4. Angela Bower’s husband passed away last year. In 2020, Angela lives in a house with her son Jonathan (age 8) in Fairfield, Connecticut. She also supports her mother, Mona (age 67), who lives just down the road in a 1 bedroom apartment. Angela earned $175,000 in salary as an advertising agency executive. She also had two investment assets during the year. The first was a municipal bond for the city of Fairfield that she paid $10,000 for on the first day of this year that earns a 2% interest rate, paid out at the end of the year. The second was a U.S. Treasury bill that she also paid with $10,000 on the first day of the year that earns a 3% interest rate, paid out at the end of the year. Mona likes to spend her time in leisure and does not work during the year and, as a result, did not file a tax return. Angela has no itemized deductions, no AMT, no credits, and no prepayments.