Janice Morgan, age 24, is single and has no dependents. She is a freetance writer. In January 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 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. Janice received the appropriate coronavirus recovery rebates (economic impact payments); relatec questions in ProConnect Tax should be ignored. During 2020, Janice reported the following income and expense items connected with her business. Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediatg fipensing under 5179. Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under 179, If possible. - Furniture and fixtures (new) costing $21,000 on January 10 - Computer equipment (new) costing $12,400 on July 28 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. She made estimated tax paymef f of $5,000 for 2020 . Required: Compute Janice Morgan's 2020 Federal income tax payable (or refund due). - Make realistic assumptions about any missing data. -If an amount box does not require an entry or the answer is zero, enter " 0". - Enter all amounts as positive numbers. - The texpayer wants $3 to go to the to Presidential Election Campaign. - It may be necessary to complete the other tax forms and schedules before completing form 1040. - Use the tax schedules (not the tax tables) included with this probiem to compute th f5x. - If required, yound your final answers to the nearest dollar. SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income Department of the Treasury Attach to Form 1040, 1040-5R, or 1040-NR. Internal Revenue Service Go to www.irs:gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040,1040SR, or 1040-NR. Janice Morgan Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes. 2a Alimony received. b Date of original divorce or separation agreement (see instructions) 3 Business income or (loss). Attach 5 chedule C 4 Other gains or (losses). Attach Form 4797. 5 Rental real estate, royalties, partnership5, 5 corporations, trusts, etc. Attach Schedule E. 6 Faren income or (loss). Attach Schedule F. 7 Unemployment compensation. 8 Other income. List type and amount 9 Combine lines 1 through 8. Enter here and on Form 1040, 1040-5R, or 1040NR, line 8 17 Penalty on early withdrawal of savings 18a Alimony paid b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction. 20 Student loan interest deduction 21 1040NR, line 10a. BAA For Paperwork Reduction Act Notice, see your tax return instructions. Scfecdule 1 (Form 1040) 2020 Janice Morgan, age 24, is single and has no dependents. She is a freetance writer. In January 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 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. Janice received the appropriate coronavirus recovery rebates (economic impact payments); relatec questions in ProConnect Tax should be ignored. During 2020, Janice reported the following income and expense items connected with her business. Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediatg fipensing under 5179. Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under 179, If possible. - Furniture and fixtures (new) costing $21,000 on January 10 - Computer equipment (new) costing $12,400 on July 28 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. She made estimated tax paymef f of $5,000 for 2020 . Required: Compute Janice Morgan's 2020 Federal income tax payable (or refund due). - Make realistic assumptions about any missing data. -If an amount box does not require an entry or the answer is zero, enter " 0". - Enter all amounts as positive numbers. - The texpayer wants $3 to go to the to Presidential Election Campaign. - It may be necessary to complete the other tax forms and schedules before completing form 1040. - Use the tax schedules (not the tax tables) included with this probiem to compute th f5x. - If required, yound your final answers to the nearest dollar. SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income Department of the Treasury Attach to Form 1040, 1040-5R, or 1040-NR. Internal Revenue Service Go to www.irs:gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040,1040SR, or 1040-NR. Janice Morgan Part I Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes. 2a Alimony received. b Date of original divorce or separation agreement (see instructions) 3 Business income or (loss). Attach 5 chedule C 4 Other gains or (losses). Attach Form 4797. 5 Rental real estate, royalties, partnership5, 5 corporations, trusts, etc. Attach Schedule E. 6 Faren income or (loss). Attach Schedule F. 7 Unemployment compensation. 8 Other income. List type and amount 9 Combine lines 1 through 8. Enter here and on Form 1040, 1040-5R, or 1040NR, line 8 17 Penalty on early withdrawal of savings 18a Alimony paid b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction. 20 Student loan interest deduction 21 1040NR, line 10a. BAA For Paperwork Reduction Act Notice, see your tax return instructions. Scfecdule 1 (Form 1040) 2020