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please help me with the 1040 only please Note: This problem is for the 2020 tax year. Alice J. and Bruce M. Byrd are married
please help me with the 1040 only please
Note: This problem is for the 2020 tax year. Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6784 and 111-11-1113, respectively. Alice's birthday is September 21, 1973, and Bruce's is June 27, 1972. They live at 473 Revere Avenue, Lowell, MA 01850. Alice is the office manager for Lowell Dental Clinic, 433 Broad Street, Lowell, MA 01850 (Employer Identification Number 98-7654321). Bruce is the manager of a Super Burgers fast-food outlet owned and operated by Plymouth Corporation, 1247 Central Avenue, Hauppauge, NY 11788 (Employer Identification Number 11-1111111). The following information is shown on their Wage and Tax Statements (Form W-2) for 2020. The Byrds provide over half of the support of their two children, Cynthia (born January 25, 1996, Social Security number 123-45-6788) and John (born February 7,2000 , Social Security number 123-45-6780). Both children are full-time students and live with the Byrds except when they are away at college. Cynthia earned $6,200 from a summer internship in 2020 , and John earned $3,800 from a part-time job. Both children received scholarships covering tuition and materials. The Byrds provide over half of the support of their two children, Cynthia (born January 25,1996 , Social Security number 123-45-6788) and John (born February 7,2000 , Social Security number 123-45-6780). Both children are full-time students and live with the Byrds except when they are away at college. Cynthia earned $6,200 from a summer internship in 2020, and John earned $3,800 from a part-time job. Both children received scholarships covering tuition and materials. During 2020, the Byrds provided 60% of the total support of Bruce's widower father, Sam Byrd (born March 6, 1944, Social Security number 123-45-6787). Sam lived alone and covered the rest of his support with his Social Security benefits. Sam died in November, and Bruce, the beneficiary of a policy on Sam's life, received life insurance proceeds of $1,600,000 on December 28 . - When they filed their 2019 state return in 2020, the Byrds paid additional state income tax of $900. - During 2020, Alice and Bruce attended a dinner dance sponsored by the Lowell Police Disability Association (a qualified charitable organization). The Byrds paid $300 for the tickets. The cost of comparable entertainment would normally be $50. - The Byrds contributed $5,000 to Lowell Presbyterian Church and gave used clothing (cost of $1,200 and fair market value of $350 ) to the Salvation Army. All donations are supported by receipts, and the clothing is in very good condition. - Via a crowdfunding site (gofundme.com), Alice and Bruce made a gift to a needy family who lost their home in a fire ( $400 ). In addition, they made several cash gifts to homeless individuals downtown (estimated to be $65 ). - In 2020, the Byrds received interest income of $2,750, which was reported on a Form 1099-INT from Second National Bank, 125 Oak Street, Lowell, MA 01850 (Employer Identification Number 98-7654322). - The home mortgage interest was reported on Form 1098 by Lowell Commercial Bank, P.O. Box 1000, Lowell, MA 01850 (Employer Identification Number 98-7654323). The mortgage (outstanding balance of $425,000 as of January 1,2020 ) was taken out by the Byrds on May 1,2016. - Alice's employer requires that all employees wear uniforms to work. During 2020 , Alice spent $850 on new uniforms and $566 on laundry charges. - Bruce paid $400 for an annual subscription to the Journal of Franchise Management and $741 for annual membership dues to his professional association. - Neither Alice's nor Bruce's employer reimburses for employee expenses. - The Byrds do not keep the receipts for the sales taxes they paid and had no major purchases subject to sales tax. - This year the Byrds gave each of their children $2,000, which was then deposited into their Roth IRAs. - Alice and Bruce paid no estimated Federal income tax, and they did not engage in any virtual currency transactions during the year. Neither Alice nor Bruce wants to designate $3 to the Presidential Election Campaign Fund. The Byrds received the appropriate recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. Required: Compute net tax payable or refund due for Alice and Bruce Byrd for 2020. If they have overpaid, they want the amount to be refunded to them. - Make realistic assumptions about any missing data. - If an amount box does not require an entry or the answer is zero, enter "0". Complete the Byrd's Form 1040 for 2020. 19 Child tax credit or credit for other dependents. 23 Other taxes, including self-employment tax, from Schedule 2 , line 10 24 Add lines 22 and 23 . This is your total tax - If you have a 262020 estimated tax payments and amount applied from 2019 qualifying child, Earned income credit (EIC) . - If you have nontaxable Additional child tax credit. Attach Schedule 8812.. . . . d Add lines 25 a through 25c - If you have a 262020 estimated tax payments and amount applied from 2019 return . . . . . . . . . qualifying child, attach Sch. EIC. 27 - If you have nontaxable combat pay, see instructions. \begin{tabular}{|c|r} 25d & 217 \\ \hline 26 & \\ \hline \end{tabular} 30 Re 31 Amount from Schedule 3 , line 13 31 32 Add lines 27 through 31 . These are your total other payments and refundable credits 33 Add lines 25d,26, and 32 . These are your total payments Refund 34 If line 33 is more than line 24 , subtract line 24 from line 33 . This is the amount you overpaid 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Direct deposit? Savings
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