Determine tax due or refund for the couple for 2020
Determine the couples total itemized deduction and standard deduction per 2020 tax schedule
Determine gross liabilities per the 2020 tax rate schedule
Less: federal income tax withheld, child tax credit, dependent credits
Determine tax due or refund
1 Norme - No Spacing Heading 1 THE Determine the Tax due or Return for Lance Hand Wand Dean are married and live 307 Rodeo Ave, Cleveland, OH 44109. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for lawfirm. Note: they do not have any For AG deductions S102,123 YEAR 2020 Salaries (560,123 for Lance, $42,000 for Wanda) interest income City of Cleveland general purpose bands Ford Motor company bonds Capital One bank certificate of deposit Child support payments from John Smith Annual gifts from grandmother Loan from Region Bank Settlement From Roadrunner Touring Company Lottery winnings Lance received a Gift for reaching 10 years of con service 51,000 1.100 M00 2,500 7,200 26,000 10,000 190.000 600 350 Stale income tax refund (for tax year 2019, and they claimed standard deduction in 2019) 250 Federal income tax refund (for tax year 2019) 900 Wanda was previously married to John Smith When they divorced several yenge, Wanda was wwanded custody of their two children, Penny and Kyle. (Note: Wanda has never swede Form 2332 way. Under the divorce decree, John was obligated to pay almony and child support the alimony payments were to terminate if Wandaremamed In July, while going to lunch in downtown Santa Fe, Wanda was injured by our bus. Becase the driver was clearly at fault, the owner of the Roadrunner Touring Company, paid her medical expenses including a one-week in a hospital) Te voidal Rodeo transferred $90,000 to her in element of a personal injuries she used Lance's employer pays the family's health of $8.50 for a qualified plan Focus U herg Title The Deans had $20,000 total itemired deduction for 2020 (510.000 for property far and $10,000 for mortgage Interer) The Deans' household includes the following for whom they provide more than half of the support: (determine Dependents and Child credits) Social Security Number AND Birth Date Lance Dean (age 42) 123-45-6786 12/16/1976 Wanda Dean (age 41) 123-45-6788 08/08/1979 Penny Allen (age 19) 123-45-6710 10/09/2001 Kyle Allen (age 16) 123-45-6730 05/03/2004 I Wayne Boyle Cage 75) 123-456-1240 06/15/1945 O Focus E E o Penny graduated from high school on May 9, 2020 and is undecided about college. During 2020, she camed 58,500 (placed in a savings account) playing the drums in the lobby of a Holiday Inn Wayne is Wanda's widower father who died on December 20, 2020. For the past few years, Wayne qualified as a dependent of the Deans. Wanda inherited cash of $50,000 from her father and his baseball card collection, valued at $2,000. As the beneficiary of her father's life insurance policy, Wanda also received 5150,000 Federal income tax withheld is $1,900 (Lance) and $1,800 (Wanda) The proper amount of Social Security and Medicare tax was withheld They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpuyment results, it is to be refunded to them. Note Standard detection for 2020 $ $24,000 for MFI credit 2,000 per qualifying child in 2020 Dependent wordt 350 per quality independent in 2000 ited States Focus B A E E to %
