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Janice Morgan, age 24 , is single and has no dependents. She is a freelance writer. In January 2021, 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); related questions in ProConnect Tax should be ignored. During 2021, 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 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's itemized deductions include: 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 payments of $5,000 for 2021 . During 2021, 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 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's itemized deductions include: 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 payments of $5,000 for 2021 . Required: Compute Janice Morgan's 2021 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 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 the tax. - If required, round your final answers to the nearest dollar. bime durng 2021, tid yeu receive, sel, exchange, or othenwise dispese of any finaneial interes in any wintual Someone can claim: adard uction /Blindness rour 7 Costal gain of (loss), Atach Sehedule D it required. It not required, dieck tore B other income from Schedule 2 , line 10 . 9 Adt lines 1,25,35,45,50,50,7, and 8. Thid is your total inceme 10 Adjustiments to incoene from Schedule 1 , line 26 . 11 Subtract ine to from line 9. Thas is your adjusted gross income 12. Standard deduction or itemized deductions ffrom sonedile A) . \begin{tabular}{|l|l|} \hline 1 & \\ \hline 2b & \\ \hline 35 & \\ \hline 4b & \\ \hline sb & \\ \hline ss & \\ \hline 7 & \\ \hline 15 & \\ \hline 9 & \\ \hline 10 & \\ \hline 11 & \\ \hline & \\ \hline \end{tabular} Form 1640 Status rat name and midedle initial a Margan Last name Trour accial aecurity nurmber return, spouse's firt nare snal middle intint Loat name Spouse's social necurity number addreis inumber bed stroet). If rou have a P.C. bos, see indtruction. Apt. ne. Presidential Election Campaigh tone Arenue filing jeintey, wank 13 th ge te she whi, or poot office. If you have a foceign address, aho complete Srute Tip code fund. Cherking a bser belson with hat ant 14itl. NM aEs135 thange your tes or rehint. A country namel "Eme during 202t. tha you receive, sef, eachange, ar ofheraice dedocie of aty financat interest in amy virtuat dard setion BBlindness You: Spouse: \begin{tabular}{l|c|c} Aulationihip & [4] & if qualfies ter (ate inatructions): \\ ta you & Child tas crnat & Crede far echer dependenes \\ \hline & & \\ \hline & & \\ \hline & & \end{tabular} 7 Captal pain or (less). Arach Schedule D it retuireth. If not required, theck here - 8 Other income from Schedule 1n line 10 9. Aedd lines 1,26,35,4b,5b,60,7, and 8 . This is pour total income 10 Mdjuitments na incsme foom Sehacule 1, the 26 11. Subtract line 10 fram tine 9 . Thn a your adjusted gross income 12 a Standard deductipn or itemined deductiens firmn Selietule A) lor Disclosure, Privacy Act, and Pagerwork Peduction Act Metice, see separate instractiona. Sarm 1040 (209a) Use the 2021 Tax Rate Schedules to compute the tax. (Note: Because the tax rate schedules are used instead of the tax tables, 321 Tax Rate Schedoles to compute the tax: (Note: Because the tax rate schedules are used instead of the tax tables, int of tax computed may vary slightly from the amount listed in the tables.)
