Required: Use the computer software package to complete form 1040 for the following taxpayers for 2020. Make assumptions regarding any information not given. Dr. Ivan Incisor and his wife Irene are married and file a joint return for 2020. Ivan's SS# is 123- 45-6789 and his birthday is 4/1/1967. Irene's SS# is 123-65-3214 and her birthday is 6/1/1970. They live at 1234 Main Street, Modesto, CA 95350 The Incisors have three children. Seth is 15 years old and his SS# is 235-B8-4455 and his DOB is 6/5/2005. Sara is 18 years old and her SS# is 235-99-7777 and her DOB is 7/5/2002. Shawn is 3 years old and his SS is 555-58-4411 and his DOB is 1/5/2017 The Incisors lived in California the entire year. In the prior year, the Incisors filed a form 1040 and filed as MFJ. The Incisors all had health insurance provided by Ivan's employer for the entire year. Ivan and Irene have savings account interest income of $390 from Bank of America Ivan and Irene have City of Modesto Bond interest of $300 Dr. Incisor is a dentist and his form W-2 from Bitedown Dental Group is as follows: Wages 110,000 Federal withholding 11,000 Social Security withholding 6,500 Medicare withholding 1,540 State (CA) withholding 6,800 Irene works at a dental lab "Teeth are Us" and her W-2 is as follows: Wages 45,000 Federal withholding 4,500 Social Security withholding 2,790 Medicare withholding 650 State (CA) withholding 2,500 Ivan and Irene have dividend income as follows: Pepsi Stock 400 all qualified Corporate Mutual Fund 600 all qualified Input all information and verify includable income. Ivan and Irene have the following deductions: Medical and dental expenses 2,000 Prescription eyeglasses 500 Mortgage interest (Wells Fargo Bank) 2,500 Credit card interest 800 Contributions to Catholic Church 10,000 Noncash contributions to Salvation Army 350 Property tax on home 2,000 Auto insurance 700 Auto loan interest 450 Sara started her first year of college at State University in September of 2020. Ivan and Irene paid 7,000 for her tuition and 800 for books. Sara received a 1,000 scholarship which was completely used for a tuition Input the remaining information and make sure to determine which educational tax benefit is best for Ivan and Irene. Complete the federal return only and staple all forms together along with this assignment sheet. Be sure to put your name on it and turn in by the last class. CHECK FIGURES: AGI: $ 156,390 TAX DUE/(REFUND): $ (2,040) refund Required: Use the computer software package to complete form 1040 for the following taxpayers for 2020. Make assumptions regarding any information not given. Dr. Ivan Incisor and his wife Irene are married and file a joint return for 2020. Ivan's SS# is 123- 45-6789 and his birthday is 4/1/1967. Irene's SS# is 123-65-3214 and her birthday is 6/1/1970. They live at 1234 Main Street, Modesto, CA 95350 The Incisors have three children. Seth is 15 years old and his SS# is 235-B8-4455 and his DOB is 6/5/2005. Sara is 18 years old and her SS# is 235-99-7777 and her DOB is 7/5/2002. Shawn is 3 years old and his SS is 555-58-4411 and his DOB is 1/5/2017 The Incisors lived in California the entire year. In the prior year, the Incisors filed a form 1040 and filed as MFJ. The Incisors all had health insurance provided by Ivan's employer for the entire year. Ivan and Irene have savings account interest income of $390 from Bank of America Ivan and Irene have City of Modesto Bond interest of $300 Dr. Incisor is a dentist and his form W-2 from Bitedown Dental Group is as follows: Wages 110,000 Federal withholding 11,000 Social Security withholding 6,500 Medicare withholding 1,540 State (CA) withholding 6,800 Irene works at a dental lab "Teeth are Us" and her W-2 is as follows: Wages 45,000 Federal withholding 4,500 Social Security withholding 2,790 Medicare withholding 650 State (CA) withholding 2,500 Ivan and Irene have dividend income as follows: Pepsi Stock 400 all qualified Corporate Mutual Fund 600 all qualified Input all information and verify includable income. Ivan and Irene have the following deductions: Medical and dental expenses 2,000 Prescription eyeglasses 500 Mortgage interest (Wells Fargo Bank) 2,500 Credit card interest 800 Contributions to Catholic Church 10,000 Noncash contributions to Salvation Army 350 Property tax on home 2,000 Auto insurance 700 Auto loan interest 450 Sara started her first year of college at State University in September of 2020. Ivan and Irene paid 7,000 for her tuition and 800 for books. Sara received a 1,000 scholarship which was completely used for a tuition Input the remaining information and make sure to determine which educational tax benefit is best for Ivan and Irene. Complete the federal return only and staple all forms together along with this assignment sheet. Be sure to put your name on it and turn in by the last class. CHECK FIGURES: AGI: $ 156,390 TAX DUE/(REFUND): $ (2,040) refund