Assessment Description

completing tax returns

Option 1 (Data Set A):

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 fromthe IRS website located in the Topic 4 resources.

Option 2 (Data Set B) 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.

Dan's commissions were $150,000 instead of $125,000.

Change federal estimated tax payments to $26,000 instead of $20,000 and state estimated taxes to $2,500 instead of $2,200.

The taxpayers made $15,000 in cash charitable contributions instead of $9,000.

For Schedule D:

• Assume the STCL was from Apple stock originally purchased on 1/4/20 for $11,000 and sold on 3/1/20 for $3,200.
• Assume the LTCG was from the sale of Google, Inc. stock originally purchased on 7/19/14 for $15,100 and sold on 10/1/20 for $20,000.
• Assume the LTCL was from the sale of Intel, Inc. stock originally purchased on 1/30/16 for $49,200 and sold on 11/2/20 for $46,000.

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 4/17/13.

Schedule C:

• Dan uses the cash method.
• The Dan's house is 3,000 square feet.
• The vehicle was placed in service on 12/31/18.
• Answer "yes" to items 45-47b on page 2.

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

General Requirements

use the following tax forms as a single document:

• 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

Refer to the resource, "Tax Rate Schedules 2020 and Other Items," located in the Class Resources.

Utilize the "Tax Return Figures for 2020 Tax Forms - Data Set A" or "Tax Return Figures for 2020 Tax Forms - Data Set B"

Please show how to complete