retum. Group efforts are not permitted and will result in a 0 for all parties involved. Prepare the 2020 Tax Return for Roberta Santos . Form 1040, pages 1 and 2 Schedule 1 Schedule B Schedule, pages 1 and 2 2020 Tax Return Information Roberta Santos, e 41, is single and lives at 120 Seaborne Ave, Sprinfield, IL 60781. Her Social Security number is 540 45-6789. Roberta has been divorced from her husband, Wayne since 6/1/2016. She has full custody of their son, Jason Santos, who is 12 years old, Jason's social security number is 189-11-1112. He is eligible for the child tax credit. Roberta does not want to contribute 53 to the Presidential Election Campaign Fund, and she has not bought or sold any virtual currency, Roberta is an Advertising Executive for ABC Advertising. During 2020, Roberta had the following items: Income items # $80,000 salary from ABC Advertising b. Roberta's mother died on January 7, 2020. Roberto inherited assets worth 5625,000 from her mother, As the sole beneficiary of her mother's life insurance policy, Roberta received Insurance proceeds of $300,000. Her mother's cost basis for the life insurance was $120,000 c. Gift of $3,000 from her favorite aunt for her birthday d. Interest income of $2.000 from First Savings Bank e Qualified and Ordinary Dividend income of $1,800 from Amber Corporation f Interest income of $3,750 on City of Springfield school bonds Alimony of $16.000 from Wayne h. Stock sale proceeds, 54,800 (see below for detail) Evrense items Contribution of 250 to the campaign of a candidate for governor 1A $1,000 ticket for parking in a handicapped space Attorney's fees of $500 associated with unsuccessfully contesting the parking ticket State and local taxes withheld are $5,500 m. Mortgage interest expense is $10,000 n. Real estate taxes are $2,000 0 $9,000 withholding for Federal income taxes on her 2 In addition to the information above, Roberta purchased stock in various corporations over the past few years and below are her records regarding stock sales. Assume she received 1099-Bs with basis reported to the IRS and did not dispose of any investments in a qualified opportunity fund. Also assume this is not small business stock.) Sold 300 shares of Friendly Auto common stock on 10/5/2020 for $4,000. Purchased 1,000 shares of Friendly Auto common stock on 2/15/2012 for $10,000. Noteyou will need to allocate the 100 shares cost based on the Rechase of 1.000 shares. Sold 40 shares of Pro Core common stock on 10/8/2020 for $800. Purchased 40 shares of Pro Core common stock on 5/25/2016 for $450, HINTS 1. Determine the optimum filing status for Roberta, 2. Determine if any income items can be excluded from her return 3. Determine it any expense items are not deductible EXCIOLI omenec 3. Determine if any expense items are not deductible. 4. Determine if she should itemize or use the standard deduction. 5. For the stock sales - you will aggregate the sales and put them directly on Schedule D. Form 8949 is not required in this case. 6. If an overpayment, she would like it applied to her 2021 estimated tax; if an amount is owed, you do not need to calculate a penalty. 7. Review the calculation of tax liability when a preparer is in a high tax bracket and has capital gains. Review the sample case. Round all answers to the nearest dollar. retum. Group efforts are not permitted and will result in a 0 for all parties involved. Prepare the 2020 Tax Return for Roberta Santos . Form 1040, pages 1 and 2 Schedule 1 Schedule B Schedule, pages 1 and 2 2020 Tax Return Information Roberta Santos, e 41, is single and lives at 120 Seaborne Ave, Sprinfield, IL 60781. Her Social Security number is 540 45-6789. Roberta has been divorced from her husband, Wayne since 6/1/2016. She has full custody of their son, Jason Santos, who is 12 years old, Jason's social security number is 189-11-1112. He is eligible for the child tax credit. Roberta does not want to contribute 53 to the Presidential Election Campaign Fund, and she has not bought or sold any virtual currency, Roberta is an Advertising Executive for ABC Advertising. During 2020, Roberta had the following items: Income items # $80,000 salary from ABC Advertising b. Roberta's mother died on January 7, 2020. Roberto inherited assets worth 5625,000 from her mother, As the sole beneficiary of her mother's life insurance policy, Roberta received Insurance proceeds of $300,000. Her mother's cost basis for the life insurance was $120,000 c. Gift of $3,000 from her favorite aunt for her birthday d. Interest income of $2.000 from First Savings Bank e Qualified and Ordinary Dividend income of $1,800 from Amber Corporation f Interest income of $3,750 on City of Springfield school bonds Alimony of $16.000 from Wayne h. Stock sale proceeds, 54,800 (see below for detail) Evrense items Contribution of 250 to the campaign of a candidate for governor 1A $1,000 ticket for parking in a handicapped space Attorney's fees of $500 associated with unsuccessfully contesting the parking ticket State and local taxes withheld are $5,500 m. Mortgage interest expense is $10,000 n. Real estate taxes are $2,000 0 $9,000 withholding for Federal income taxes on her 2 In addition to the information above, Roberta purchased stock in various corporations over the past few years and below are her records regarding stock sales. Assume she received 1099-Bs with basis reported to the IRS and did not dispose of any investments in a qualified opportunity fund. Also assume this is not small business stock.) Sold 300 shares of Friendly Auto common stock on 10/5/2020 for $4,000. Purchased 1,000 shares of Friendly Auto common stock on 2/15/2012 for $10,000. Noteyou will need to allocate the 100 shares cost based on the Rechase of 1.000 shares. Sold 40 shares of Pro Core common stock on 10/8/2020 for $800. Purchased 40 shares of Pro Core common stock on 5/25/2016 for $450, HINTS 1. Determine the optimum filing status for Roberta, 2. Determine if any income items can be excluded from her return 3. Determine it any expense items are not deductible EXCIOLI omenec 3. Determine if any expense items are not deductible. 4. Determine if she should itemize or use the standard deduction. 5. For the stock sales - you will aggregate the sales and put them directly on Schedule D. Form 8949 is not required in this case. 6. If an overpayment, she would like it applied to her 2021 estimated tax; if an amount is owed, you do not need to calculate a penalty. 7. Review the calculation of tax liability when a preparer is in a high tax bracket and has capital gains. Review the sample case. Round all answers to the nearest dollar