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

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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.

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