Prepare the federal income tax return using the information below with form 1040 and any other required IRS forms.
Tax Year 2020 Facts Taxpayers' Data: Names Address Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 111-01-XXXX 111-02-XXXX SS Numbers: Carl Carla Dates of Birth: Carl Carla Marital Status Dependent -- Carl's mother SS Number Date of Birth February 6, 1976 December 30, 1978 Married joint Mary L. Cox 111-03-1111 March 18, 1942 Taxpayers' Income .. wages Carl's employer Richmond Office Supply, Inc. 2231 Richmond Street Richmond, Virginia 23224 $88,600.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax Carla's employer 5,493.29 1,284.70 13,100.00 5,300.00 Old Virginia Sales Company. Inc. 65 Old Virginia Parkway Richmond, Virginia 23224 $74,900.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax 4.643.80 1,086.05 14,144.00 4,190.00 $1,466.05 200.00 Other income: Interest income.. First Dominion Bank (joint) Richmond Community Bank & Trust (Carla) Dividend income (all qualifying in nature) - Martinsville Machinery Company common stock (joint) Jamestown Mutual Fund (joint) Jamestown Mutual Fund (joint, but a capital gain distribution, not an ordinary dividend) Selected expenditures Medical costs (unreimbursed) incurred: Physicians Veterinarian (treatment for family dog "Snake") 3,800.00 492.00 110.00 $8,950.00 900.00 7,320.00 2,480.00 200.00 8,100.00 462.00 340.00 $4,100.00 1,400.00 900.00 584.98 40.00 Hospitals / clinics Prescription medication Nonprescription aspirin Hospitalization insurance Qualifying medical travel Taxes: Balance due on prior year (2019) state income tax return (paid in 2020) -- taxpayers filed an itemized return for prior year (2019) Real estate tax Principal residence Vacation home No. 1 Vacation home No. 2 Personal property tax DMV license fee Interest expense: Principal residence Vacation home No. 1 Vacation home No. 2 Auto loan (personal vehicle) Credit card (personal purchases) Charitable contributions: Richmond Community Church Virginia Commonwealth University Other charities Salvation Army (clothes -- market value $370.00, cost $1,768.00) Other expenditures: Union dues (Carla) Investment fees $7,912.59 1,354.69 1,921.15 554.08 762.78 $3,800.00 1,000.00 400.00 370.00 $900.00 2,120.00 Assume that Carl and Carla had health care coverage for the full year. Assignment Prepare Carl and Carla's 2020 federal income tax return, submitting Form 1040 and any other required IRS forms and/or schedules. Do not prepare and attach any W-2s. Tax Year 2020 Facts Taxpayers' Data: Names Address Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 111-01-XXXX 111-02-XXXX SS Numbers: Carl Carla Dates of Birth: Carl Carla Marital Status Dependent -- Carl's mother SS Number Date of Birth February 6, 1976 December 30, 1978 Married joint Mary L. Cox 111-03-1111 March 18, 1942 Taxpayers' Income .. wages Carl's employer Richmond Office Supply, Inc. 2231 Richmond Street Richmond, Virginia 23224 $88,600.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax Carla's employer 5,493.29 1,284.70 13,100.00 5,300.00 Old Virginia Sales Company. Inc. 65 Old Virginia Parkway Richmond, Virginia 23224 $74,900.00 Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax 4.643.80 1,086.05 14,144.00 4,190.00 $1,466.05 200.00 Other income: Interest income.. First Dominion Bank (joint) Richmond Community Bank & Trust (Carla) Dividend income (all qualifying in nature) - Martinsville Machinery Company common stock (joint) Jamestown Mutual Fund (joint) Jamestown Mutual Fund (joint, but a capital gain distribution, not an ordinary dividend) Selected expenditures Medical costs (unreimbursed) incurred: Physicians Veterinarian (treatment for family dog "Snake") 3,800.00 492.00 110.00 $8,950.00 900.00 7,320.00 2,480.00 200.00 8,100.00 462.00 340.00 $4,100.00 1,400.00 900.00 584.98 40.00 Hospitals / clinics Prescription medication Nonprescription aspirin Hospitalization insurance Qualifying medical travel Taxes: Balance due on prior year (2019) state income tax return (paid in 2020) -- taxpayers filed an itemized return for prior year (2019) Real estate tax Principal residence Vacation home No. 1 Vacation home No. 2 Personal property tax DMV license fee Interest expense: Principal residence Vacation home No. 1 Vacation home No. 2 Auto loan (personal vehicle) Credit card (personal purchases) Charitable contributions: Richmond Community Church Virginia Commonwealth University Other charities Salvation Army (clothes -- market value $370.00, cost $1,768.00) Other expenditures: Union dues (Carla) Investment fees $7,912.59 1,354.69 1,921.15 554.08 762.78 $3,800.00 1,000.00 400.00 370.00 $900.00 2,120.00 Assume that Carl and Carla had health care coverage for the full year. Assignment Prepare Carl and Carla's 2020 federal income tax return, submitting Form 1040 and any other required IRS forms and/or schedules. Do not prepare and attach any W-2s
