Walt and Carol Fish are married and file a joint tax return. Walt (2/19/1969) is employed...
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Walt and Carol Fish are married and file a joint tax return. Walt (2/19/1969) is employed as a salesperson for One Way Boat Company and Carol (3/1/1970) is employed by SC Company as a marketing executive. They have two children, Don and Dominique. They currently live in Sauk City, WI, in a home they had built in May of 2015. Their address is 608 Boat Street, Sauk City, WI, 53583. Don (111-11-1115) was born on 2/1/2000 and Dominique (111-11-1116) was born on 3/3/2003. The Fish's had the following W-2 information from their records for 2020: Walt Fish 111-11-1112 Wages (box 1) Federal tax withheld (box 2) Social security wages (box 3) Social Security tax withheld (box 4) Medicare wages (box 5) Medicare tax withheld_(box 6) State wages (box 16) State income tax withheld (box 17) Carol Fish 111-11-1113 Wages (box 1) Federal tax withheld (box 2) Social security wages (box 3) Social Security tax withheld (box 4) Medicare wages (box 5) Medicare tax withheld_(box 6) State wages (box 16) State income tax withheld (box 17) $79,355 10,000 The Fish's received 1099 INT's with the following interest income: US Treasury bill (box 3) Bank of Monroe (box 1) Walt and Carol received 1099 DIV's from the following sources: 79,355 4,920 79,355 1,151 79,355 4,500 $69,000 8,000 69,000 4,278 69,000 1,001 69,000 3,250 $2,480 4,900 Vanguard Mutual Fund (box 2a) IBM (box 1 and la)____ Janus Mutual Fund (box 2a)___ $1,850 2,100 680 The IBM dividends are considered ordinary dividends (all qualified) while the Janus Mutual Fund and Vanguard dividends were considered capital gain distributions. Carol and Walt reported the following stock transactions for 2020 and did receive a 1099B for each: Sold 750 shares of IBM for $138 per share on July 3, 2020. Carol had received the stock as a gift from her grandmother. The stock had cost Grandma $85 per share and had a fair market value of $126 per share on the date of gift. Grandma had bought the stock on June 1, 1999. Carol also sold 910 shares of the General Motors stock for $32 per share. She had inherited this stock from an uncle who had bought it December 31, 1993, for $24 per share. It had a fair market value of $27 per share at the time of her uncle's death. Carol sold this on December 31, 2020. Walt sold the Janus Mutual Fund for $13,000 on September 1, 2020. It had cost him $15,000 when he purchased it in 2017 (6/30/17). Other: Carol received $150,000 from an insurance policy due to the death of her uncle and Walt won $7,000 at a casino in 2020. The family has health insurance through a plan offered by Carol's employer and all are covered. Walt has summarized the following information from his 2020 records: Doctor bills 867 Real estate taxes paid: Residence 5,380 12,700 7,450 454 Interest paid: (1099 INT) * Sauk City residence Investment interest Credit cards Cash contributions to church 4,870 1,455 Long-term property to church (cost $1,000) FMV Unreimbursed business expenses (Carol)-travel Investment expenses Gambling losses * The interest from the Sauk City residence was based on a $400,000 acquisition debt. 2 3,900 1,020 4,655 Don was a sophomore in college for the third year in a row but assured them he will be a junior next year. This is his 3rd college and his friends have taken to calling him New Guy. Dominique was a freshman in college. They love them both but it is becoming clear that Dominique is their hope for success. Walt and Carol paid $9,000 in 2020 for tuition for Don while Dominique is on an athletic tuition scholarship that was valued at $7,000 for the fall semester which was her first semester in college. Don is still eligible for the American Opportunity Tax Credit as this was his 4th year and he meets all of the other requirements. The University sent a 1098T with the $9,000 on it and the University has an ID# of 39-1805963. They received the first two stimulas, checks for $2,400 and $1.200 respectively. Based on the information listed above, prepare the 2020 Federal tax return for the Fish family. Use all forms necessary and show all work. Submit the return on Canvas like we have done after saving it to a PDF and submit any work that you feel would be helpful for me to see. Walt and Carol Fish are married and file a joint tax return. Walt (2/19/1969) is employed as a salesperson for One Way Boat Company and Carol (3/1/1970) is employed by SC Company as a marketing executive. They have two children, Don and Dominique. They currently live in Sauk City, WI, in a home they had built in May of 2015. Their address is 608 Boat Street, Sauk City, WI, 53583. Don (111-11-1115) was born on 2/1/2000 and Dominique (111-11-1116) was born on 3/3/2003. The Fish's had the following W-2 information from their records for 2020: Walt Fish 111-11-1112 Wages (box 1) Federal tax withheld (box 2) Social security wages (box 3) Social Security tax withheld (box 4) Medicare wages (box 5) Medicare tax withheld_(box 6) State wages (box 16) State income tax withheld (box 17) Carol Fish 111-11-1113 Wages (box 1) Federal tax withheld (box 2) Social security wages (box 3) Social Security tax withheld (box 4) Medicare wages (box 5) Medicare tax withheld_(box 6) State wages (box 16) State income tax withheld (box 17) $79,355 10,000 The Fish's received 1099 INT's with the following interest income: US Treasury bill (box 3) Bank of Monroe (box 1) Walt and Carol received 1099 DIV's from the following sources: 79,355 4,920 79,355 1,151 79,355 4,500 $69,000 8,000 69,000 4,278 69,000 1,001 69,000 3,250 $2,480 4,900 Vanguard Mutual Fund (box 2a) IBM (box 1 and la)____ Janus Mutual Fund (box 2a)___ $1,850 2,100 680 The IBM dividends are considered ordinary dividends (all qualified) while the Janus Mutual Fund and Vanguard dividends were considered capital gain distributions. Carol and Walt reported the following stock transactions for 2020 and did receive a 1099B for each: Sold 750 shares of IBM for $138 per share on July 3, 2020. Carol had received the stock as a gift from her grandmother. The stock had cost Grandma $85 per share and had a fair market value of $126 per share on the date of gift. Grandma had bought the stock on June 1, 1999. Carol also sold 910 shares of the General Motors stock for $32 per share. She had inherited this stock from an uncle who had bought it December 31, 1993, for $24 per share. It had a fair market value of $27 per share at the time of her uncle's death. Carol sold this on December 31, 2020. Walt sold the Janus Mutual Fund for $13,000 on September 1, 2020. It had cost him $15,000 when he purchased it in 2017 (6/30/17). Other: Carol received $150,000 from an insurance policy due to the death of her uncle and Walt won $7,000 at a casino in 2020. The family has health insurance through a plan offered by Carol's employer and all are covered. Walt has summarized the following information from his 2020 records: Doctor bills 867 Real estate taxes paid: Residence 5,380 12,700 7,450 454 Interest paid: (1099 INT) * Sauk City residence Investment interest Credit cards Cash contributions to church 4,870 1,455 Long-term property to church (cost $1,000) FMV Unreimbursed business expenses (Carol)-travel Investment expenses Gambling losses * The interest from the Sauk City residence was based on a $400,000 acquisition debt. 2 3,900 1,020 4,655 Don was a sophomore in college for the third year in a row but assured them he will be a junior next year. This is his 3rd college and his friends have taken to calling him New Guy. Dominique was a freshman in college. They love them both but it is becoming clear that Dominique is their hope for success. Walt and Carol paid $9,000 in 2020 for tuition for Don while Dominique is on an athletic tuition scholarship that was valued at $7,000 for the fall semester which was her first semester in college. Don is still eligible for the American Opportunity Tax Credit as this was his 4th year and he meets all of the other requirements. The University sent a 1098T with the $9,000 on it and the University has an ID# of 39-1805963. They received the first two stimulas, checks for $2,400 and $1.200 respectively. Based on the information listed above, prepare the 2020 Federal tax return for the Fish family. Use all forms necessary and show all work. Submit the return on Canvas like we have done after saving it to a PDF and submit any work that you feel would be helpful for me to see.
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Answer rating: 100% (QA)
Answer 1 Walt and Carol Fishs W2 Information Walt Fish Wages Box 1 79355 Fed... View the full answer
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date:
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