I need the 1040 solved. Thanks

In 2020, Sterling and Lana Archer (ages 31 and 29) are married and live in New York, NY. Their address is 880 5th Ave Unit 22A, New York, NY 10021. They have a two-year-old child, AJ. Their phone number is 212-123-4567. Sterling, Lana and AJ's social security numbers are 123-45-6789, 234-56-7891 and 345- 67-8912 respectively. Sterling received $8,000 of qualified Microsoft dividends, as well as $5,000 of non-qualified dividends from Xerox. Sterling also received $5,000 of interest from City of New York bonds, and $10,000 of interest from Proctor & Gamble bonds. The remaining income came from their own business. Sterling runs Clandestine Operations (CO) as a calendar year end, cash basis, schedule C company (EIN 98- 7654321). CO was formed in 2015, and only sells its services (no inventory). In 2019, CO had $3,257,000 of revenue. The Archer's also listed the following expenses: -$36,000 to lease their office at 900 6th Ave, New York, NY 10021. -$500,000 in employee wages -$45,000 in payroll taxes -$50,000 in health insurance premiums for CO employees -$10,000 in health insurance premiums for the Archer family $15,000 in business loan interest $5,000 in legal fees -$25,000 in new supplies -$15,000 in utilities Further, co gave more detailed information on the following items: -Travel Expenses: Sterling estimates their personal family vehicle (Acura RDX) was driven 8,000 miles for qualifying overnight business trips, but only documented 3,457 of those miles (standard mileage rate is 57.5 cents). Sterling also saved gas receipts totaling $600, toll receipts totaling $350, parking fines totaling $1,300, and food receipts totaling $3,000. Sterling also flew to two locations for business. The first was a 7-day trip to Miami, FL, and the second a 5-day trip to Aspen, Co. Per discussions with Sterling, business was only conducted for 5 of the 7 days in Miami, with the other two days spent lounging on South Beach. Co paid $3,200 for one first class ticket to Miami, $300 per night for a hotel, $220 in taxi fares to get to and from business meetings, and $574 for meals. On the second trip, business was only conducted on 2 of the 5 days. Co paid $2,800 for one first class ticket to Aspen, $250 per night for a hotel, $130 in taxi fares to get to and from business meetings, and $350 for meals. -Depreciable Assets: CO currently owns various office furniture put in service on March 1st, 2018 when Co opened for business. The office furniture has a total original cost of $25,000. CO also owns 5 computers, also placed in service on March 15, 2018, with a total original cost of $10,000. Further, 2 new computers were purchased in 2020 and placed in service on September 15, with a total cost of $4,000. Co purchased a 2017 Ford Escape for $22,000, also placed in service on March 1st, 2018. CO also owns a warehouse on the outskirts of town for storage. The warehouse had an original cost of $250,000 and was placed in service on March 1st, 2015. No section 179 or bonus depreciation was taken in 2015 or 2018. However, the Archers would like to fully utilize any available 179 or bonus depreciation on new assets placed in service during 2020. NOTE- use depreciation tables in pdf in the CH 10 Learning Module, Ch 10 Problems and Tables - Blank. Sterling also informed you of the following personal information: --Paid $7,500 of unreimbursed medical expenses -Paid $20,450 of state and local income taxes -Paid $4,250 in property taxes -Paid $102,000 in home related interest (90,000 interest on a $1,500,000 acquisition mortgage and 12,000 interest on a $200,000 home equity loan (proceeds used for home renovation]). The home was purchased on 1/1/2020, and the average loan balance for the two loans for the year was $1,700,000. -Donated $50,000 to NYU, Sterling's Alma Mater, and artwork with a basis of $100,000 and a FMV of $500,000 to The Metropolitan Museum of Art -Sterling is divorced from his first wife (SS# 456-78-9123), with whom he has a 5-year-old child (the child resides with the mother year-round, and the mother takes all possible tax benefits related to the child). Sterling pays a court ordered $12,000 annually as part of the divorce agreement, with this amount decreasing to $4,000 annually when the child turns 18 years old. The divorce decree is dated 2/3/2016. -The Archers made four $180,000 quarterly estimated tax payments, which exceeded 110% of the prior year tax liability. -The Archers paid $20,000 in childcare necessary for both parents to work. The last item Sterling informs you of is a rental property they own in Destin, Fl. The address is 631 Gulf Shore Drive, Destin FL 32541. The property was purchased November 1st, 2009 with an original cost of $400,000. This property is rented year-round. While Gulf Emerald Coast Realty is engaged as a property manager to manage the bulk of the rental work, Lana participates enough to be considered an active participant of the rental. In 2020, the property brought in $1,800 per month in rent, with 10% of each rent check being taken as property management fees. The Archer's also incurred the following expenses related to this property: -$200 in advertising -$1,250 in cleaning -$2,400 in insurance -$18,300 in mortgage interest -$3,750 in property taxes -$3,800 in utilities You have been contracted to prepare the Archer's personal federal tax return in 2020. They wish for you to take whatever tax positions you can to minimize their 2020 tax liability. Sterling would like $3 to go to the presidential election campaign fund, but Lana does not. The Archers do not want to designate anyone as a third-party designee. Any overpayment should be refunded. Round