Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention b

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Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2020, the Deans had the following receipts: Salaries ($60,000 for Lance, $42,000 for Wanda) $102,000 Interest income- City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 Annual gifts from parents 26,000 Settlement from Roadrunner Touring Company 90,000 Lottery winnings 600 Federal income tax refund (for tax year 2019) 400 Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child support the alimony payments were to terminate if Wanda remarried. In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. Because the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained.

The Deans had the following expenditures for 2020: Medical expenses (not covered by insurance) $7,200 Taxes- Property taxes on personal residence $3,600 State of New Mexico income tax (includes amount withheld from wages during 2020) 4,200 7,800 Interest on home mortgage (First National Bank) 6,000 Charitable contributions (cash) 3,600 1,200 Life insurance premiums (policy on Lance's life) Contribution to traditional IRA (on Wanda's behalf) 6,000 Traffic fines 300 Contribution to the reelection campaign fund of the mayor of Santa Fe 500 Funeral expenses for Wayne Boyle 6,300 The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution.

The Deans' household includes the following, for whom they provide more than half of the support: Social Security Number Birth Date 123-45-6786 12/16/1978 Lance Dean (age 42) Wanda Dean (age 40) 123-45-6787 08/08/1980 123-45-6788 10/09/2001 Penny Allen (age 19) Kyle Allen (age 16) 123-45-6780 05/03/2004 Wayne Boyle (age 75) 123-45-6785 06/15/1945 Penny graduated from high school on May 9, 2020, and is undecided about college. During 2020, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on December 20, 2020. For the past few years, Wayne qualified as a dependent of the Deans. Federal income tax withheld is $3,900 (Lance) and $1,800 (Wanda). The proper amount of Social Security and Medicare tax was withheld. The Deans received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. Required: Determine the Federal income tax for 2020 for the Deans on a joint return by completing the appropriate forms. Use Form 1040 and Schedule 1 to complete this tax return. They do not own and did not use any virtual currency during the year, and they do not want to contribute to the Presidential Election Campaign Fund. If an overpayment results, it is to be refunded to them. • Make realistic assumptions about any missing data. Enter all amounts as positive numbers. • If an amount box does not require an entry or the answer is zero, enter "0". • Use the tax rate schedules included with this problem. When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.

Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IRS Use Only Filing Status Your first name and middle initial Last name Your social security number 123-45-6786 Lance H. Dean Last name If joint return, spouse's first name and middle initial Wanda B. Dean Spouse's social security number 123-45-6787 Apt. no. Home address (number and street). If you have a P.O. box, see instructions. 431 Yucca Drive State ZIP code Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. City, town, or post office. If you have a foreign address, also complete spaces below. Santa Fe, NM 87501 Foreign country name Foreign province/state/county Foreign postal code At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Standard Someone can claim: Deduction You: Age/Blindness Spouse:

(see instructions): (4) if qualifies for (see instructions): (2) Social security (3) Relationship number (1) First name Last name to you Child tax credit Credit for other dependents Dependents If more than four dependents, see instructions and check here Penny Allen 123-45-6788 Child Kyle Allen 123-45-6780 Child Wayne Boyle 123-45-6785 Parent O 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 2a Tax-exempt interest .. 2a b Taxable interest 2b Attach Sch. B if required. 3a Qualified dividends ... За b Ordinary dividends. 3b 4a IRA distributions ..... 4a b Taxable amount 4b 5a Pensions and annuities 5a b Taxable amount 5b 6a Social security benefits ба b Taxable amount 6b 7 Capital gain or loss). Attach Schedule D if required. If not required, check here 7 8 Other income from Schedule 1, line 9.. 8 9 Add lines 1, 2, 3, 4, 5b, 66, 7, and 8. This is your total income .. 9 10 Adjustments to income: Standard Deduction for- • Single or Married filing separately, $12,400 • Married filing jointly or Qualifying widow(er), $24,800 • Head of household, $18,650 If you checked any box under a From Schedule 1, line 22 10a b Charitable contributions if you take the standard deduction. See instructions ..... 10b c Add lines 10a and 10b. These are your total adjustments to income 10c 11 C.htract lina 1n from line 0 This is a diretad AFACe inrAMA

c Add lines 10a and 10b. These are your total adjustments to income 100 $18,650 • If you checked any box under Standard Deduction, see instructions. 11 Subtract line 10c from line 9. This is your adjusted gross income 11 12 Standard deduction or itemized deductions (from Schedule A) 12 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A 13 14 Add lines 12 and 13. 14 15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -0- 15 BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 1040 (2020) Form 1040 (2020) Lance H. Dean 123-45-6786 Page 2 16 Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 30 16 17 Amount from Schedule 2, line 3 17 18 Add lines 16 and 17 18 19 Child tax credit or credit for other dependents 19 20 Amount from Schedule 3, line 7 20 21 Add lines 19 and 20 21 22 Subtract line 21 from line 18. If zero or less, enter-O- 22 23 Other taxes including self-employment tay from Schedule 2 line 10 23

23 Other taxes, including self-employment tax, from Schedule 2, line 10 23 24 Add lines 22 and 23. This is your total tax 24 25 Federal income tax withheld from: . Form(s) W-2. a 25a b Form(s) 1099 25b c Other forms (see instructions) 250 d Add lines 25a through 250 25d 2020 estimated tax payments and amount applied from 2019 return 26 Earned income credit (EIC) • If you have a 26 qualifying child, attach Sch. EIC. 27 • If you have nontaxable combat pay, see 28 instructions. 27 Additional child tax credit. Attach Schedule 8812 28 American opportunity credit from Form 8863, line 8...... 29 29 Recovery rebate credit. See instructions .... 30 30 Amount from Schedule 3, line 13.. 31 31 32 Add lines 27 through 31. These are your total other payments and refundable credits 32 33 Add lines 25d, 26, and 32. These are your total payments ... 33 34 Refund If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overnaid 34

34 Refund If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid ... 34 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here 35a Direct deposit? b Routing number c Type: Checking Savings See instructions. ► d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 36 Amount 37 Subtract line 33 from line 24. This is the amount you owe now .. 37 You Owe Note: Schedule H and Schedule SE filers, line 37 may not represent all of the taxes you owe for 2020. See Schedule 3, line 12e, and its instructions for details. For details on how to pay, see instructions. 38 Estimated tax penalty (see instructions) ............. 38 Third Party Designee Do you want to allow another person to discuss this return with the IRS? See instructions Yes. Complete below. x No Phone Designee's name Personal identification number (PIN) no. Sign Here Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Your signature Date Your occupation If the IRS sent you an Identity Protection PIN, enter it here Manager (see inst.) Joint return? See instructions.