The following information should be helpful in your preparation of the tax return.
Adjusted gross income 20,263 Itemized deductions 12,650
Taxable income 6,090 None of SE tax is deferred
(4) Check forms: (please include in your return):
a. Per the syllabus, this manual return is 16% of the grade; i.e., 40 points, since the four exams are worth 75 points each of the 400 possible points.
b. Actual maximum, manual return, 43 points (3 points extra credit)
c. Forms: 1040 pages 1 and 2; Schedules 1, 2, 3, A, B, C, SE; Forms 8995 and 4562 ****** i need all forms filled out**********
a. Please use the sequence numbers in the upper right-hand corner of the official IRS forms for the proper order
b. Do not calculate next year’s estimates or any late filing penalty or interest.
c. There is a QBI deduction on Form 1040, page 1, line 10.
Tax return problem is down below:
Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2019, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6782. Janice’s parents continue to provide health insurance for her under their policy. Janice did not engage in any virtual currency transactions during the year and wants to contribute to the Presidential Election Campaign Fund.
During 2019, Janice reported the following income and expense items connected with her business.
Income from sale of articles $85,000
Rent 16,500
Utilities 7,900
Supplies 1,800
Insurance 5,000
Travel (including meals of $1,200) 3,500
Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under § 179, if possible.
Janice’s itemized deductions include:
State income tax $2,950
Home mortgage interest paid to First National Bank 6,000
Property taxes on home2,500
Charitable contribution to her alma mater, State College 1,200
Janice did not keep a record of the sales tax she paid. The amount allowed by the sales tax table is $437.
Janice reports interest income of $4,000 on certificates of deposit at Second National Bank. Janice makes estimated tax payments of $3,000 for 2019.
Compute Janice Morgan’s 2019 Federal income tax payable (or refund due). If you use tax forms for your computations, you will need Forms 1040, 4562, 8995, and Schedules 1, 2, 3, A, B, C, and SE. Suggested software: ProConnect Tax Online.
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