Form 1040, pages 1 and 2
Schedules 1 and 2
Schedule C pages 1 and 2
Schedule SE Page 1 only (but okay if the form is submitted with 2 pages, nothing goes on page 2)
Form 4562 Page 1 only (but okay if the form is submitted with 2 pages, nothing goes on page 2)
Form 8995 Qualified Business Income Deduction (page 1 only)
2020 Tax Return Information: Janice Morgan, age 34, is single. She is a freelance writer. In February 2020, 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 128-45-6888. Janice wants to contribute to the Presidential Election Campaign Fund. She did not invest in virtual currency. . 1 . During 2020, Janice reported the following income and expense items connected with her business. She did not make any payments that required a 1099. The Business code for Schedule C, Box B is 711510. Her employer id number is 45-1098761. Income from services rendered $105,000 Rent expense 16,500 Utilities 7,900 Supplies 800 Insurance 5,000 Travel (conference, includes meals of $1,200) 3,500 Subscriptions 500 Software for business 500 Janice purchased and placed in service two plant assets for her business. Janice wants to elect immediate expensing under Section 179, if possible, for the following asset: Furniture and fixtures (new) costing $21,000 on February 2, 2020. For the following asset, Janice has decided to opt out of Section 179, instead she will use MACRS: Computer equipment (new) costing $12,400 on February 12, 2020. Decide which exhibit to use and how long to depreciate for computer equipment. Janice's itemized deductions include: Home mortgage interest paid to First National Bank 6,000 Real estate taxes on home 3,500 Janice received a 1099 from the Palisade Casino for $2,000 for prize money she won playing the slots. The 1099 shows $200 as Federal income tax withheld. Janice made federal income tax estimated payments of $10,500 for 2020. If an overpayment, she would like the funds applied to her 2021 estimated tax, not refunded to her. If she owes, you do not need to calculate a penalty. . . 1 2020 Tax Return Information: Janice Morgan, age 34, is single. She is a freelance writer. In February 2020, 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 128-45-6888. Janice wants to contribute to the Presidential Election Campaign Fund. She did not invest in virtual currency. . 1 . During 2020, Janice reported the following income and expense items connected with her business. She did not make any payments that required a 1099. The Business code for Schedule C, Box B is 711510. Her employer id number is 45-1098761. Income from services rendered $105,000 Rent expense 16,500 Utilities 7,900 Supplies 800 Insurance 5,000 Travel (conference, includes meals of $1,200) 3,500 Subscriptions 500 Software for business 500 Janice purchased and placed in service two plant assets for her business. Janice wants to elect immediate expensing under Section 179, if possible, for the following asset: Furniture and fixtures (new) costing $21,000 on February 2, 2020. For the following asset, Janice has decided to opt out of Section 179, instead she will use MACRS: Computer equipment (new) costing $12,400 on February 12, 2020. Decide which exhibit to use and how long to depreciate for computer equipment. Janice's itemized deductions include: Home mortgage interest paid to First National Bank 6,000 Real estate taxes on home 3,500 Janice received a 1099 from the Palisade Casino for $2,000 for prize money she won playing the slots. The 1099 shows $200 as Federal income tax withheld. Janice made federal income tax estimated payments of $10,500 for 2020. If an overpayment, she would like the funds applied to her 2021 estimated tax, not refunded to her. If she owes, you do not need to calculate a penalty. . . 1
