I need help completing the 1040 Form for 2020, also Schedule C.

COMPREHENSIVE PROBLEM 2 Dan M. and Cheryl A. Peters are married, file a joint return, and have no children. Dan, age 45. is an independent contractor working in pharmaceutical sales and Cheryl, age 42, is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan operates his business from his home office. During 2020, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2020 of $45,400, with the following withholdings: $6,000 federal taxes, $1,800 state taxes, $2,815 OASDI (Social Security), and $658 Medicare taxes. During 2020, Dan and Cheryl had interest income from corporate bonds and bank ac- counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2020: Date Acquired Date Sold Proceeds Cost 7/1/2015 12/1/2020 $10,900 $6,000 Stocks Stocks Stocks 7/1/2020 10/30/2020 $4,000 Gain or Loss $4,900 Long-term ($3,200) Long-term 7/1/2018 12/1/2020 $6,000 $9,200 $11,800 ($7,800) Short-term He had no capital loss carryovers from previous years. Basis for the stocks were re- ported to the IRS by the brokerage firm. Dan does a considerable amount of travel in connection with his business and uses his own car. During 2020, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the follow- ing travel expenses while away from home during the year: Meals 820 Entertainment of customers 1,080 Tips 100 Laundry and cleaning 150 Total $6.350 Dan uses the simplified method to deduct expenses for his office-in-home. His office measures 15 feet by 12 feet in size. Cheryl incurred several expenses in connection with her nursing job. She paid $450 in (P 102F N 0 27 OB 7- 6/12 Tax Project The following Course Outcome is assessed in this assignment: AC256-4: Prepare an Individual Tax Return. Complete Problem 1:7-64 in your text as your tax project and submit your completed file in Word, Excel, or PDF format to the Dropbox. You may complete the tax return in a number of ways. You may download the required forms from the IRS website The PDF files will allow you to enter the required information directly on the screen, and you may save those PDF files. Next, you may print out the forms and fill them in manually. Then, you may scan the documents as PDF files for upload to the Dropbox. Or, another option might be to use any tax return preparation software. Be sure it is the correct filing year, and only submit the filing copy of the return in PDF format Access the U8 Final rubric for grading details 4 Reference Internal Revenue Service (n.d) http://www.irs.gov/ 6:45 PM P 102F 440 4 6/12/2022 Type here to search CRO COMPREHENSIVE PROBLEM 2 Dan M. and Cheryl A. Peters are married, file a joint return, and have no children. Dan, age 45. is an independent contractor working in pharmaceutical sales and Cheryl, age 42, is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan operates his business from his home office. During 2020, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2020 of $45,400, with the following withholdings: $6,000 federal taxes, $1,800 state taxes, $2,815 OASDI (Social Security), and $658 Medicare taxes. During 2020, Dan and Cheryl had interest income from corporate bonds and bank ac- counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2020: Date Acquired Date Sold Proceeds Cost 7/1/2015 12/1/2020 $10,900 $6,000 Stocks Stocks Stocks 7/1/2020 10/30/2020 $4,000 Gain or Loss $4,900 Long-term ($3,200) Long-term 7/1/2018 12/1/2020 $6,000 $9,200 $11,800 ($7,800) Short-term He had no capital loss carryovers from previous years. Basis for the stocks were re- ported to the IRS by the brokerage firm. Dan does a considerable amount of travel in connection with his business and uses his own car. During 2020, Dan drove his car a total of 38,000 miles, of which 32,000 were business related. He also had business-related parking fees and tolls during the year of $280. Dan uses the mileage method for deducting auto expenses. Dan also had the follow- ing travel expenses while away from home during the year: Meals 820 Entertainment of customers 1,080 Tips 100 Laundry and cleaning 150 Total $6.350 Dan uses the simplified method to deduct expenses for his office-in-home. His office measures 15 feet by 12 feet in size. Cheryl incurred several expenses in connection with her nursing job. She paid $450 in (P 102F N 0 27 OB 7- 6/12 Tax Project The following Course Outcome is assessed in this assignment: AC256-4: Prepare an Individual Tax Return. Complete Problem 1:7-64 in your text as your tax project and submit your completed file in Word, Excel, or PDF format to the Dropbox. You may complete the tax return in a number of ways. You may download the required forms from the IRS website The PDF files will allow you to enter the required information directly on the screen, and you may save those PDF files. Next, you may print out the forms and fill them in manually. Then, you may scan the documents as PDF files for upload to the Dropbox. Or, another option might be to use any tax return preparation software. Be sure it is the correct filing year, and only submit the filing copy of the return in PDF format Access the U8 Final rubric for grading details 4 Reference Internal Revenue Service (n.d) http://www.irs.gov/ 6:45 PM P 102F 440 4 6/12/2022 Type here to search CRO