Question
How do I enter these events for 2020 federal return using Intuit Proconnect? 1. Erics mother passed away 6/22/2020. He received a parcel of land
How do I enter these events for 2020 federal return using Intuit Proconnect?
1. Erics mother passed away 6/22/2020. He received a parcel of land worth $50,000 on 6/22/2020, no alternative valuation date was elected. He sold the land on 12/24/2020 for $50,600. He also received life insurance proceeds in the amount of $150,000. He invested a portion of the proceeds from the sale into Disney stock for his three children. The value of the Disney stock at the time of purchase was $10,000 per child.
2. Eric and Mary received $10,400 from Los Angeles school district bonds.
3. Eric received $5,300 interest from a Merrill Lynch money market account.
4. Eric received $15,000 of dividend income from Ford Motor Company stock that he owned for over 2 years.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started