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47. Denise Lopez, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive, Boca Raton, FL 33434. Denise is a material participant in the business, she is a cash basis taxpayer, and her Social Security number is 123-45-6781. Denise lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Denise wants to designate $3 to the Presidential Election Campaign Fund. She has never owned or used any virtual currency, Denise received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. During Prc 2020, Denise had the following income and expense items: a. $100,000 salary from Legal Services, Inc. b. $20,000 gross receipts from her typing services business. . $700 interest income from Third National Bank. d. $1,000 Christmas bonus from Legal Services, Inc. e. $60,000 life insurance proceeds on the death of her sister. f $5,000 check given to her by her wealthy aunt. g. $100 won in a bingo game. h. Expenses connected with Typing Services: c. $700 interest income from Third National Bank d. $1,000 Christmas bonus from Legal Services, Inc. e. $60,000 life insurance proceeds on the death of her sister. f. $5,000 check given to her by her wealthy aunt. g. $100 won in a bingo game. h. Expenses connected with Typing Services: Office rent Supplies Utilities and telephone Wages to part-time typists Payroll taxes Equipment rentals $7,000 4,400 4,680 5,000 500 3,000 i. $9,500 interest expense on a home mortgage (paid to Boca Raton Savings and Loan) j. $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2020. Denise had paid $14,000 for the silverware on July 1, 2010. She was reimbursed $10,000 by her insurance company. k. Denise had loaned $2,100 to a friend, Joan Jensen, on June 3, 2016. Joan declared bankruptcy on August 14, 2020, and was unable to repay the loan. Assume that the loan is a bona fide debt. 1. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. m. Alimony of $10,000 received from her former husband, Omar Guzman: divorce was finalized on December 2, 2013, and no changes have been made to the divorce decree since that time. n. Interest income of $800 on City of Boca Raton bonds. 0. Denise made estimated Federal tax payments of $2,000. p. Sales taxes from the sales tax table of $953. 4. Property taxes on her residence of $3,200. r. Charitable contribution of $2,500 to her alma mater, Citrus State College. S. On November 1, 2020, Denise was involved in an automobile accident. At the time of the accident, her automobile's FMV was $45,000. After the accident, the automobile's FMV was $38,000. Denise acquired the car on May 2, 2019, at a cost of $52,000. Denise's car was covered by insurance, but because the policy had a $5,000 deduction clause, Denise decided not to file a claim for the damage. Part 1-Tax Computation Compute Denise Lopez's 2020 Federal income tax payable (or refund due), and complete her 2020 Federal tax return using appropriate forms and schedules. Suggested software: ProConnect Tax. Part 2_Tax Planning In 2021, Denise plans to continue her job with Legal Services, Inc. As a result, items a, d, and I will recur in 2021. Denise plans to continue her typing services business (refer to item b) and expects gross receipts of $34,000. She projects that all business expenses (refer to item h) will increase by 10%, except for office rent, which, under the terms of hem lease, will remain the same as in 2020. Items e, f, g, j, k, and s will not recur in 2021. Items c, i, m, n, p, q, and r will be approximately the same as in 2020. S SCHEDULEB (Form 1040) Interest and Ordinary Dividends Go to www.in.gov/Schedule for instructions and the latest information Attach to Form 1040 or 1040-SR. OMB No 1545.00 2021 Attachment ce NOB Your social security number Destrofe Service Permon rulum Amount 1 Part 1 1 List name of payer. If any interest is from a seller.financed mortgage and the buyer used the property as a personal residence, see the instructions and list this Interest interest first. Also, show that buyer's social security number and address (See Instruction and the Instructions for For 1000, in 26) Note: if you received a Form 1099-INT, Form 1000-010, or substitute statement from a brokerage fum, list the firm's names the payer and enter the total interest shown on that form 2 Add the amounts on line 1 3 Excludable interest on series EE and I U.S. savings bonds issued after 1989 Attach Form 8815 4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or 1040-SR line 26 Note: If line 4 is over $1,500, you must complete Part Ill. Part 11 5 List name of payer Ordinary Dividends 2 3 4 Amount (See Instructions and the Instructions for Form 1040, line 35) 5 Note: If you received a Form 1099-OIV or substitute statement from a brokerage firm, list the firm's name as the payer and enter the ordinary dividends shown 6 on that form Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR. line 3 6 Note: If line 6 is over $1,500, you must complete Part III Part III You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account:or (c) received a distribution from, or were a grantor of, or a transferorto, a foreign trust , Yes No Foreign 7a At any time during 2021, did you have a financial interest in or signature authority over a financial Accounts account (such as a bank account, securities account, or brokerage account) located in a foreign and Trusts country? See instructions Caution. It I "Yes," are you required to file FinCEN Form 114. Report of Foreign Bank and Financial required, failure Accounts (FBAR), to report that financial interest or signature authority? See FinCEN Form 114 to file FinCEN and its instructions for filing requirements and exceptions to those requirements Form 114 may b you are required to file FinCEN Form 114, enter the name of the foreign country where the result in substantial financial account is located penalties. See 8 During 2021, did you receive a distribution from, or were you the grantor of, or transferor to, a instructions foreign trust? If "Yes, you may have to file Form 3520. See Instructions. For Paperwork Reduction Act Notice, see your tax return instructions. Cat No. 17146N Schedule B (Form 1040) 2021