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In 2020, Adam, your brother in law, has the following items below. Adam is not sure how much tax refund that he will receive so
- In 2020, Adam, your brother in law, has the following items below. Adam is not sure how much tax refund that he will receive so he asks you, an accounting student to help him with estimating his tax refund. Use the tax calculation spreadsheet to help Adam figure out his refund for 2020.
- Salary: $70k
- Income from his Airbnb rental: $10k
- Tax withheld in 2020 (Prepayment): $15,400
- Adam has a total itemized deduction of $200 (from his Goodwills donation)
Adam is married and has 1 child who is qualify for a $2000 child tax credit. Adams wife (your sister) is a stay at home mom and do not have any source of income in 2020.
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