The purpose of this assignment is to complete a tax return for your clients. The option you complete will be determined by the instructor.
Option 1 (Data Set A): To begin this assignment, complete Problem I:7-64 in your textbook. Use the following additional information to complete the tax return: If the taxpayers have a refund, have the entire amount refunded. For Schedule D:- Assume the STCL was from Apple stock originally purchased on 1/10/20 for $11,000 and sold on 4/27/20 for $3,200.
- Assume the LTCG was from the sale of Google, Inc. stock originally purchased on 6/2/15 for $6,100 complete a tax return for your clients and sold on 5/15/20 for $11,000.
- Assume the LTCL was from the sale of Intel, Inc. stock originally purchased on 3/20/17 for $40,200 and sold on 12/3/20 for $37,000.
- Dan uses the cash method.
- The Dan’s house is 3,000 square feet.
- The vehicle was placed in service on 3/31/18.
- Answer “yes” to items 45-47b on page 2.
- Form 1040
- Schedule 1, Form 1040
- Schedule 2, Form 1040
- Schedule 3, Form 1040 (Schedule 3 is not applicable in 2020)
- Schedule A, Form 1040
- Schedule B, Form 1040
- Schedule C, Form 1040
- Schedule D, Form 1040
- Form 8949, Form 1040
- Schedule SE, Form 1040
- Form 8283, Form 1040
- Form 8995, Form 1040
