Notet This problem is for the 2020 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance 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 133 Stone Avenue, Pieasant Hill, NM 88135 . Her Social Security number is 123.45.6782. Janice's parents continue to provide health insurancef for her under their policy. Janice did not engage in any virtual currency transactions during the year and wants to contribute to the. Presidental Election Campaign Fund, Janice received the appropriate coronavirus recovery rebates (economic impact payments); relat? questions in ProConnect Tax should be ignored. During 2020, Janice reported the following income and expense items connected with her business. Japice purchased and placed in service the following fixed assets for her business. Janice wants to elect immeg fef expensing under 5179 , if possinile. - Furnikre and fixtures (new) costing $21,000 on January 10 tanice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate expensing under 5179. f 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 5437. Janice reports interest income of $4,000 on certificates of deposit at Second National Bank. She made estimated tax paymey fof $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 ". - Einter all amounts as positive numbers. - The taxpayer 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 problem to compute th) (ax. - If required, gound your final answers to the nearest dollar. Complete Janice's Form 8995 for 2020. 2 Total qualifed business income or (loss). Combine lines If through Iv, column (c). 3 Qualified businiess net (loss) carryforward from the prior year 4 Total qualifed business income. Combine lines 2 and 3. If zero or less, enter 0 - 5 Qualified business income component. Multiply line 4 by 20%(0.20) 6 Qualified Rerr dividends and publicly traded partnership (PTP) income or (loss) (see instructions). 7. Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. 8. Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If rero or less, enter 0 - 9 REIT and PTP component. Multiply line 8 by 20%(0.20). 10 Qualifed business income deduction before the income limitation. Add lines 5 and 9. Thaxable income before qualified business income deduction . 12 Net capital gain (see instructions). 13 Subtract the 12 from line 11. If zero or less, enter 0 - 14 Income limitabl. 2. Multiply line 13 by 20%(0.20) 14 7 Quarified REIT olvidends and qualified PTP (loss) carryforward from the prior year: 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter =0 - 9 REIT and PTP component. Multiply line 8 by 20%(0.20) 10 Qualified business income deduction before the income limitation. Add lines 5 and 9 11 Taxable income before qualified business income deduction 12. Net capital gain (see instructions) 13 Subtrect line 12 from line 11. tf zero or less, enter 0+ 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 amoung ge the agplicabie line of your return. 16 Totaligualfied business (loss) carryforward. Combine lines 2 and 3 . If greater than zero, egre: 0 - 17 Total quaitted REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If ggefter than zero, enter 0 - 17