please complete forms: 1040, schedule A, Schedule D and form 8995

23Tax Return #2 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. During 2020, Denise had the following income and expense items: 1. $100,000 salary from Legal Services, Inc. 2. $20,000 gross receipts from her typing services business. 3. $700 interest income from Third National Bank. 4. $1,000 Christmas bonus from Legal Services, Inc. 5. $60,000 life insurance proceeds on the death of her sister. 6. $5,000 check given to her by her wealthy aunt. 7. $100 won in a bingo game. 8. Expenses connected with Typing Services: Office rent $7,000 Supplies 4,400 Utilities and telephone 4,680 Wages to part-time typists 5,000 Payroll taxes 500 Equipment rentals 3,000 + 9. $9,500 interest expense on a home mortgage (paid to Boca Raton Savings and Loan). 10. $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. 11. 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. 12. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. 13. 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. 14. Interest income of $800 on City of Boca Raton bonds. 15. Denise made estimated Federal tax payments of $2,000. 16. Sales taxes from the sales tax table of $953. 17. Property taxes on her residence of $3,200. 18. Charitable contribution of $2,500 to her alma mater, Citrus State College. 19. 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. FO 1:12 . Done 1 of 2 1040 meter name to 20 Fing A Lecce FLERE w . . III 1:12 al Done 1 of 2 how are A. ERRE Area Amen Sign Here Pad Prepare Use Only III 8995 For De there Se Nonton Qualified Business Income Deduction Simplified Computation 2020 Allach to your tax return Go to www.powom for instructions and the latest Information 55 Yourpre deti Note. You can claim the qualified business income deduction only if you have qualified business income from a lied trade or business, real estate investment truat dividends, publicly traded partnership income or a domestic production actie deduction passed through from an agricultural or horticultural cooperative. See Instructions the this form if your taxable income, before your qualified business income deduction at or below 163.300 $36.600 mamed Bing jointy, and you aren't apatron of an agricultural or horticultural cooperative 1 Trade 1 2 Total qualified business income of floss Combine Ines 1 through Tv, column 2 3 Qualified business set fos carryforward from the prior year 3 4 Total Qualified business income. Combine lines 2 and 3. #zero or less enter- 4 5 Qualified business income component. Multiply line 4 by 20% 10-20 6 Qualified REIT dividends and publicly traded partnership PTP) income or see instructions 6 7 Qualified REIT dividends and qualified PTP carryforward from the prior year 7 8 Total qualified REIT dividends and PTP income. Combine Ines 6 and 7. I zero or less, entero REIT and PTP component, Multiply line 8 by 20% (0.20) 10 Qualified business income deduction before the income limitation Add line and a Taxable income before qualified business income deduction 11 12 Net capital gain see instruction) 12 13 Subtract line 12 from line 11. 200 senter 14 Income limitation Multiply line 13 by 200:20 15 Qualified business income deduction Enter the lesser of line 10 or line 14. Also enter the amount on the applicable line of your retum 16 Total qualified business carryforward. Combine lines 2 and 3. greater than zero enter 17 Total Qualified REIT dividends and PTP do carryforward. Combine in 6 and 7.rater than zore, entro For Privacy Act and Paperwork Reduction Act Notice, se natruction 10 14 15 16 17 SCHEDULE A Itemized Deductions OM 1450 Form 10401 Go to www.irs.gov/Schedule for instructions and the latest information 2020 Attach to Form 1040 or 1040-SR of Tray mart han fete fare Caution: If you are claiminganet Quilted disaster loss an Fom 1684. the instructions for line 15 07 are shown on Fom 1040 or 1040- Your securityumbar Medical Caution: Do not include expenses reimbursed or paid by others and 1 Medical and dental expenses (see instructions Dental 2 Enter amount from Form 1040 or 1040-SR, in 11 12 Expenses 3 Multiply line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. I line 3 is more than line 1. enter-O- Taxes You 5 State and local taxes Paid a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5, but not both. If you clect to include general sales taxes instead of income taxes check this box Sa b State and local real estate taxes see instructions) Sa c State and local personal property taxes 5c dAdd lines sa through e Enter the smaller of line Sd or $10,000 ($5,000 if married filing separately). 6 Other taxes. List type and amount 7 Add lines Se and 6 Interest & Home mortgage interest and points. If you didn't use all of your home You Paid mortgage loans) to buy, build. or improve your home see Caution Your instructions and check this box Sedation may wa Home mortgage interest and points reported to you on Form 1098 medve See instructions limited b Home mortgage interest not reported to you on Form 1098. See instructions if limited. paid to the person from whom you bought the home, see instructions and show that person's name, identifying no.. and address 5d Bd c Points not reported to you on Form 1098 See instructions for special rules Bc d Mortgage Insurance premiums on Instructions) e Add lines Ba through 8d Be 9 Investment interest. Attach Form 4952 if required. See instructions 9 10 Add Ines Be and 9 Gifts to 11 Gifts by cash or check. If you made any gift of $250 or more See Charity instructions 11 Caution yox 12 Other than by cash or check. If you made any gift of $250 or more mudah got a befort see instructions. You must attach Form 8283 f over $500 12 section 13 Carryover from prior year 13 14 Add lines 11 through 13 14 Casualty and 15 Casualty and theft lossles from a federally declared disaster (other than net qualified Theft Losses disaster losses). Attach Form 4884 and enter the amount from line 18 of that form. See instructions 15 Other 16 Other-from ist in instructions. List type and amount Itemized Deductions 16 Total 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on 4 Itemized Form 1040 or 1040-SR, line 12 Deductions 18 If you elect to itemize deductions even though they are less than your standard deduction check this box For Paperwork Reduction Act Notice, see the Instructions for Forms 1040 and 1040-SR. Cal hac Schedule A 402020 1 4 6 8 8 9 SCHEDULE 1 Form 1040) Additional Income and Adjustments to Income 20 Superman of the Attach to Form 1040, 040-SR, or 1080-NR. Intan Revenue Service Go to www.irsgow Form 1040 for instructions and the latest Information 01 Name's shown on Form 1040 1040-SR, or 1040-NR Your social security number Parti Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received 2a b Date of original divorce or separation agreement (see instructions) 3 Business income or (joss). Attach Schedule C 3 4 Other gains or losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, Scorporations, trusts, etc. Attach Schedule E 5 6 Farm income or loss). Attach Schedule F 7 Unemployment compensation 7 8 Other income. List type and amount 9 Combine lines 1 through 8. Enter here and on Form 1040, 1040-SR, or 1040-NR. line 8. 9 Part II Adjustments to Income 10 Educator expenses 10 11 Certain business expenses of reservists, performing artists, and fee-basis govemment officials. Attach Form 2106 12 Health savings account deduction. Attach Form 8889 12 13 Moving expenses for members of the Armed Forces. Attach Form 3903 13 14 Deductible part of self-employment tax. Attach Schedule SE 14 15 Self-employed SEP, SIMPLE, and qualified plans 15 16 Self-employed health insurance deduction 16 17 Penalty on early withdrawal of savings 17 18a Alimony paid. 18a b Recipient's SSN c Date of original divorce or separation agreement (see instructions) 19 IRA deduction 19 20 Student loan interest deduction 20 21 Tuition and fees deduction. Attach Form 8917 21 22 Add lines 10 through 21. These are your adjustments to income. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 10a 22 For Paperwork Reduction Act Notice, see your tax return instructions. Ca. 70 Schum 1000 11