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Individual Tax Return Required: Use the following information to complete Paige Turnier's 2020 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. Facts: 1. Paige Turner is single and has two children from her previous marriage. Ali lives with Paige, and Paige provides more than half of her support. Leif lives with his father, Will (Leif lived with Will for all of 2020). Will provides more than half of Leifs support. Paige provides you with the following additional information: She uses the cash method of accounting and a calendar year for reporting. She wishes to contribute to the presidential election campaign. o Paige lives at 523 Essex Street, Bangor, Mainc 04401. o Paige's birthday is May 31, 1982. O Ali's birthday is October 5, 2011 o Leif's birthday is December 1, 2009. Paige's Social Security number is 007-11-4727. Ali's Social Security number is 005-11-7232 Leif's Social Security number is 004-22-3419. o Will's Social Security number is 006-33-6333. She does not have any foreign bank accounts or trusts. 2. Paige is employed as a nuclear engineer with Atorn Systems Consultants, Inc. (ASCI). ASCI's federal employer identification number is 79-1234466. Paige's pay stubs indicate that she had $4,230 withheld in federal taxes, and $4.987 in state taxes, as well as the appropriate Social Security and Medicare taxes. ASCI has an extensive fringe benefits program for its employees. 3. Paige carned salary of 163,137. 8. On January 15, 2020, Paige's father died. From her father's estate, she received stock Hthe valued at $30,000 (his basis was $12,000) and her father's house valued at $90,000 (his basis in the house was $55,000). 9. Paige owns several other investments and in February 2021 received a statement from her take out hod. brokerage firm reporting the interest and dividends earned on the investments for 2020: municpal bond into w x 88% years EXHIBIT A General Dynamics Schedule E scop passine activity This is important tax information and is being furnished to the Internal Revenue Service 1099-DIV- Dividends and Distributions Entity Description Amount $300 Ordinary qualified dividends 1099-INT-Interest Entity Description Amount New Jersey Economic Development (bonds) Interest $300 IBM Interest 700 State of Nebraska (bonds) Interest 700 1098 - Mortgage Interest Statement Entity Description Amount Sunbelt Credit Union Mortgage interest $7.100 Northeast Bank Mortgage interest 435 Form K-1 (preliminary) Entity Description Amount Grubstake Mining & Development Corp. Ordinary income $2,000 Distribution 1,000 10. Paige owns 1,000 shares of Grubstake Mining & Development common stock. Grubstake is organized as an Scorporation and has 100,000 shares outstanding (Scorp. ID number 45-4567890). Grubstake reported taxable income of $200,000 and paid a distribution of $1.00 per share during the current year. Paige tells you that Grubstake typically does not send out its K-1 reports until late April. However, its preliminary report (see Exhibit A) has been consistent with the K-1 for many years. Paige does not materially participate in Grubstake's activities 11. Paige slipped on a wet spot in front of a computer store last July. She broke her ankle and was unable to work for two weeks. She incurred $1.300 in medical costs, all of which were paid by the owner of the store. The store also gave her $1,000 for pain and suffering resulting from the injury. ASCI continued to pay her salary during the two weeks she missed because of the accident and also paid her $1,200 in disability pay for the time she was unable to work. Under its plan, ASCI pays the premiums for the disability insurance as a nontaxable fringe benefit. 12. Paige received a Form 1099-B from her broker for the sale of the following securities during 2020. The basis amounts were reported to the IRS Security Sales Date Purchase Date Sales Price Her Basis Nebraska state bonds 03 14 2020 10 22 2014 $2.300 S1.890 Cassill Corp (500 shares) 10 20 2030 02 19 2018 8.500 9.760 13. In addition to the taxes withheld from her salary, Paige also made timely estimated federal tax payments of $175 per quarter and timely estimated state income tax payments of $150 for the first three quarters. The $150 fourth-quarter state payment was made on December 28, 2020. Paige would like to receive a refund for any overpayment. 