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please fill out just a 2020 1040 tax return form $101.000 400 2,500 1. Lance H. and Wanda B. Dean are married and live at
please fill out just a 2020 1040 tax return form
$101.000 400 2,500 1. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) Interest income- $1,000 City of Albuquerque general purpose bonds Ford Motor Company bonds 1,100 Ally Bank certificate of deposit Child support payments from John Allen Annual gifts from parents Settlement from Roadrunner Touring Company Lottery winnings Federal income tax refund (for tax year 2018) Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obli . gated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. As the driver was clearly at fault, the owner of the bus, Roadrunner Tour ing Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained. 7,200 26,000 90,000 600 400 The Deans had the following expenditures for 2019: Medical expenses (not covered by insurance) CHAPTER 9 Individuals as Taxpayers Taxes- Property taxes on personal residence $7.200 State of New Mexico income tax includes amount withheld from wages during 2019) $3,600 4,200 Interest on home mortgage (First National Bank) Charitable contributions Life insurance premiums (policy on Lance's life) Contribution to traditional IRA (on Wanda's behalf) Contribution to the reelection campaign fund of the mayor of Santa Fe Funeral expenses for Wayne Boyle 7,800 6,000 3,600 1,200 5,000 300 Traffic fines 500 6,300 The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary, As a part-time employee, Wanda is excluded from cover- age under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution The Deans' household includes the following, for whom they provide more than half of the support: Social Security Number Birth Date Lance Dean (age 42) 123-45-6786 12/16/1977 Wanda Dean (age 40) 123-45-6787 08/08/1979 Penny Allen (age 19) 123-45-6788 10/09/2000 Kyle Allen (age 16) 123-45-6789 05/03/2003 Wayne Boyle (age 75) 123-45-6785 06/15/1944 in the interest of privacy and to protect against taxpayer identification misuse, Social Security numbers used throughout the textbook have been replaced with fictitious numbers. Penny graduated from high school on May 9, 2019, and is undecided about college. During 2019, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father, who died on January 20, 2019. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2019 for the Deans on a joint return by completing the appropriate forms. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online. $101.000 400 2,500 1. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) Interest income- $1,000 City of Albuquerque general purpose bonds Ford Motor Company bonds 1,100 Ally Bank certificate of deposit Child support payments from John Allen Annual gifts from parents Settlement from Roadrunner Touring Company Lottery winnings Federal income tax refund (for tax year 2018) Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obli . gated to pay alimony and child supportthe alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. As the driver was clearly at fault, the owner of the bus, Roadrunner Tour ing Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained. 7,200 26,000 90,000 600 400 The Deans had the following expenditures for 2019: Medical expenses (not covered by insurance) CHAPTER 9 Individuals as Taxpayers Taxes- Property taxes on personal residence $7.200 State of New Mexico income tax includes amount withheld from wages during 2019) $3,600 4,200 Interest on home mortgage (First National Bank) Charitable contributions Life insurance premiums (policy on Lance's life) Contribution to traditional IRA (on Wanda's behalf) Contribution to the reelection campaign fund of the mayor of Santa Fe Funeral expenses for Wayne Boyle 7,800 6,000 3,600 1,200 5,000 300 Traffic fines 500 6,300 The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary, As a part-time employee, Wanda is excluded from cover- age under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution The Deans' household includes the following, for whom they provide more than half of the support: Social Security Number Birth Date Lance Dean (age 42) 123-45-6786 12/16/1977 Wanda Dean (age 40) 123-45-6787 08/08/1979 Penny Allen (age 19) 123-45-6788 10/09/2000 Kyle Allen (age 16) 123-45-6789 05/03/2003 Wayne Boyle (age 75) 123-45-6785 06/15/1944 in the interest of privacy and to protect against taxpayer identification misuse, Social Security numbers used throughout the textbook have been replaced with fictitious numbers. Penny graduated from high school on May 9, 2019, and is undecided about college. During 2019, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father, who died on January 20, 2019. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was withheld. Determine the Federal income tax for 2019 for the Deans on a joint return by completing the appropriate forms. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. Suggested software: ProConnect Tax Online Step by Step Solution
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