GROUP 4: COMPREHENSIVE PROBLEMS 1. Beverly and Ken Hair have been married for 3 years. Beverly works as an accoun- tant at Cypress Corporation. Ken is a full-time student at Southwest Missouri State University (SMSU) and also works part-time during the summer at Cypress Corp. Ken's birthdate is January 12, 1994 and Beverly's birthdate is November 4, 1996. Bev and Ken's earnings and income tax withholdings are reported on the following Forms W-2: 465-74-3321 31-1238967 . TAMIL e file 51,100.00 4,610.00 51,100.00 3,168,20 Cypress Corp. 1234 E. Chestnut Pkwy. Springfield, MO 65802 51,100.00 740.95 Beverly Hair 3567 River Street Springfield, MO 63126 STS MO 51,100.00 690.00 ...W-2 wage and Tax Statement 2020 Cupy B-To Be Fried Win Enk's FEDERA. Tas Bolum The formation is being furnished to the internal Revenue Service e-file 465-57-9934 31-1238967 Cypress Corp 1234 E. Chestnut Pkwy. Springfield, MO 65802 2.750.00 2.750,00 2.750.00 0.00 170.50 39.88 Ken Hair 3567 River Street Springfield, MO 63126 he Brande MO 2.750,00 0.00 2020 Der W-2 Wage and Tax Statement Cowy - led With Employee' PEDERAL Tetum bergued to the Service The Hairs have interest income of $956 on City of St. Louis bonds. Beverly and Ken also received the following Form 1099-INT and 1099-DIV: CORRECTED Of checked 2020 Boatman's Bank 300 City Avenue Springfield, MO 63126 Interest Income 656.62 Form 1000-INT Copy PERS 33-1234566 RECENTS TU 465-74-3321 For Recipient information and is Beverly and Ken Hair 3567 River Street Springfield, MO 63126 SOS INY Rap for your records Dermet ofery CORRECTED (f checked 302.00 2020 Green Corporation 900 South Orange Ave. Springfield, MO 62126 Dividends and Distributions 302.00 From 1001- For Recipient 33-1122334 465-57-9934 Ken Hair 5 Seconds 3567 River Street Springfield, MO 63126 w 10 DIV keep for your records Ken is an excellent student at SMSU. He was given a $1,750 scholarship by the university to help pay educational expenses. The scholarship funds were used by Ken for tuition and books. Last year, Beverly was laid off from her former job and was unemployed during January 2020. She was paid $1,847 of unemployment compensation until she started work with her current employer, Cypress Corporation. Ken has a 4-year-old son, Robert R. Hair, from a prior marriage that ended in di- vorce in 2015. During 2020, he paid his ex-wife $300 per month in child support. Robert is claimed as a dependent by Ken's ex-wife. During 2020, Ken's aunt died. The aunt, in her will, left Ken $15,000 in cash. Ken deposited this money in the Boatman's Bank savings account. Beverly and Ken received a $2,400 EIP in 2020. Required: Complete the Hairs' federal tax return for 2020 on Form 1040, Schedule 1, and the Qualified Dividends and Capital Gain Tax Worksheet. GROUP 4: COMPREHENSIVE PROBLEMS 1. Beverly and Ken Hair have been married for 3 years. Beverly works as an accoun- tant at Cypress Corporation. Ken is a full-time student at Southwest Missouri State University (SMSU) and also works part-time during the summer at Cypress Corp. Ken's birthdate is January 12, 1994 and Beverly's birthdate is November 4, 1996. Bev and Ken's earnings and income tax withholdings are reported on the following Forms W-2: 465-74-3321 31-1238967 . TAMIL e file 51,100.00 4,610.00 51,100.00 3,168,20 Cypress Corp. 1234 E. Chestnut Pkwy. Springfield, MO 65802 51,100.00 740.95 Beverly Hair 3567 River Street Springfield, MO 63126 STS MO 51,100.00 690.00 ...W-2 wage and Tax Statement 2020 Cupy B-To Be Fried Win Enk's FEDERA. Tas Bolum The formation is being furnished to the internal Revenue Service e-file 465-57-9934 31-1238967 Cypress Corp 1234 E. Chestnut Pkwy. Springfield, MO 65802 2.750.00 2.750,00 2.750.00 0.00 170.50 39.88 Ken Hair 3567 River Street Springfield, MO 63126 he Brande MO 2.750,00 0.00 2020 Der W-2 Wage and Tax Statement Cowy - led With Employee' PEDERAL Tetum bergued to the Service The Hairs have interest income of $956 on City of St. Louis bonds. Beverly and Ken also received the following Form 1099-INT and 1099-DIV: CORRECTED Of checked 2020 Boatman's Bank 300 City Avenue Springfield, MO 63126 Interest Income 656.62 Form 1000-INT Copy PERS 33-1234566 RECENTS TU 465-74-3321 For Recipient information and is Beverly and Ken Hair 3567 River Street Springfield, MO 63126 SOS INY Rap for your records Dermet ofery CORRECTED (f checked 302.00 2020 Green Corporation 900 South Orange Ave. Springfield, MO 62126 Dividends and Distributions 302.00 From 1001- For Recipient 33-1122334 465-57-9934 Ken Hair 5 Seconds 3567 River Street Springfield, MO 63126 w 10 DIV keep for your records Ken is an excellent student at SMSU. He was given a $1,750 scholarship by the university to help pay educational expenses. The scholarship funds were used by Ken for tuition and books. Last year, Beverly was laid off from her former job and was unemployed during January 2020. She was paid $1,847 of unemployment compensation until she started work with her current employer, Cypress Corporation. Ken has a 4-year-old son, Robert R. Hair, from a prior marriage that ended in di- vorce in 2015. During 2020, he paid his ex-wife $300 per month in child support. Robert is claimed as a dependent by Ken's ex-wife. During 2020, Ken's aunt died. The aunt, in her will, left Ken $15,000 in cash. Ken deposited this money in the Boatman's Bank savings account. Beverly and Ken received a $2,400 EIP in 2020. Required: Complete the Hairs' federal tax return for 2020 on Form 1040, Schedule 1, and the Qualified Dividends and Capital Gain Tax Worksheet