Line Descri 1 Federal 5.000.00 Social Security 100 Medio 14.00 dhe 0.2010 Bro. www 2.000 3.000 From 1500 Ben. Required Campuxou or both Materialistication bogat . If an amount to do not try the terallstvember, werden . It may becsary complete the schedules before coming For When compting the abdomyour card you at the est delar Use the 2019 Scheid. De there 1040 U.S. Individual Income Tax Return 2019 HAT Standard Deduction alla UDE Refund Complete Beth's Form 1995. The qualified business income on line I must be adjusted for the 50% deduction of the self employment te Porn 8995 Department of the Treasury Internal Revenue Service Name(s) shown on return Beth R. Jordan Qualified Business Income Deduction OMB No 1545-0123 Simplified Computation 2019 Attach to your tax return. Attachment Go to www.irs.gov/ Form 99 for instructions and the latest information. Sequence No. 55 Your taxpayer identification number 123-45-6785 (a) Trade, business, or aggregation name (b) Taxpayer (c) Qualified business Identification number income or loss) 123-45-6785 3,050 X 1 Beth R. Jordan iv V 2 Total qualified business income or (loss). Combine lines through 1v, column (c)... 2 3 4 3 Qualified business net (los) carryforward from the prior year 4 Total qualified business income. Combine lines 2 and 3. If zero or less, enter- 5 Qualified business income component. Multiply line 4 by 20% (0.20) 6 Qualified REIT dividends and publicly traded partnership (PTP) income or less) (see instructions) 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year 6 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0. REIT and PTP component. Multiply line B by 20% (0.20). 10 Qualified business income deduction before the income limitation. Add Iines 5 and 9 11 Taxable income before qualified business income deduction 10 11 12 Net capital gain (se instructions) 12 13 Subtract line 12 from line 11. 1 sere or less, enter-O- 13 14 Income limitation Multiply line 13 by 20% (0.20) 15 Qualified business income deduction Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return. 14 15 16 Tolusied buses oss) carryforward. Combine lines 2 and 3. greater than zero, enter- 17 Total Qualified REIT dividends and PTP oss) curryforward. Combine lines 6 and 7. I greater than zero, erter -- 16 17 Qualified Dividends and Capital Gain Tax Worksheet-Line 123 Keep for Your Records 100 235 watt 2. Are 4 7. Staract time from interest 57.967 . 39,375 $78,70 madrag er 153,750 head how er the materne SCENE 10. mare 39,37 1. Stine to from Theme 12 13. Ethem from 11 0 2.200 15. 434.550g CE OS' Berger $461,700 trade 10.15 16. 0,167 12 57,57 IR 2,200 21 21 Beth is anticipating significant changes in her life in 2020, and she has asked you to estimate her taxable income and tax liability for 2020- Beth just received word that she has been qualified to adopt a 2-year-old daughter. Beth expects that the adoption will be finalized in 2020 and that she will incur approximately $2,000 of adoption expenses. In addition, she expects to incur approximately $3,500 of child and dependent care expenses relating to the care of her new daughter, which will enable her to keep her job at Mesa Manufacturing Company. However, with the additional demands on her time because of her daughter, she has decided to discontinue her two part-time jobs ().e., the part-time tax practice and her software business), and she will cease making estimated income tax payments. In your computations, assume that all other 2020 income and expenses will be the same as 2019 amounts. There no personal or dependency exemptions allowed in 2020. Medical deductions are subject to a 7.5% reduction of AGI in 2020. Beth's rate for the child an dependent care creditis 20% and she is entitled to the full child tax credit and adoption credit as well. Click here to access the 2020 Tax Rate Schedules to use for this part of the problem. For 2020, determine the following for Beth: Filing status: Head of Household Total gross income: $ 73,150 X Adjusted gross income: 73,406 x The greater of total itemized deductions or standard deduction: Taxable income: Total tax credits: 9,847 X Net tax liability (after credits but before any tax withholdings or payments): $8,472 