Prepare all 17 schedules. Please show all your work.

I. Calculate tax due or refund for 2021 for Lark and Lorenzo Larson Based on the following information;

Lark and Lorenzo file married joint.

They have two year triplets; Lo lo, Locust and Logan. They paid the Mulberry Day School $20,000, to watch the triplets while they worked.

Tax Payments:

Withholding $30,000

Quarterly Payments $10,000

Overpayment from 2020 $5,000.

1. Salary Lark $60,000

2. Salary Lorenzo $100,000

3. Interest on State of Michigan bond $20,000

4. Alimony paid $50,000. The divorce was signed in 2012.

5. Long term capital gain $30,000

6. Lark found a ring worth $10,000, on the train.

7. Educator expenses $500

8. Treasury bond interest $30,000

9. Lorenzo received $20,000 from a lawsuit for a business issue

10.Qualified Sole proprietorship income $30,000

11. State income tax paid $20,000

12. Contribution to health savings account $1,000

13. Medical expenses $60,000

14. Lark received a $50,000 gift from her mother, Laurel

15.Lorenzo gave $5,000 to the Smith family who lost their home in a Tornado.

16. Qualified dividends $60,000

17. Self employment tax $10,000

18. Lorenzo inherited $100,000, from his great grandfather, Luther.

19. Real estate taxes $20,000

20. Mortgage interest $70,000. The $3,000,000 mortgage was signed in 2010.

21. Penalty for early withdrawal from a timed savings account $1,000

22. Child support paid $10,000

23. Larks sister, Lina, repaid a $10,000 loan from 2017.

24. Lark won $20,000 in a baking contest.

25. Workmans compensation $10,000

26. Unemployment compensation $20,000

27. Lark won $30,000 in the Preakness.

28. Donation to the American Kidney foundation $30,000

29. Contribution to Individual retirement account $1,000

30. Lorenzo was the beneficiary of his late great grandmothers insurance policy. He received $20,000.