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You are single, age 25, living at home and you did not provi

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You are single, age 25, living at home and you did not provide more than 50% of your support during 2020. You are starting your senior year of college and intend to graduate in four years. You have a no felony drug convictions. Use your Group Number for the taxpayer’s name on IRS Form 1040 and the related forms. Your social security number is 111-11-1111. your phone number is (909) 869-7659 and your e-mail address is b..s@hotmail.com. You are single and a U.S. citizen with a valid Social Security Number (see above). You don’t wish to make a contribution to the Presidential Election Campaign. Ignore the impact of the Earned Income Credit and any other credits which might be available to you. During 2020 you did not have a financial interest in or signature authority over a financial account in a foreign country. During 2020 you didn’t receive a distribution from or were the grantor of or transferor to a foreign trust. You are covered under your parent’s health care policy. Your checking account is located at U.S Bank with routing number 111111111 and your account number is 22222222222222222. You will not e-file this return.?ou had one job during 2020 – clerk at Bookstore (i.e. W-2 #1). Your wage information is summarized below:Image transcription textW-2 Item Job 1 – W-2 Gross Wages $ 7.000 Federal Income Tax (FIT) $ 700 State Income Tax (SIT) 300 FICA(6.2%) 434 Medicare (1.45%) 102 SDI (1%) 70 <1,606> Net $ 5.394… Show more?ou also had the following sources of investment income which were reported on Form 1099-Int and Form 1099-Div for 2020 as follows:?Payee Form Amount Reported Bank of America 1099-Int $?50 Schwab ?099-Div* ?00 *Qualified Dividend held less than required 61-day holding period.?Your itemized deductions are limited to the California Income Tax Withheld (i.e. $300), California SDI withheld (i.e. $70) and $100 cash contribution to United Way.?ou received a $1,500 BAY Academic Scholarship Accounting Banquet last Spring. You had the following education costs for 2020 – Tuition to your college of $5,000, On-line Lab Fees of $500 (i.e.Connect), Parking Fees of $300, Textbooks of $1,000 and an Apple computer for $1,200. ?ou lived with your parents for the entire year, but they tell you that they won’t claim you on their 2020 tax return. Your parents are required to file a federal income tax return for 2020.?uestions -?.???an you claim one personal exemption on your 2020 return?a.???rueb.???alse??.???ou have a filing requirement and must file a tax return for 2020?a.???rueb.???alse??.???ow much of the BAY Scholarship is taxable? Show your Calculation as follows:?cholarship?????????????????????????????????__________Less: Qualified Education Expenses________________?????____________ ________________?????____________ ________________?????____________ ________________?????____________ ________________?????____________ ________________?????____________ Total Qualified Education Expenses????????????<___________>?axable Scholarship??????????????????????????___________ ??.?ho can claim the American Opportunity Tax Credit? Calculate the credit.?????????.?ou?????????.?our Parents?alculation -?00% of 1st $_______ eligible expenses???????__________?5% of next $________eligible expenses?????___________?otal???????????????????????????????????__________ ________% of credit refundable????????????____________ %??????????????????????????????????????____________??????.?Does the “Kiddie Tax” affect your parents Federal return?a.???rueb.???alseBusinessAccountingACCT MISC

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