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...

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:

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  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.

  
  


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  Assume the LTCG was from the sale of Google, Inc. stock originally purchased on 6/2/15 for $6,100 and sold on 5/15/20 for $11,000.

  
  


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  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.

  
  

Assume the charitable donation of GE stock was to the March of Dimes. It was donated on 5/12/20 and was originally purchased on 4/10/13.

Schedule C:

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  Dan uses the cash method.

  
  


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  The Dan's house is 3,000 square feet.

  
  


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  The vehicle was placed in service on 3/31/18.

  
  


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  Answer "yes" to items 45-47b on page 2.

  
  

Use the 2020 tax forms from the IRS website located in the Topic 4 resources.

General Requirements

For this assignment you will need to submit the following tax forms as a single document: (use year 2020 forms)

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  Form 1040

  
  


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  Schedule 1, Form 1040

  
  


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  Schedule 2, Form 1040

  
  


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  Schedule 3, Form 1040 (Schedule 3 is not applicable in 2020)

  
  


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  Schedule A, Form 1040

  
  


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  Schedule B, Form 1040

  
  


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  Schedule C, Form 1040

  
  


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  Schedule D, Form 1040

  
  


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  Form 8949, Form 1040

  
  


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  Schedule SE, Form 1040

  
  


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  Form 8283, Form 1040

  
  


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  Form 8995, Form 1040

  
  

Utilize the "Tax Return Figures for 2020 Tax Forms - Data Set A" resources to check your work on this topic assignment. The data set should match the option your instructor assigned you. Refer to the resource “Topic 4 Tax Return Tutorial” for assistance with this assignment.