The purpose of this assignment is to complete a tax return for your clients. The option you complete will be determined by the instructor. Option 1 (Data Set A): To begin this assignment, complete...

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The purpose of this assignment is to complete a tax return for your clients. The option you complete will be determined by the instructor.


Option 1 (Data Set A):


To begin this assignment, complete Problem I:7-64 in your textbook. Use the following additional information to complete the tax return:


If the taxpayers have a refund, have the entire amount refunded.


For Schedule D:




  • Assume the STCL was from Apple stock originally purchased on 1/10/20 for $11,000 and sold on 4/27/20 for $3,200.




  • Assume the LTCG was from the sale of Google, Inc. stock originally purchased on 6/2/15 for $6,100 and sold on 5/15/20 for $11,000.




  • Assume the LTCL was from the sale of Intel, Inc. stock originally purchased on 3/20/17 for $40,200 and sold on 12/3/20 for $37,000.




Assume the charitable donation of GE stock was to the March of Dimes. It was donated on 5/12/20 and was originally purchased on 4/10/13.


Schedule C:




  • Dan uses the cash method.




  • The Dan's house is 3,000 square feet.




  • The vehicle was placed in service on 3/31/18.




  • Answer "yes" to items 45-47b on page 2.




Use the 2020 tax forms from the IRS website located in the Topic 4 resources.


General Requirements


For this assignment you will need to submit the following tax forms as a single document: (use year 2020 forms)




  • Form 1040




  • Schedule 1, Form 1040




  • Schedule 2, Form 1040




  • Schedule 3, Form 1040 (Schedule 3 is not applicable in 2020)




  • Schedule A, Form 1040




  • Schedule B, Form 1040




  • Schedule C, Form 1040




  • Schedule D, Form 1040




  • Form 8949, Form 1040




  • Schedule SE, Form 1040




  • Form 8283, Form 1040




  • Form 8995, Form 1040




Utilize the "Tax Return Figures for 2020 Tax Forms - Data Set A" resources to check your work on this topic assignment. The data set should match the option your instructor assigned you. Refer to the resource “Topic 4 Tax Return Tutorial” for assistance with this assignment.



Answered 1 days AfterMar 27, 2022

Answer To: The purpose of this assignment is to complete a tax return for your clients. The option you complete...

Bhavani answered on Mar 28 2022
102 Votes
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