all line items to the nearest dollar. Any overpayment should be refunded. Department of the Treasury-Internal Revenue Service 11040 (90) U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 RS Use Only-Do not waar staple in this space Filing Status Single Married fling jointiy Married fling separately (MFS) Head of household (HOH) Qualifying widowe (0) Check only If you checked the MFS box, enter the name of your spouse. If you checked the HOH or GW box, enter the child's name if the qualifying one box. person is a child but not your dependent Your first name and middle initial Last name Your social security number If joint ratur, spouse's first name and middle initial Last name Spouse's social security number Home aditos (number and strat). If you have a P.O. bax, so instructions. Apt. no. Presidential Election Campaign Check here if you, or your City, town, or post office. If you have a foreign address, also comploto specas below. State ZIP code spouse if fling jointly, want $3 to go to this fund. Checking a box below will not change Foreign country name Foreign province/statal county Foreign postal code your tax or refund. You Spouse At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial Interest in any virtual currency? Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status allen Age/Blindness You: Were bom before January 2, 1958 Are blind Spouse: was born before January 2, 1956 Is blind Dependents (see Instructions: 12 Social security (3) Relationship 14 vit qualifies for soc instructions): If more (1) First name number Last name to you Child tax credit Credit for other dependents than four dependents, see Instructions and check here 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 Attach 2a 2a Tax-exempt interest b Taxable interest 2b Sch. Bit 3a Qualified dividends 3a required 3b b Ordinary dividends 4a IRA distributions, 4a b Taxable amount. 4b 5a Pensions and annuities 5a b Taxable amount 5b Standard 6a Social Security benefits b Taxable amount 6b Deduction for 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 - Single or Married fling 8 Other Income from Schedule 1, line 9. 8 seperately 9 $12.400 Add lines 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income 9 Married fling 10 Adjustments to income: jointly or bullying a From Schedule 1. line 22 10a widowian. $24,000 b Charitable contributions if you take the standard deduction. See Instructions 10b Head of Add lines 10a and 10b. These are your total adjustments to Income 100 household 11 $18,050 11 Subtractine 10c from Ine 9. This is your adjusted gross Income If you checked 12 Standard deduction or itemized deductions (trom Schedule A) 12 ariy box under Standard 13 Qualified business Income deduction Attach Form 8995 or Form 8996-A 13 Deduction 14 Add lines 12 and 13. 14 so Instructions. 15 Taxable income. Subtract line 14 from Ine 11. If zero or less, enter-O- 15 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat No. 11500B Form 1040 20 Page 2 25a &&&& Form 1040 (2020 16 Tax (see Instructions). Check if any from Forms): 18814 2 4972 3 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 Add lines 19 and 20. 21 Subtract line 21 from line 18. If zero or less, enter-O- 22 23 Other taxes, including self-employment tax, from Schedule 2, line 10 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal Income tax withheld from a Form's) W-2 b Forms) 1099 25b c Other forms (see Instructions) 250 d Add lines 25a through 250 250 If you have a 2020 estimated tax payments and amount appled from 2019 return 26 qualifying child, 27 Earned Income credit (EIC). 27 attach Sch. EC . If you have Additional child tax credit. Attach Schedule 8812 28 nontaxatic 29 29 combat py American opportunity credit from Form 8863, Ine 8. se instructions. 30 Recovery rebate credit. See Instructions 30 31 Amount from Schedule 3. line 13 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 33 Add lines 250, 26, and 32. These are your total payments 33 Refund 34 34 If line 33 is more than line 24, subtract Ine 24 from line 33. This is the amount you overpald 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here O 35a Direct deposit? Routing number c Type: Checking Savings See instructions. Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 36 Amount 37 Subtract line 33 from Ine 24. This is the amount you owe now . 37 You Owo Note: Schedule H and Schedule Se flers, Ine 37 may not represent all of the taxes you owe for For details on 2020. See Schedule 3, line 12e, and Its Instructions for details. how to pay, so instructions. 38 Estimated tax penalty see Instructions) 38 Third Party Do you want to allow another person to discuss this retum with the RS? See Designee Instructions Yes. Complete below. No Designoo's Phone Personal identification namo number (PN Sign Under paratie of perjury. I declare that I have examined this ratum and accompanying schedules and statements, and to the best of my knowledge and bolict, they are true correct, and complete. Doclaration of preparar (other than taxpayer is based on al information of which preparar has any knowledge Here Your signatura Date Your occupation If the RS sont you an identity Protection PIN antar it here Joint natur? soc inst.) Sow instructions. Spouse's signaturo. fajin roturn, both must sign. Date Spouse's occupation If the RS sont your spouse an Keep a copy for Identity Protection PIN, ante it here your records 300 inest.) Phone no. Email address Preparar's name Proparar's signature Date PTIN Paid Chockit: Saif-employed Preparer Firm's namo Phone no Use Only Firm's address Firm's EIN Go to www.is.gowForm 1040 for instructions and the latest information Form 104020001 na