complete the IRS tax return for tina's sole proprietorship business.

Exper (Form She "mate lone imita expense ( of disallowe Part II or P l Depres. iation a ar. Se sec On the left hand side of the screen, choose "Documents Received", locate then enter W-2, K-1 1065 Partnership, and form 1099-DIV information on the appropriate form. You may have to add the form prior to entering the information. a. Make sure to identify either Tina or Tony as to whom the income belongs b. Make sure to enter all information from the input forms c. The information will flow throughout the return 6. Enter all information from part I of the project on the appropriate forms. Make sure to use the KEY from part I, so these numbers will be correct. To enter equipment and vehicle information on form 4565, Depreciation, you must click on the top area: BEGIN HERE.... to open or set up an asset worksheet. Also, make sure to check that Tina is the owner of the business. This is important as SET is calculated for each person. 7. Form 8995 (Qualified Business Income Deduction) hint: line 1, column C = Qualifying income less 50% of SET related only for that business 8. Check page 1 and 2 of the 1040 to see what information or numbers are missing. Compare these two pages with the solution from part II. Enter any missing numbers or information in the return. TaxAct's "total tax" line may differ from our solution by $1-$3 dollars. This is still correct, because we calculated the total tax by hand, using the tax tables, and the difference is due to rounding. Tony and Tina's Tax Information Tony and Tina Tettrazzini 1150 W. Stadium Kalamazoo, MI 49008 023 Tony, date of birth: 6/12/1980, social security: #355-44-4450 and Tina, date of birth: 7/8/1980, social security: #565-44-5000, are married and have 2 children, Tommy, aged 11, born 10/5/2012, Social security #554-60- 0150 and Taylor, aged 17, born 3/22/2006, social security #340-55-4211. Both children have lived with Tony and Tina for the entire year. They are married and file jointly. The following is a summary of the Tetrazzini's tax information. 1. Tony is a fifth-grade school teacher. His W-2 reports a salary of $52,000 with $8,200 of federal income tax withheld from his salary. Input all numbers and information from his W-2 when completing part III to ensure TAXACT calculates correctly. 2. Tony owns stock and received a dividend during the year. His 1099-Div form reports $2,000 of qualified dividend income. The Tetrazzini's preferential tax rate is 0%. Input all numbers and information from the 1099 when completing part III to ensure TAXACT calculates correctly. 3. Tina helps manage and is a partner in Foodies Unite, a restaurant business. In addition, she runs a business out of her home, Tina's Kitchen Supplies, which is taxed as a sole proprietorship. 4. Tony and Tina reported the following costs for their home, paid in the current year. Utilities $ 2,000 Real estate taxes $ 8,000 Insurance $ 2,300 Mortgage Interest $12,000 3