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b. Note: This problem is for the 2019 tax year. Jane Smith, 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. Jane is a material participant in the business. She is a cash basis taxpayer Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6781. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane has never owned or used any virtual currency. During 2019, Jane had the following income and expense Items: $100,000 salary from Legal Services, Inc. $20.000 gross receipts from her typing services business. $700 interest income from Third National Bank. $1,000 Christmas bonus from Legal Services, Inc. $60,000 life insurance proceeds on the death of her sister, $5,000 check given to her by her wealthy aunt. $100 won in a bingo game. Expenses connected with the typing service: 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 e. f. 0. h. k. i. $9,500 interest expense on a home mortgage (paid to San Jose Savings and Loan). 1. $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2019. Jane had paid $14,000 for the silverware on July 1, 2009. She was reimbursed $10,000 by her insurance company. Jane had loaned $2,100 to a friend, Joan Jensen, on June 3, 2015. Joan dedared bankruptcy on August 14, 2019, and was unable to repay the loan. Assume that the loan is a bona fide debt. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. m. Alimony of $10,000 received from her former husband, Ted Smith; divorce was finalized on December 2, 2013, and no changes have been made to the divorce decree since that time. Interest income of $800 on City of Boca Raton bonds. 0. Jane made estimated Federal tax payments of $2,000. Sales taxes from the sales tax table of $953. q Property taxes on her residence of $3,200. Charitable contribution of $2,500 to her alma mater, Citrus State College On November 1, 2019, Jane was involved in an automobile accident. At the time of the accident, Jane's automobile had an FMV of $45,000. After the accident, the automobile's FMV was $38,000. Jane acquired the car at a cost of $52,000. Jane's car was covered by insurance, but because the policy had a $5,000 deduction cause, Jane decided not to file a claim for the damage. n. D. . 5. Required: Compute Jane Smith's 2019 Federal income tax payable (or refund due). Use Form 1040, Schedule 1, Schedule 5, Schedule A, Schedule C, Schedule D and Form 8949, 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. However, unless instructed otherwise, use the minus sign to indicate a loss. . It may be necessary to complete the tax schedules before completing Form 1040 Use the tax rate schedules provided (do not use the tax tables). When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Complete Jane Smith's Form 1040 for 2019. Use the provided tax rate schedules. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Single Last name Your first name and middle initial Jane Smith If joint return, spouse's first name and middle initial Your social security number 123 45-6781 Spouse's social security number Last name Apt, no Home address (number and street). If you have a PO box, see Instructions 2020 Oakcrest Road City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Boca Raton, FL 33434 Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Standard Deduction Someone can claim: None Age/Blindness You: None Spouse: None Dependents (see instructions): (2) Social security number (3) Relationship to you (4) If qualifies for (see instructions): Child tax credit Credit for other dependents (1) First name Last name 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 101,000 2a Tax-exempt interest. 2a 800 2b 700 b Taxable interest. Attach Sch. B if required b Ordinary dividends. Attach Sch. B If required 3a Qualified dividends... 3b 4a IRA distributions ..... 4a b Taxable amount 4b Standard Deduction for- Single or Married filing separately, $12,200 Married filing jointly or Qualifying Pensions and annuities 4c d Taxable amount 4d Sa Social security benefits Sa b Taxable amount 5b 6 Capital gain or loss), Attach Schedule D if required. If not required, check here 6 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here ... 6 78 Other income from Schedule 1, line 9 7a b Add lines 1, 2, 3, 4, 4d, Sb, 6, and 7a. This is your total income 7b WS jointly or Qualifying widow(er), $24,400 Head of household $18,350 If you checked any box under Standard Deduction, see instructions. sa Adjustments to income from Schedule 1, line 22 Ba 8b 105,120 b Subtract line Ba from line 7b. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A... 10 11a Add lines 9 and 10 ...... 11a b 11b Taxable income. Subtract line 11a from line 8b. If zero or less, enter -0. BAA For Disclosure, Privacy Act, and paperwork Reduction Act Notice, see separate instructions. Form 1040 (2019) Form 1040 (2019) 123.45-6781 Page 2 Jane Smith 12a Tax (see inst.) Check if any from Form(s): 1 3814 2 4972 30 12a b Add Schedule 2, line 3, and line 1 Za and enter the total 12b 13a Child tax credit or credit for other dependents. 13a Printre b Add Schedule 2 line 3, and line 12a and enter the total. 12b 13b 14 15 16 I OD 17 13a Child tax credit or credit for other dependents .... 13a b Add Schedule 3, line 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. If zero or less, enter -0. 