PLEASE HELP!! SEE PIC #3....

Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and his 2020 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $14,500 of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year: Stock Shares 5,500 800 2,800 Date Purchased 7/8/19 3/12/20 2/13/13 Date Sold 9/12/20 10/21/20 10/21/20 Sale Price $ 15,000 43,000 30,000 Cost Basis $ 18,000 47,000 22,000 He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends. Required: Prepare a 2020 Form 1040 for Jorge and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. (Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round your final answers to nearest whole dollar.) 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 2a Attach Sch. B if required 2b 0 b b Taxable interest 1,350b Ordinary dividends 94,850 250 1,600 0 Solo 3a 3b 4a IRA distributions 4a 0 b Taxable amount 4b 5a Pensions and annuities 5a 0 b b Taxable amount 5b 0 0 b Taxable amount 6b 0 6a Social security benefits 6a 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 8 Other income from Schedule 1, line 9 8 1,000 0 97,700 9 Add lines 1, 2, 3, 4, 5b, 6b, 7, and 8. This is your total income 9 10 Adjustments to income a From Schedule 1. line 22 10a 0 Standard Deduction for- Single or Married filing separately $12,400 Married filing jointly or Qualifying widow(er), b b Charitable contributions if you take the standard deduction. See instructions 10b 0 0 10c 0 97,700 c Add lines 10a and 10b. These are your total adjustments to income 11 Subtract line 10c from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions (from Schedule A) A 11 $24.800 12 12,400 Head of household, $18,650 13 Qualified business income deduction Attach Form 8995 or Form 8995-A 13 1 000 10b 0 10c 11 0 97,700 12,400 12 $12.400 b Charitable contributions if you take the standard deduction. See instructions Married filing jointly or Qualifying c Add lines 10a and 10b. These are your total adjustments to income widow(er), 11 Subtract line 10c from line 9. This is your adjusted gross income 524,800 Head of 12 Standard deduction or itemized deductions (from Schedule A) household $18,650 If you checked 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A any box under 14 Add lines 12 and 13 Standard Deduction, see instructions. 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter - O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 13 1,000 13,400 14 15 87,300 X Form 1040 Cat. No Jorge Gomez Page 2 412-34- 5670 O (1) 8814 D (2) 4972 (3) 16 0 16 Tax (see instructions). Check if any from Form(s): 17 Amount from Schedule 2, line 3 17 0 18 Add lines 16 and 17 18 0 19 0 19 Child tax credit or credit for other dependents 20 Amount from Schedule 3, line 7 20 0 21 Add lines 19 and 20 21 0 22 Subtract line 21 from line 18. If zero or less enter-O- 22 0 % 0 23 23 Other taxes, including self-employment tax, from Schedule 2, line 10 24 Add lines 22 and 23. This is your total tax 25 Federal income tax withheld from 24 0 a Form(s) W-2 25a 0 X b Form(s) 1099 25b 0 c Other forms (see instructions) 25c 0 d Add lines 25a through 250 25d 26 2020 estimated tax payments and amount applied from 2019 return 26 27 Earned income credit (EIC) 27 28 e 29 30 31 32 28 Additional child tax credit. Attach Schedule 8812 29 American opportunity credit from Form 8863, line 8 8 30 Recovery rebate credit. See instructions 31 Amount from Schedule 3, line 13 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 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 Routing number c Type: d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 33 0 0 0X 34 35a Checking Savings S. 36 37 0 37 Subtract line 33 from line 24. This is the amount you owe now Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its instructions for details. 38 Estimated tax penalty (see instructions) Do you want to allow another person to discuss this return with the IRS? See instructions 38 97.700 Yes. Complete below. Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. Assume all taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court, Crestview, IL 60543. He is a supervisor and his 2020 W2 shows gross wages of $94,850 with $5,881 of social security and $1,375 of Medicare taxes withheld. He has $14,500 of federal withholding and $2,595 in state withholding. Jorge does not itemize. He had the following stock transactions for the year: Stock Shares 5,500 800 2,800 Date Purchased 7/8/19 3/12/20 2/13/13 Date Sold 9/12/20 10/21/20 10/21/20 Sale Price $ 15,000 43,000 30,000 Cost Basis $ 18,000 47,000 22,000 He also has interest from a savings account with Local Neighborhood Bank of $250 and a dividend from a Form 1099-DIV of $1,600 in ordinary dividends received from ABC brokerage, of which $1,350 are considered qualified dividends. Required: Prepare a 2020 Form 1040 for Jorge and all related schedules and forms. Assume that each box 3 of the 1099-Bs was not checked for all sales transactions. (Instructions can be found on certain cells within the forms. Input all the values as positive numbers. Round your final answers to nearest whole dollar.) 1 Wages, salaries, tips, etc. Attach Form(s) W-2 2a Tax-exempt interest 3a Qualified dividends 2a Attach Sch. B if required 2b 0 b b Taxable interest 1,350b Ordinary dividends 94,850 250 1,600 0 Solo 3a 3b 4a IRA distributions 4a 0 b Taxable amount 4b 5a Pensions and annuities 5a 0 b b Taxable amount 5b 0 0 b Taxable amount 6b 0 6a Social security benefits 6a 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 8 Other income from Schedule 1, line 9 8 1,000 0 97,700 9 Add lines 1, 2, 3, 4, 5b, 6b, 7, and 8. This is your total income 9 10 Adjustments to income a From Schedule 1. line 22 10a 0 Standard Deduction for- Single or Married filing separately $12,400 Married filing jointly or Qualifying widow(er), b b Charitable contributions if you take the standard deduction. See instructions 10b 0 0 10c 0 97,700 c Add lines 10a and 10b. These are your total adjustments to income 11 Subtract line 10c from line 9. This is your adjusted gross income 12 Standard deduction or itemized deductions (from Schedule A) A 11 $24.800 12 12,400 Head of household, $18,650 13 Qualified business income deduction Attach Form 8995 or Form 8995-A 13 1 000 10b 0 10c 11 0 97,700 12,400 12 $12.400 b Charitable contributions if you take the standard deduction. See instructions Married filing jointly or Qualifying c Add lines 10a and 10b. These are your total adjustments to income widow(er), 11 Subtract line 10c from line 9. This is your adjusted gross income 524,800 Head of 12 Standard deduction or itemized deductions (from Schedule A) household $18,650 If you checked 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A any box under 14 Add lines 12 and 13 Standard Deduction, see instructions. 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter - O- For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 13 1,000 13,400 14 15 87,300 X Form 1040 Cat. No Jorge Gomez Page 2 412-34- 5670 O (1) 8814 D (2) 4972 (3) 16 0 16 Tax (see instructions). Check if any from Form(s): 17 Amount from Schedule 2, line 3 17 0 18 Add lines 16 and 17 18 0 19 0 19 Child tax credit or credit for other dependents 20 Amount from Schedule 3, line 7 20 0 21 Add lines 19 and 20 21 0 22 Subtract line 21 from line 18. If zero or less enter-O- 22 0 % 0 23 23 Other taxes, including self-employment tax, from Schedule 2, line 10 24 Add lines 22 and 23. This is your total tax 25 Federal income tax withheld from 24 0 a Form(s) W-2 25a 0 X b Form(s) 1099 25b 0 c Other forms (see instructions) 25c 0 d Add lines 25a through 250 25d 26 2020 estimated tax payments and amount applied from 2019 return 26 27 Earned income credit (EIC) 27 28 e 29 30 31 32 28 Additional child tax credit. Attach Schedule 8812 29 American opportunity credit from Form 8863, line 8 8 30 Recovery rebate credit. See instructions 31 Amount from Schedule 3, line 13 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 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 Routing number c Type: d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 33 0 0 0X 34 35a Checking Savings S. 36 37 0 37 Subtract line 33 from line 24. This is the amount you owe now Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its instructions for details. 38 Estimated tax penalty (see instructions) Do you want to allow another person to discuss this return with the IRS? See instructions 38 97.700 Yes. Complete below