Question
This is for a 2020 Form 1040 tax return, use any other form as needed but the Form 1040 is the only one I need.
This is for a 2020 Form 1040 tax return, use any other form as needed but the Form 1040 is the only one I need. I need this done by this Sunday, 4/18 at midnight... Plz help
In 2020, Lois B. and Peter A. Griffin (ages 42 and 44) are married and live in Marietta, OH. Their address is 601 5th St, Marietta, OH 45750, and their phone number is 740-123-4567. Peters social security number is 123-45-6789, and Lois social is 223-45-6789. They have 3 children, Stewie, Chris and Meg, ages 2, 14 and 18 respectively. Stewie and Chris live at home, while Meg is a full-time college student at Ohio State University. Megs parents provide 80% of her support. Stewie, Chris and Megs social security numbers are 323-45-6789, 423-45-6789, and 523-45-6789 respectively. The Griffins also adopted a dog, Brian, who is 8 years old, lives with the Griffins year-round, and is totally supported by the Peter and Lois.
Peter works full time as a tax manager at Rea & Associates, earning $95,627, while Lois works part time as an adjunct instructor at Marietta College, earning $8,000. Peter and Lois had $14,345 and $800, respectively, withheld for federal income taxes by their employers. Peter and Lois also had $$6,650 and $560, respectively, withheld for state income taxes. Other income for the year included $10,000 in qualified dividends, $2,000 of municipal bond interest, and $2,000 of gambling winnings. Potentially relevant expenditures are listed below:
- Mortgage interest on primary home of $11,975(origination loan amount of $300,000).
- Ohio state and Marietta local taxes totaling $8,254.
- Property taxes of $2,521.
- While insured, Peter had an emergency room visit in 2020 his insurance refused to pay for, costing Peter $2,537.
- Donated $5,000 to Marietta College
- Donated $2,500 to The Cancer Research Group, a notfor-profit that actively engages in cancer research
- Donated artwork to a local art gallery with a basis of $1,000 and a FMV of $3,000. (ignore form 8283). The artwork will be used in the gallerys new exhibit.
- Donated artwork to the Humane Society of the Ohio Valley with a basis of $500 and a FMV of $2,000. (ignore form 8283). The artwork will be sold to purchase dog food.
- Gambling losses of $3,245.
Peter and Lois will file Married Filing Jointly. Further, they will claim as dependents any of their children for which they are allowed to. Neither Peter nor Lois want $3 to go to the presidential election campaign fund, nor do they want to designate anyone as a third party designee. Structure their tax return so that you minimize their tax liability (i.e. if items can be treated different ways, choose the most tax beneficial treatment available for 2020). Any overpayment should be refunded. Round all line items to the nearest dollar.
Note that many items will reference you (or require you) to use and attach a form or worksheet. The only forms and worksheets I require that you complete are form 1040, and schedules 1, A, C, and E if utilized. Do not include these if they are not needed. All other forms can be ignored.
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