Need assistance with the below schedule 2 and form 8960 and 8995. Thanks

Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and file their return jointly. They have retired at the age of 51. The couple's income consists of rental property, stock investments, and royalties from an invention. They sold their large house that they had purchased six years ago for $580,000 on October 18, 2020, for $1 million. They now live in a condo at 101 Magnolia Lane, Suite 15. Highland Park, FL 33853. The rental property is an apartment complex (building cost $1.5 million and was purchased January 5, 2020) with 30 units that rent for $27,000 per month and are at 90% occupancy. Rental income Salaries Payroll taxes Real estate taxes Interest Repairs and maintenance Depreciation $ 291,600 115,000 8,798 18,750 45,000 29,000 (Calculate) The following information is also for the year: 1099-INT 1099-DIV 1099-DIV Old Bank Dell, Incorporated Ordinary dividends Qualified dividends IBM, Incorporated Ordinary dividends Qualified dividends Pepsi, Incorporated Ordinary dividends Qualified dividends Box 2 royalties $ 22,000 15,250 15,250 8,650 8,650 18,785 18,785 152,300 1099-DIY 1099-MISC Dell (held 9 month) Pepsi (held 4 month) IBM (held 30 month) Purchased 12/01/19 09/01/20 06/05/18 Sold 09/01/20 12/29/20 12/05/20 Sale Price $ 15,000 17,000 38,000 Basis $ 9,000 25,000 20,000 Gain/Loss $ 6,000 (8,000) 18,000 On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. The Stanleys paid $12,000 each quarter (four payments) in federal estimated income taxes. Additional Taxes OMB No. 1545-0074 SCHEDULE 2 (Form 1040) Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040, 1040-SR, or 1040-NR 2020 Attach to Form 1040 or 1040-SR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Attachment Sequence No. 02 Your social security number 1 2 3 4 5 Partl Tax 1 Alternative minimum tax. Attach Form 6251 2 Excess advance premium tax credit repayment. Attach Form 8962 3 Add lines 1 and 2. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 17 Part II Other Taxes 4 Self-employment tax. Attach Schedule SE 5 Unreported social security and Medicare tax from Form: a 4137 b 8919 6 Additional tax on IRAs, other qualified retirement plans, and other tax-favored accounts. Attach Form 5329 if required 7a Household employment taxes. Attach Schedule H b Repayment of first-time homebuyer credit from Form 5405. Attach Form 5405 if required 8 Taxes from: a Form 8959 b Form 8960 | Instructions; enter code(s) 9 Section 965 net tax liability installment from Form 965-A 10 Add lines 4 through 8. These are your total other taxes. Enter here and on Form 1040 or 1040-SR, line 23, or Form 1040-NR, line 23b 6 7a 7b 8 9 10 Form 8960 OMB No. 1545-2227 Net Investment Income Tax- Individuals, Estates, and Trusts Attach to your tax return. Go to www.irs.gov/Form 8960 for instructions and the latest information. 2020 Department of the Treasury Internal Revenue Service (99) Name(s) shown on your tax return Attachment Sequence No. 72 Your social security number or EIN 1 2 3 4c 5d 6 7 8 Parti Investment Income Section 6013(g) election (see instructions) Section 6013(h) election (see instructions) Regulations section 1.1411-10(g) election (see instructions) 1 Taxable interest (see instructions) 2 Ordinary dividends (see instructions) 3 Annuities (see instructions) 4a Rental real estate, royalties, partnerships, S corporations, trusts, etc. (see instructions) 4a b Adjustment for net income or loss derived in the ordinary course of a nonsection 1411 trade or business (see instructions) 4b c Combine lines 4a and 4b 5a Net gain or loss from disposition of property (see instructions) 5a b Net gain or loss from disposition of property that is not subject to net investment income tax (see instructions) 5b c Adjustment from disposition of partnership interest or Scorporation stock (see instructions) 5c d Combine lines 5a through 5c 6 Adjustments to investment income for certain CFCs and PFICS (see instructions) 7 Other modifications to investment income (see instructions) 8 Total investment income. Combine lines 1,2,3,40, 50, 6, and 7 Part II Investment Expenses Allocable to Investment Income and Modifications 9a Investment interest expenses (see instructions) 9a b State, local, and foreign income tax (see instructions) 9b c Miscellaneous investment expenses (see instructions) 9c d Add lines 9a, 9b, and 9c , 10 Additional modifications (see instructions) 11 Total deductions and modifications. Add lines 9d and 10 Part III Tax Computation 12 Net investment income. Subtract Part II, line 11, from Part I, line 