured himself while cooking and needed to see a physical therapist throughout the year. The total out-of-pocket medical expenses for Barry were $3,000.

8. Barry and Mary went to Las Vegas for a romantic getaway. During their trip Mary won $5,000 playing the slots (gambling winnings), while Barry lost $1,000 playing cards.

9. Barry and Mary received the following items applicable for the current tax year:
   1. Interest from savings account $1,500
   2. Interest from City of Chicago bonds $1,000
   3. Qualified dividend from IBM $7,000

10. Barry and Mary paid the following items applicable for the current tax year:
    1. Charitable contributions (cash) $8,000
    2. Real estate taxes $10,000
    3. Home mortgage interest $8,000
    4. Credit Card finance (interest) charges $2,000
    5. Student loan interest $1,500