Tax return assignment

Directions:

Prepare a 2020 federal income tax return for Donald and Melania Trump using the information below. Please include all required schedules and attachments. The base for for a personal income tax return is the IRS form 1040. The form 1040 and other schedules can be found on the IRS website at https://www.irs.gov/forms-instructions

Don't use plagiarized sources. Get Your Custom Essay on
Tax return assignment
Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT!
Order Essay

Please make up any non-financial information needed to complete the tax return that is not provided.

Note that extra-credit Information is found below at the bottom. Students doing the extra-credit will hand in two separate tax returns.

The tax return(s) are due at 10 AM on December 9. Late filings will not be accepted.

Recommendation: To ensure that your tax return file saves properly, save the forms from the IRS website before entering information on them.

Return Information:

Social Security Numbers: Donald- 123-45-6789, Melania – 333-222-111

Donald is age 64, Melania is age 51.

Son –Barron – age 11 – SS# 555-77-6666. Melania paid $7,000 in childcare expenses for Barron while she worked.

Salary: Donald – $40,000, Melania – $25,000, Barron – $600

Interest from Mellon Bank – $7,000; Interest on New York municipal bonds – $6,000

Dividends on Trump, Inc. stock – 1,000

Sold 1,000 shares of IBM stock for $5,000 on January 15, 2020. Shares were purchased on January 15, 2014 for $3,000.

Melania had the following operating results from her modeling business, which she operated as a sole proprietorship:

Sales income – $12,000

Office supplies – 4,000

Advertising Expenses – 2,000

Entertainment expense – 2,000

Donald and Melania rented out the old family home in New York for the entire year:

Rental income – $8,000, Mortgage interest – $4,000, Depreciation – The house was purchased in 12/01/18 at a cost of $100,000 and is depreciated on a straight-line basis over 27.5 years. Accumulated Depreciation from prior years was $3,788.

Mortgage interest on the white house owned by Donald and lived in by family – $7,000

Real Estate taxes on the white house – $7,000.

State income taxes withheld from Donald’s wages – $5,000

Federal income taxes withheld from Donald’s wages – $3,000

New York City sales tax paid by Donald was $1,800.

State income tax refund of 2019 overpayment received in 2020 – $3,000 (2019 state income taxes were fully deductible on the 2019 tax return.)

Donald had $5,000 of business travel expenses, which were reimbursed by his employer.

Melania paid $4,000 in college tuition for graduate school.

Donald contributed $6,000 to the United Way, and $7,000 to Fordham University during the year.

Melania paid $4,000 of student loan interest.

Extra Credit

To potentially assist in improving one’s grade to a “B-“, “C” or “D”, complete a separate tax return for Donald and Melania, adding the additional information found below:
Sold 1,000 shares of GM stock for $6,000 on January 15, 2020. Shares were received as a gift from Ivanka, on January 15, 2017. Ivanka purchased stock on January 1, 2009 for $9,000. The value of the stock on January 15, 2017 was $7,000.

Donald received $20,000 in social security benefits during the year.

Donald paid $10,000 in alimony and $8,000 in child support to his first wife, Stormy. The couple was divorced in 2015.

Melania’s law business purchased the following assets in 2020:

7-year equipment – $3,000 on Nov 30

5-year equipment – $4,000 on Dec. 15

(Please maximize her 2020 depreciation deduction.)

Unreimbursed medical expenses

appointments for Donald and Melania – $7,000
appointments for Barron – $8,000
Prescription drugs – $4,000
Melania’s eye glasses – $500
Medical insurance premiums – $2,500
Donald and Melania also have a twenty year old daughter, Hilary. Hilary is a full-time graduate student and Donald paid $8,000 of tuition and 2,500 for food, on her behalf. Hilary had no other expenses during the year.

Donald bought business suits for $8,000 that he wears only to the office and for official work events.

Donald pays $2,500 in union dues related to his employment.

Donald and Melania like to eat out and spent $6,000 at various restaurants in the D.C. area.

Graduate Homework
Order a unique copy of this paper
(550 words)

Approximate price: $22

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Papers are written from scratch We have molded our writers to develop content for all assignments from scratch. This way, we promote originality and reduce cases of plagiarism that might affect your grades and hinder you from realizing your academic goals. We encourage our clients to indicate the deliverables that should be featured in the final paper. Our online help services allow one to make a clarification and even interact with the writer directly to help them understand the needs of the assignment. Many of our writers are professional tutors who understand the approaches that should be used to fulfill the specified instructions. Every time a client places an order on our system, we link them with the most qualified writer in the subject of interest.

Money-back guarantee

YUnlike other writing companies, we encourage clients to draw back their money at any stage of the writing process if they experience any uncertainties with the quality of generated content. However, you will hardly have to make this decision because of our business approach that suits your needs.

Zero-plagiarism guarantee

We have an advanced plagiarism-detection system that flags any work that fails to meet the required academic expectations. Our company thrives in honesty, and as such, you will be guaranteed to achieve a paper that meets your expectations.

Free-revision policy

We encourage our clients to return papers for revision seven days after the last submission for free. Depending on the proposed changes, we will work on your article to achieve the desired expectations.

Privacy policy

We uphold confidentiality and privacy through our interactions with clients, an aspect that has enhanced our relationship with prospective customers seeking for assignment help. We do not disclose your information with third-parties

Qualified Writers

We boast of a diverse pool of ENL and ESL professionals who respond with a personal touch to the needs of every client. Our focus is to become the best platform that offers specialized services to individuals to accomplish their academic goals.

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency