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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:
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 SS Numbers: Carl Carla Dates of Birth: Carl Carla Marital Status Dependent -- Carl's mother SS Number Date of Birth Taxpayers' Income - - wages Carl's employer Wages Withholdings: Social Security Medicare Federal Income Tax Virginia Income Tax Carla's employer Wages Withholdings: Social Security Medicare Federal income Tax Virginia Income Tax 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) Carl C. and Carla D. Cox 391 Virginal Place Richmond, Virginia 23224 11101xxxx 111-02-xxox February 6, 1976 December 30, 1978 Married joint Mary L. Cox 111-03-1111 March 18, 1942 Richmond Office Supply, Inc. 2231 Richmond Street Richmond, Virginia 23224 $88,600.00 5,493.291,284.7013,100.005,300.00 Old Virginia Sales Company. Inc. 65 Old Virginia Parkway Richmond, Virginia 23224 $74,900.00 4.643 .80 1,086.05 14,144.00 4,190.00 $1,466.05 200.00 3,800.00 492.00 110.00 Selected expenditures Medical costs (unreimbursed) incurred: Physicians $8,950.00 Veterinarian (treatment for family dog "Snake") 900.00 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 7,320.00 2,480.00 200.00 8,100.00 462.00 340.00 $4,100.00 1,400.00 900.00 584.98 40.00 $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 yearStep by Step Solution
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