3:24 Expert Q&A Done Hey! I just need help figuring out what the different deductions would be, filing status, and the AGI and such given the following information for a practice tax return. Thank you! Alex and Maria Bishop, ages 47 and 45, are married with two children. Jessica age 23, and Winston age 20. Jessica is a full time college student, in her fourth year of undergrad. Jessica lived at home part time during the summer and earned $8,000. Winston is permanently and totally disabled. He earned $5,000 at a part time job and lives at home. Alex and Maria provide more than 50% of both children's total support. Alex earned a salary of $105,000 from his job from which $7,500 of federal income tax and $5,000 of NC state income tax were withheld. Maria owns and operates her own business, working from home (using a 120 sq ft room exclusively for her business activities. During the year, her revenues were $25,000. She had the following expenses related to her business Uability insurance $750 Software Rental-55400 Trade Journals-$150 Training Seminars-51200 Supplies-51300 Donations to political campaigns-5000 She purchased new computer equipment on 8/1/2021, strictly for business use, for $10,000 Styles tay v 5 4 4 4 4s tat 3 Vi Supplies-$1300 Donations to political campaigns-$800 She purchased new computer equipment on 8/1/2021, strictly for business use, for $10,000. She chooses to use the simplified method for taking the home office deduction. Other amounts received in 2021: -Alex received $100,000 as a beneficiary of a life insurance policy when his dad died -Alex and Maria won $5,000 at a blackjack table. However, they lost 6,500 the next day gambling. -Interest earned on money market account at their bank, $800 --Interest from municipal bonds, $700 -Dividend from 3M stock, $400 (ordinary and qualified) Expenditures & Losses: Unreimbursed medical expenses $3,250 Cash contributions to local church $3,000 Real estate taxes on family home, $3,750 Property taxes on family automobiles and boat, $500 Home mortgage interest paid to bank, $7,000 Credit Card finance charges, $350 Maria made four quarterly estimated payments of $1,000 each for federal and $200 each for state income tax, on 4/15, 6/15, 9/14 & 12/15 on 2021 Jessica's school bills for 2021: Tuition-$6,000, Residence & Meal Plan-$5,500, Textbooks-$500. She received scholarships and grants of $3,200 that had to be used toward tuition. She put $4,000 of her own money on her school account and her parents provided the remaining $5,000. Her 1098-T issued by the University shows tuition of $6,000 and financial aid of $3,200 and the box is checked for at least time student. 3:24 Expert Q&A Done Hey! I just need help figuring out what the different deductions would be, filing status, and the AGI and such given the following information for a practice tax return. Thank you! Alex and Maria Bishop, ages 47 and 45, are married with two children. Jessica age 23, and Winston age 20. Jessica is a full time college student, in her fourth year of undergrad. Jessica lived at home part time during the summer and earned $8,000. Winston is permanently and totally disabled. He earned $5,000 at a part time job and lives at home. Alex and Maria provide more than 50% of both children's total support. Alex earned a salary of $105,000 from his job from which $7,500 of federal income tax and $5,000 of NC state income tax were withheld. Maria owns and operates her own business, working from home (using a 120 sq ft room exclusively for her business activities. During the year, her revenues were $25,000. She had the following expenses related to her business Uability insurance $750 Software Rental-55400 Trade Journals-$150 Training Seminars-51200 Supplies-51300 Donations to political campaigns-5000 She purchased new computer equipment on 8/1/2021, strictly for business use, for $10,000 Styles tay v 5 4 4 4 4s tat 3 Vi Supplies-$1300 Donations to political campaigns-$800 She purchased new computer equipment on 8/1/2021, strictly for business use, for $10,000. She chooses to use the simplified method for taking the home office deduction. Other amounts received in 2021: -Alex received $100,000 as a beneficiary of a life insurance policy when his dad died -Alex and Maria won $5,000 at a blackjack table. However, they lost 6,500 the next day gambling. -Interest earned on money market account at their bank, $800 --Interest from municipal bonds, $700 -Dividend from 3M stock, $400 (ordinary and qualified) Expenditures & Losses: Unreimbursed medical expenses $3,250 Cash contributions to local church $3,000 Real estate taxes on family home, $3,750 Property taxes on family automobiles and boat, $500 Home mortgage interest paid to bank, $7,000 Credit Card finance charges, $350 Maria made four quarterly estimated payments of $1,000 each for federal and $200 each for state income tax, on 4/15, 6/15, 9/14 & 12/15 on 2021 Jessica's school bills for 2021: Tuition-$6,000, Residence & Meal Plan-$5,500, Textbooks-$500. She received scholarships and grants of $3,200 that had to be used toward tuition. She put $4,000 of her own money on her school account and her parents provided the remaining $5,000. Her 1098-T issued by the University shows tuition of $6,000 and financial aid of $3,200 and the box is checked for at least time student