suggested forms (may be more)

individual deductions form 1040 schedule A 2020

interest and ordinary dividends form 1040 schedule B 2020

capital gains and losses form 1040 schedule D 2020

capital gains and losses (listing) form 1040 form 8949 2020

56. Roberta Santos, age 41 , is single and lives at 120 Sanborne Avenue, Springfield, IL 62701 . Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta has never owned or used any virtual currency. She does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta received the appropriate recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. Roberta, an advertising executive, earned a salary from ABC Advertising of $120,000 in 2020 . Her employer withheld $19,000 in Federal income tax and $4,400 in state income tax. Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne inclicates that his expenses for Jason are \$5,500. Roberta can document that she spent $8,500 for Jason's support during 2020. In prior years, Robesta gave a signed Form 8332 to Wayne regarding Jason. For 2020 , she has decided not to da so. Roberta provides all of Junc's support. Roberta's mother dicd on January 7,2020 . Robertat inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's lift insurance policy, Roberta received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Robertit's lavorite aunt gave her $13,000 for her birthday in October. On November 8, 2020, Roberta sells for $22,000 Amber stock that she had purchased for $24,000 from her first cousin, Walt, on December 5, 2015. Walt's cost basis for the stock was $26,000. On December 1, 2020, Robetta sold Falcon stock for $13.500. She had acquired the stock on July 2. 2016. for $8,000. An ecamination of Roberta's records reveals that she received the following: - Interest income of $2,500 from Firs Savings Bank. - Groceries valued at $750 from Kroger Groceries for being the 100,000th customer. - Qualified dividend income of $1,800 from Amber. - Interest income of $3,750 on City of Springfield school bonds. - Alimony of $16,000 from Wayne; divorce finalized in May 2017. - Distribution of $4,800 from ST Partnership (Employer Identification Number: 46-4567893). Her distributive share of the partnership passive taxable income was \$5.300. She had no prior passive activity losses. Assume that the qualified business income deduction applies and the W2 wage limitation does not. From her checkbook records, she determines that she made the following payments during 2020 : - Charitable contributions of $4,500 ta Fint Prepbyterian Church and $1,500 to the American Red Cross (proper rectipts obtained). - Payment of $5.000 to ECM Hospitil for the medical expenses of a friend fiom work. - Mortgage interest on her residence of S 7 wax) ta Peoples Bank. - Property taxes of \$3.200 on her hetikine and \$1, Iod (ad vatorem) on her car. $800 for landsaping expenoet for rescicence - Estimated lederal income taxen af $2M9 ank s stimated tate income taxe of $1,000