8. Individuals, complete lines 1317. Estates and trusts, complete lines 1821. If zero or less, enter-O- Individuals: 13 Modified adjusted gross income (see instructions) 13 14 Threshold based on filing status (see instructions) 14 15 Subtract line 14 from line 13. If zero or less, enter -O- 15 16 Enter the smaller of line 12 or line 15 17 Net investment income tax for individuals. Multiply line 16 by 3.8% (0.038). Enter here and include on your tax return (see instructions) Estates and Trusts: 18a Net investment income (line 12 above) 18a b Deductions for distributions of net investment income and deductions under section 642(c) (see instructions) 18b 9d 10 11 12 16 17 OMB No. 1545-01: Form 8995 Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. 2020 Department of the Treasury Internal Revenue Service Name(s) shown on return ) Attachment Sequence No. 55 Identifying number(XXX-XX-XXXX) Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. b) Taxpayer (c) Qualified 1 (a) Trade, business, or aggregation name identification business income number or (loss) i Apartment Complex i ii iii IV V 2 3 4 5 5 6 7 8 9 9 9 Total qualified business income or (loss). Combine lines 1i through 17, column (C) 2 Qualified business net (loss) carryforward from the prior year (Enter as negative) 3 Total qualified business income. Combine lines 2 and 3. If zero or less, enter-O- 4 Qualified business income component. Multiply line 4 by 20% (0.20) Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see 6 instructions) Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year (Enter as negative) 7 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter-O- 8 REIT and PTP component. Multiply line 8 by 20% (0.20) Qualified business income deduction before the income limitation. Add lines 5 and 9 Taxable income before qualified business income deduction 11 Net capital gain (see instructions) () 12 Subtract line 12 from line 11. If zero or less, enter-O- 13 Income limitation. Multiply line 13 by 20% (0.20) Qualified business income deduction. Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter-O- Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, enter -O- 10 10 11 12 13 14 14 15 15 16 (Enter as negative) 16 (Enter as negative) 17 17 Dave (SSN 412-34-5670) and Alicia (SSN 412-34-5671) Stanley are married and file their return jointly. They have retired at the age of 51. The couple's income consists of rental property, stock investments, and royalties from an invention. They sold their large house that they had purchased six years ago for $580,000 on October 18, 2020, for $1 million. They now live in a condo at 101 Magnolia Lane, Suite 15. Highland Park, FL 33853. The rental property is an apartment complex (building cost $1.5 million and was purchased January 5, 2020) with 30 units that rent for $27,000 per month and are at 90% occupancy. Rental income Salaries Payroll taxes Real estate taxes Interest Repairs and maintenance Depreciation $ 291,600 115,000 8,798 18,750 45,000 29,000 (Calculate) The following information is also for the year: 1099-INT 1099-DIV 1099-DIV Old Bank Dell, Incorporated Ordinary dividends Qualified dividends IBM, Incorporated Ordinary dividends Qualified dividends Pepsi, Incorporated Ordinary dividends Qualified dividends Box 2 royalties $ 22,000 15,250 15,250 8,650 8,650 18,785 18,785 152,300 1099-DIY 1099-MISC Dell (held 9 month) Pepsi (held 4 month) IBM (held 30 month) Purchased 12/01/19 09/01/20 06/05/18 Sold 09/01/20 12/29/20 12/05/20 Sale Price $ 15,000 17,000 38,000 Basis $ 9,000 25,000 20,000 Gain/Loss $ 6,000 (8,000) 18,000 On January 3, 2021, Dave repurchased the exact number of shares he sold on December 29, 2020. The Stanleys paid $12,000 each quarter (four payments) in federal estimated income taxes. Additional Taxes OMB No. 1545-0074 SCHEDULE 2 (Form 1040) Department of the Treasury Internal Revenue Service Name(s) shown on Form 1040, 1040-SR, or 1040-NR 2020 Attach to Form 1040 or 1040-SR. Go to www.irs.gov/Form 1040 for instructions and the latest information. Attachment Sequence No. 02 Your social security number 1 2 3 4 5 Partl Tax 1 Alternative minimum tax. Attach Form 6251 2 Excess advance premium tax credit repayment. Attach Form 8962 3 Add lines 1 and 2. