please make sure to use 2020 forms. Need form 1040 and schedues A, B, C,...
50.1K
Verified Solution
Question
Accounting
please make sure to use 2020 forms. Need form 1040 and schedues A, B, C, D and SE
Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kelly's Social Security number is 111-11-1111 and Chanelle's is 222- 22-2222. The Chambers have two children: Emma, age 23, and Chet, age 19. Their Social Security numbers are 333-33-3333 and 444-44-4444, respectively. Emma is a single college student and earned $8,000 during the summer. Kelly and Chanelle help Emma through school by paying for her room, board, and tuition. Emma lives at home during the summer. Chet has a physical handicap and lives at home. He attends a local university and earned $4,000 working for a marketing firm. In sum, Kelly and Chanelle provide more than 50% of both Emma's and Chet's total support for the year. Kelly is a commercial pilot for a small airline. His salary is $95,000, from which $19,000 of federal income tax and $8,000 of state income tax were withheld. Kelly also pays premiums for health, disability, and life insurance. $2,000 of the premium was for health insurance, $250 for disability, and $400 for life insurance. Chanelle owns Alliance Networks, a proprietorship that does network consulting. During the year, Chanelle's gross revenues were $23,000. She incurred the following ex- penses in her business: Liability insurance $ 700 Software rental 5,400 Journals and magazines 150 Training seminars 1,200 Supplies 1,300 800 Donations to a political campaign fund MH Kelly enjoys playing guitar and plays in a band. Kelly's band has developed a local following. This year, his gross revenues were $1,200 for playing shows and $700 on CD sales. He incurred the following expenses: Studio rent expense $1,300 Sound system repairs 200 CD production 500 New guitar and amplifier 800 Kelly's father passed away during the year. Kelly and Chanelle received $100,000 from the life insurance policy. Neither Kelly nor Chanelle paid any of the premiums, Chanelle purchased 100 shares of Thurston Co. stock on May 1, 1992, for $1,000. Thurston Co. was declared bankrupt during the current year. Chet's physician recommended that he see a physical therapist to help with his dis- ability. Kelly paid the therapist $7,000 during the year because his insurance would not cover the bills. Kelly and Chanelle went to Las Vegas and won $5,000 at the blackjack table. The next night, they lost $6,000. Kelly and Chanelle gave $900 to their church and during the year, they had the fol- lowing other income and expenses: Real estate taxes $1,400 500 Property taxes on car (determined by value) 9,000 Home mortgage interest 2,600 Credit card finance charges 1,000 Tax return preparation fees ($600 is allocable to Chanelle's business) 6,200 Sales tax on purchases during the year 800 Interest from a savings account 700 Interest from City of Boston Bonds 400 Dividend from 3M stock >


Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.