Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2019 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2020 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. or in Blackboard under course materials Scholarship used to pay Tuition $ 5,650Scholarship used to pay room, and board 1,750Salary 47,000Interest income 285Itemized Deductions 4,000Income taxes withheld 2,800 a. Prepare Liam’s 2020 tax return, using the 2020 standard deduction and the tax schedule.

Tax return refers to the process of stating the income earned from various sources by an individual…

Answered: Choosing and preparing an individual…

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2019 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2020 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. or in Blackboard under course materials

Scholarship used to pay Tuition $ 5,650

Scholarship used to pay room, and board 1,750

Salary 47,000

Interest income 285

Itemized Deductions 4,000

Income taxes withheld 2,800

a. Prepare Liam’s 2020 tax return, using the 2020 standard deduction and the tax schedule.

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