Question: I need help on this Tax return problem. I have attached the information given below as a picture. I need help filling out the 1040

I need help on this Tax return problem. I have attached the information given below as a picture. I need help filling out the 1040 Tax form for the tax year form from 2020 (the forms changed recently so i need help specifically with this tax year form). I need to know the AGI, Taxable Income, and the Tax Liability.

I need help on this Tax return problem. I have attached theinformation given below as a picture. I need help filling out the

TAX CALCULATION PROBLEM. Thomas and Mary ( Your last name) are married with 3 children, ages 14, 1 1, and 8. Mary is a senior vice-president for a security firm and Thomas is a self employed consultant. Thomas inherited $800,000 from his grandfather in 2013. He spends 10 hours a week managing the rental property they purchased with part of the inheritance and the family's stock portfolio. Mary's salary $155,000 (Federal Income Tax withheld 12,400, State Income Tax withheld 4,850 Interest on GMAC Bonds 1,800 Interest on City of New Orleans Bonds 1,300 Interest on FNB savings account 600 Berlinco, Inc. (a foreign corporation) (nonqualified 100 dividend) Interest on Nebraska Bonds 350 Thomas and Mary received a Form 1099-B from their broker for the sale of the following securities during 2020: Date Sale Purchase Sale Price Nebraska Bonds 03/14/20 10/22/07 $10,000 Cassill Corporation Stock 10/18/20 02/19/20 $8,900 They had purchased the Bonds for 10,500 and the shares of Cassill Corporation stock at a cost of $7,800. On June 15, 2020 they received 50 shares of General Dy- namics' stock as a stock dividend. The fair market value of the General Dynamics stock on June 15, 2020, was $33.50 per share.Rental Income (No personal Use} Rental Expenses Insurance 1,548 Repairs and Maintenance 7,878 Mortgage interest 8,585 Propertiir Taxes 3,890 Depreciation Expense 12,8?3 Consulting income (Thomas's income) Expenses: Travel Meals & Entertainment Conferences Ofce Expenses Payroll Tax Expense Wages for Ofce Assistance 10,500 3,000 1,500 7,500 1 ,493 23,000 35,000 94,000 'i'nomas and Mary also paid $20,000 in Estimated Federal Taxes and $4,000 in Estimated State Income Taxes. itemized deductions: Unrei'mbursed medical expenses: Medical insurance premiums 0 4500 Prescription drugs 250 Dentist 950 Emergencyr room fee l,8?5 Cold pills, aspirin, other over the counter medicine 120 Rental fee for crutches 80 Real estate taxes Ad vslorem tax paid on tags State income tax paid in 2020 for 2019 tax return Home mortgage interest Home equity interest Charitable contributions - cash Charitable contributions clothes (Original Cost 1,000, FMV $3 00) Tax preparation fee For 2019 return, paid in 2020 Unteimbursed business expenses $ 2,600 735 150 I 2,300 500 8,350 300 038 Compute the adjusted gross income, taxable income, and tax liability using actual 133 tax forms for2020.+ ignore any credits. 1 am expecting the following forms 00 be H C, D, E, and SE. completed: 1040 {01m line 70) , Scheduiw A

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