Line Descri 1 Federal 5.000.00 Social Security 100 Medio 14.00 dhe 0.2010 Bro. www 2.000 3.000 From 1500 Ben. Required Campuxou or both Materialistication bogat . If an amount to do not try the terallstvember, werden . It may becsary complete the schedules before coming For When compting the abdomyour card you at the est delar Use the 2019 Scheid. De there 1040 U.S. Individual Income Tax Return 2019 HAT Standard Deduction alla UDE Refund Complete Beth's Form 1995. The qualified business income on line I must be adjusted for the 50% deduction of the self employment te Porn 8995 Department of the Treasury Internal Revenue Service Name(s) shown on return Beth R. Jordan Qualified Business Income Deduction OMB No 1545-0123 Simplified Computation 2019 Attach to your tax return. Attachment Go to www.irs.gov/ Form 99 for instructions and the latest information. Sequence No. 55 Your taxpayer identification number 123-45-6785 (a) Trade, business, or aggregation name (b) Taxpayer (c) Qualified business Identification number income or loss) 123-45-6785 3,050 X 1 Beth R. Jordan iv V 2 Total qualified business income or (loss). Combine lines through 1v, column (c)... 2 3 4 3 Qualified business net (los) carryforward from the prior year 4 Total qualified business income. Combine lines 2 and 3. If zero or less, enter- 5 Qualified business income component. Multiply line 4 by 20% (0.20) 6 Qualified REIT dividends and publicly traded partnership (PTP) income or less) (see instructions) 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year 6 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0. REIT and PTP component. Multiply line B by 20% (0.20). 10 Qualified business income deduction before the income limitation. Add Iines 5 and 9 11 Taxable income before qualified business income deduction 10 11 12 Net capital gain (se instructions) 12 13 Subtract line 12 from line 11. 1 sere or less, enter-O- 13 14 Income limitation Multiply line 13 by 20% (0.20) 15 Qualified business income deduction Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return. 14 15 16 Tolusied buses oss) carryforward. Combine lines 2 and 3. greater than zero, enter- 17 Total Qualified REIT dividends and PTP oss) curryforward. Combine lines 6 and 7. I greater than zero, erter -- 16 17 Qualified Dividends and Capital Gain Tax Worksheet-Line 123 Keep for Your Records 100 235 watt 2. Are 4 7. Staract time from interest 57.967 . 39,375 $78,70 madrag er 153,750 head how er the materne SCENE 10. mare 39,37 1. Stine to from Theme 12 13. Ethem from 11 0 2.200 15. 434.550g CE OS' Berger $461,700 trade 10.15 16. 0,167 12 57,57 IR 2,200 21 21 Beth is anticipating significant changes in her life in 2020, and she has asked you to estimate her taxable income and tax liability for 2020- Beth just received word that she has been qualified to adopt a 2-year-old daughter. Beth expects that the adoption will be finalized in 2020 and that she will incur approximately $2,000 of adoption expenses. In addition, she expects to incur approximately $3,500 of child and dependent care expenses relating to the care of her new daughter, which will enable her to keep her job at Mesa Manufacturing Company. However, with the additional demands on her time because of her daughter, she has decided to discontinue her two part-time jobs ().e., the part-time tax practice and her software business), and she will cease making estimated income tax payments. In your computations, assume that all other 2020 income and expenses will be the same as 2019 amounts. There no personal or dependency exemptions allowed in 2020. Medical deductions are subject to a 7.5% reduction of AGI in 2020. Beth's rate for the child an dependent care creditis 20% and she is entitled to the full child tax credit and adoption credit as well. Click here to access the 2020 Tax Rate Schedules to use for this part of the problem. For 2020, determine the following for Beth: Filing status: Head of Household Total gross income: $ 73,150 X Adjusted gross income: 73,406 x The greater of total itemized deductions or standard deduction: Taxable income: Total tax credits: 9,847 X Net tax liability (after credits but before any tax withholdings or payments): $8,472