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 17 Part II Other Taxes 4 Self-employment tax. Attach Schedule SE 5 Unreported social security and Medicare tax from Form: a 4137 b 8919 6 Additional tax on IRAs, other qualified retirement plans, and other tax-favored accounts. Attach Form 5329 if required 7a Household employment taxes. Attach Schedule H b Repayment of first-time homebuyer credit from Form 5405. Attach Form 5405 if required 8 Taxes from: a Form 8959 b Form 8960 | Instructions; enter code(s) 9 Section 965 net tax liability installment from Form 965-A 10 Add lines 4 through 8. These are your total other taxes. Enter here and on Form 1040 or 1040-SR, line 23, or Form 1040-NR, line 23b 6 7a 7b 8 9 10 Form 8960 OMB No. 1545-2227 Net Investment Income Tax- Individuals, Estates, and Trusts Attach to your tax return. Go to www.irs.gov/Form 8960 for instructions and the latest information. 2020 Department of the Treasury Internal Revenue Service (99) Name(s) shown on your tax return Attachment Sequence No. 72 Your social security number or EIN 1 2 3 4c 5d 6 7 8 Parti Investment Income Section 6013(g) election (see instructions) Section 6013(h) election (see instructions) Regulations section 1.1411-10(g) election (see instructions) 1 Taxable interest (see instructions) 2 Ordinary dividends (see instructions) 3 Annuities (see instructions) 4a Rental real estate, royalties, partnerships, S corporations, trusts, etc. (see instructions) 4a b Adjustment for net income or loss derived in the ordinary course of a nonsection 1411 trade or business (see instructions) 4b c Combine lines 4a and 4b 5a Net gain or loss from disposition of property (see instructions) 5a b Net gain or loss from disposition of property that is not subject to net investment income tax (see instructions) 5b c Adjustment from disposition of partnership interest or Scorporation stock (see instructions) 5c d Combine lines 5a through 5c 6 Adjustments to investment income for certain CFCs and PFICS (see instructions) 7 Other modifications to investment income (see instructions) 8 Total investment income. Combine lines 1,2,3,40, 50, 6, and 7 Part II Investment Expenses Allocable to Investment Income and Modifications 9a Investment interest expenses (see instructions) 9a b State, local, and foreign income tax (see instructions) 9b c Miscellaneous investment expenses (see instructions) 9c d Add lines 9a, 9b, and 9c , 10 Additional modifications (see instructions) 11 Total deductions and modifications. Add lines 9d and 10 Part III Tax Computation 12 Net investment income. Subtract Part II, line 11, from Part I, line 8. Individuals, complete lines 1317. Estates and trusts, complete lines 1821. If zero or less, enter-O- Individuals: 13 Modified adjusted gross income (see instructions) 13 14 Threshold based on filing status (see instructions) 14 15 Subtract line 14 from line 13. If zero or less, enter -O- 15 16 Enter the smaller of line 12 or line 15 17 Net investment income tax for individuals. Multiply line 16 by 3.8% (0.038). Enter here and include on your tax return (see instructions) Estates and Trusts: 18a Net investment income (line 12 above) 18a b Deductions for distributions of net investment income and deductions under section 642(c) (see instructions) 18b 9d 10 11 12 16 17 OMB No. 1545-01: Form 8995 Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. 2020 Department of the Treasury Internal Revenue Service Name(s) shown on return ) Attachment Sequence No. 55 Identifying number(XXX-XX-XXXX) Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $163,300 ($326,600 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. b) Taxpayer (c) Qualified 1 (a) Trade, business, or aggregation name identification business income number or (loss) i Apartment Complex i ii iii IV V 2 3 4 5 5 6 7 8 9 9 9 Total qualified business income or (loss). Combine lines 1i through 17, column (C) 2 Qualified business net (loss) carryforward from the prior year (Enter as negative) 3 Total qualified business income. Combine lines 2 and 3. If zero or less, enter-O- 4 Qualified business income component. Multiply line 4 by 20% (0.20) Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see 6 instructions) Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year (Enter as negative) 7 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter-O- 8 REIT and PTP component. Multiply line 8 by 20% (0.20) Qualified business income deduction before the income limitation. Add lines 5 and 9 Taxable income before qualified business income deduction 11 Net capital gain (see instructions) () 12 Subtract line 12 from line 11. If zero or less, enter-O- 13 Income limitation. Multiply line 13 by 20% (0.20) Qualified business income deduction. Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter-O- Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, enter -O- 10 10 11 12 13 14 14 15 15 16 (Enter as negative) 16 (Enter as negative) 17 17