14. Because of her busy work schedule, Paige was unable to provide her accountant with the tax documents necessary for filing her 2019 state and federal income tax returns by the due date (July 15, 2020). In filing her extension on July 13, 2020, she made a federal tax a est. Dont of balt duduction stale taxes) he $770 285 495 350 ? payment of S750. Her retum was eventually filed on September 25, 2020. In November 2020, she received a federal refund of $150 and a state tax refund of S60. Her itemized deductions for 2019 were $12,430. Schedule E 15. Paige found a renter for her father's house on August 1. The monthly rent is $400, and -Rental income the lease agreement is for one year. The lease requires the tenant to pay the first and last months' rent and a $400 security deposit. The security deposit is to be returned at the end deduct) of the lease if the property is in good condition. On August 1, Paige received S1,200 from passive income several pipes bleste The fact the fans she remont blade and paid the $300 bill. In December, the tenant per the terms of the lease agreement. In November, the plumbing froze and goes to from 8582) providesed his tental payment to $100 to compensate for the plumbing repairs. Paige you with 2020 Property taxes Other maintenance expenses Insurance expense Management foc Depreciation (to be computed) 16. The rental property is located at 35 Harvest Street, Orono, Maine 04473. Local practice is dep. 58% to allocate 12 percent of the fair market value of the property to the land. (Sce item 18.) Real estate Paige makes all decisions with respect to the property. eduction (SALT)" used to pay for town schools and other municipal services. 17. Paige paid $2,050 in real estate taxes on her principal residence. The real estate tax is 18. Paige drives a 2018 Acura TL. Her car registration fee (based on the car year) is $50 and covers the period 1/1/2020 through 12/31/2020. In addition, she paid $280 in personal property tax to the state based on the fair market value of the car. 19. In addition to the medical costs presented in item #11, Paige incurred the following unreimbursed medical costs: S 310 Doctor 390 Prescription drugs Over-the-counter drugs 140 Optometrist 125 Emergency room charges LASIK eye surgery 6,000 Chiropractor 265 Interest expense 20. On March 1, Paige took advantage of low interest rates and refinanced her $75,000 home not all are ded- mortgage with her original lender. Paige purchased the home in 2018. The new home loan is for 15 years. She paid $215 in closing costs and $1,500 in discount points (prepaid crible) interest) to obtain the loan. The house is worth $155.000 and Paige's basis in the house is $90,000. As part of the refinancing arrangement, she also obtained a $10,000 home- equity loan. She used the proceeds from the home-equity loan to reduce the balance due on her credit cards. Paige received several Form 1098 statements from her bank for interest paid by her in 2020. Details appear below (also see Exhibit A): Primary home mortgage $7,100 Home-equity loan Credit cards 498 Car loan 390 Dentist 215 440 435 5850 125 Charitable contribution 21. On May 14, 2020, Paige contributed clothing to the Salvation Army. The original cost of the clothing was $740. She has substantiation valuing the donation at $360. The Salvation Ammy is located at 350 Stone Ridge Road, Bangor, Maine 04401. In addition, she made the following cash contributions and received a statement from each of the following organizations acknowledging her contribution: Larkin College United Way First Methodist Church 790 Amos House (homeless shelter) 200 of deduct expensis 22. Paige sells real estate in the evening and on weekends (considered an active trade or on Ischedule C) business). She runs her business from a rental office she shares with several other realtors (692 River Road, Bangor, Maine 04401). The name of her business is Turner Real Estate and the federal identification number is 05-8799561. Her business code is 531210. Paige has been operating in a business-like way since 2008 and has always shown a profit. She Self-employment had the following income and expenses from her business: Commissions earned $ Expenses: Advertising 2,200 Real estate license Rent 6,000 Utilities 695 23. Paige uses her 2018 Acura TL in her business. During 2020, she properly documented 6,000 business miles. The total mileage on her car (1.e., for both business and personal use) during the year was 15,000 miles (including 200 miles commuting to and from the real estate office). In 2020, Paige elects to use the standard mileage method to calculate her car expenses. She spent $45 on tolls and $135 on parking related to the real estate business. She can include 10115 + parking in standard mileage. LY 130 57.5 You will prepare the 2020 Individual Tax Return Problem for Paige Turner. (Instructions for the return are contained in Canvas under files) The following IRS Forms should be included in your Individual Tax Return Problem: - Form 1040 - Pages 1 and 2 Schedule 1 - Additional Income and Adjustments to Income Schedule 2 - Additional Taxes Schedule A-Itemized Deductions Schedule B - Interest and Ordinary Dividends Schedule C - Profit or Loss From Business Schedule D - Capital Gains and Losses Schedule E - Supplemental Income and Loss Schedule SE - Self-Employment Tax Form 8995 - Qualified Business Income Deduction Form 8582 Passive Activity Loss Limitation Form 4562 - Depreciation and Amortization