Question: Hello I am having trouble with this assignment and need help. I uploaded the numbers given and i have to fill out form 1 0
Hello I am having trouble with this assignment and need help. I uploaded the numbers given and i have to fill out form schedule schedule schedule b schedule c scheduel se and form Sales proceeds from two ATVs
For several years, the Coles' household has included David's divorced mother, Sarah, who has been claimed as their dependent. In
late December Sarah unexpectedly died of heart attack in her sleep. Unknown to Ella and David, Sarah had a life insurance
policy and a savings account with David as the designated beneficiary of each In the Coles purchased two ATVs for $
After several near mishaps, they decided that the sport was too dangerous. In they sold the ATVs to their neighbor.
Additional expenditures for include:
Funeral expenses for Sarah
In the Coles made quarterly estimated tax payments of $Federal and $state for a total of $Federal and
$state
Relevant Social Security numbers are:
David Cole
Ella Cole
During the year, the Coles purchased $ of bitcoin. They do not want to contribute to the Presidential Election Campaign Fund.
Also, the Coles want any overpayment of tax refunded to them and not applied toward next year's tax liability. David will have a self
employment tax liability.
Required:
Using the appropriate forms and schedules, compute the Coles' Federal income tax for Disregard the alternative minimum tax AMT
and the various education credits.
Make realistic assumptions about any missing data.
Enter all amounts as positive numbers.
If an amount box does not require an entry or the answer is zero, enter
If required, round all dollar amounts to the nearest dollar.
It may be necessary to complete the tax schedules before completing Form
Use the included tax rate schedules to compute the tax. When computing the tax liability on Line of Form do
not round your intermediate calculations. If required, round your final answers to the nearest dollar.
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