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Given the following information, complete the attached forms for the 2020 1040 tax return. Tim and Mandy Sanders, MFJ taxpayers, both 50 years old, 2
Given the following information, complete the attached forms for the 2020 1040 tax return.
- Tim and Mandy Sanders, MFJ taxpayers, both 50 years old, 2 qualified dependent children over the age of 17Sarah and Brian.
- Total wages earned for the married couple: $65,000.
- Federal Income Tax Withheld by employer: $8,500.
- No reportable wages for the children.
- Taxable Interest: $1,200
- Tax-Exempt Interest: $1,350
- Social Security Benefits received by Mandy: $21,000.
- No Federal Income Tax Withheld
- Total Itemized deductions: $11,400
- All were covered by insurance provided by Tims employer.
- The Sanders are not subject to AMT.
- No FOR AGI deductions allowed.
- No tax credits allowed other than for the dependent children.
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