Question: Given the following information, complete the attached forms for the 2020 1040 tax return. Tim and Mandy Sanders, MFJ taxpayers, both 50 years old, 2

Given the following information, complete the attached forms for the 2020 1040 tax return.

  • Tim and Mandy Sanders, MFJ taxpayers, both 50 years old, 2 qualified dependent children over the age of 17Sarah and Brian.
  • Total wages earned for the married couple: $65,000.
    • Federal Income Tax Withheld by employer: $8,500.
  • No reportable wages for the children.
  • Taxable Interest: $1,200
  • Tax-Exempt Interest: $1,350
  • Social Security Benefits received by Mandy: $21,000.
    • No Federal Income Tax Withheld
  • Total Itemized deductions: $11,400
  • All were covered by insurance provided by Tims employer.
  • The Sanders are not subject to AMT.
  • No FOR AGI deductions allowed.
  • No tax credits allowed other than for the dependent children.

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