15 Other taxes, including self employment tax, from Schedule 2, line 10 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 If you have a 18 Other payments and refundable credits: qualifying child, attach Sch. ETC. a Earned income credit (EIC)...... If you have b) Additional child tax credit. Attach Schedule 8812 nontaxable combat pay, se c American opportunity credit from Form 8863, line 8 Instructions d Schedule 3, line 14 180 e Add lines 18a through 18d. These are your total other payments and refundable credits 18a 180 18c 180 19 Add lines 17 and 18e. These are your total payments. 19 20 Refund 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid Amount of line 20 you want refunded to you. If Form 8888 is attached, check here 21a 21a b. Note: This problem is for the 2019 tax year. Jane Smith, 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. Jane is a material participant in the business. She is a cash basis taxpayer Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6781. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane has never owned or used any virtual currency. During 2019, Jane had the following income and expense Items: $100,000 salary from Legal Services, Inc. $20.000 gross receipts from her typing services business. $700 interest income from Third National Bank. $1,000 Christmas bonus from Legal Services, Inc. $60,000 life insurance proceeds on the death of her sister, $5,000 check given to her by her wealthy aunt. $100 won in a bingo game. Expenses connected with the typing service: 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 e. f. 0. h. k. i. $9,500 interest expense on a home mortgage (paid to San Jose Savings and Loan). 1. $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2019. Jane had paid $14,000 for the silverware on July 1, 2009. She was reimbursed $10,000 by her insurance company. Jane had loaned $2,100 to a friend, Joan Jensen, on June 3, 2015. Joan dedared bankruptcy on August 14, 2019, and was unable to repay the loan. Assume that the loan is a bona fide debt. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. m. Alimony of $10,000 received from her former husband, Ted Smith; divorce was finalized on December 2, 2013, and no changes have been made to the divorce decree since that time. Interest income of $800 on City of Boca Raton bonds. 0. Jane made estimated Federal tax payments of $2,000. Sales taxes from the sales tax table of $953. q Property taxes on her residence of $3,200. Charitable contribution of $2,500 to her alma mater, Citrus State College On November 1, 2019, Jane was involved in an automobile accident. At the time of the accident, Jane's automobile had an FMV of $45,000. After the accident, the automobile's FMV was $38,000. Jane acquired the car at a cost of $52,000. Jane's car was covered by insurance, but because the policy had a $5,000 deduction cause, Jane decided not to file a claim for the damage. n. D. . 5. Required: Compute Jane Smith's 2019 Federal income tax payable (or refund due). Use Form 1040, Schedule 1, Schedule 5, Schedule A, Schedule C, Schedule D and Form 8949, 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. However, unless instructed otherwise, use the minus sign to indicate a loss. . It may be necessary to complete the tax schedules before completing Form 1040 Use the tax rate schedules provided (do not use the tax tables). When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Complete Jane Smith's Form 1040 for 2019. Use the provided tax rate schedules. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2019 OMB No. 1545-0074 IRS Use Only Filing Status Single Last name Your first name and middle initial Jane Smith If joint return, spouse's first name and middle initial Your social security number 123 45-6781 Spouse's social security number Last name Apt, no Home address (number and street). If you have a PO box, see Instructions 2020 Oakcrest Road City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions) Boca Raton, FL 33434 Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You Foreign country name Foreign province/state/county Foreign postal code If more than four dependents, see instructions and here Standard Deduction Someone can claim: None Age/Blindness You: None Spouse: None Dependents (see instructions): (2) Social security number (3) Relationship to you (4) If qualifies for (see instructions): Child tax credit Credit for other dependents (1) First name Last name 1 Wages, salaries, tips, etc. Attach Form(s) W-2 1 101,000 2a Tax-exempt interest. 2a 800 2b 700 b Taxable interest. Attach Sch. B if required b Ordinary dividends. Attach Sch. B If required 3a Qualified dividends... 3b 4a IRA distributions ..... 4a b Taxable amount 4b Standard Deduction for- Single or Married filing separately, $12,200 Married filing jointly or Qualifying Pensions and annuities 4c d Taxable amount 4d Sa Social security benefits Sa b Taxable amount 5b 6 Capital gain or loss), Attach Schedule D if required. If not required, check here 6 6 Capital gain or (loss). Attach Schedule D if required. If not required, check here ... 6 78 Other income from Schedule 1, line 9 7a b Add lines 1, 2, 3, 4, 4d, Sb, 6, and 7a. This is your total income 7b WS jointly or Qualifying widow(er), $24,400 Head of household $18,350 If you checked any box under Standard Deduction, see instructions. sa Adjustments to income from Schedule 1, line 22 Ba 8b 105,120 b Subtract line Ba from line 7b. This is your adjusted gross income Standard deduction or itemized deductions (from Schedule A) 10 Qualified business income deduction. Attach Form 8995 or Form 8995-A... 10 11a Add lines 9 and 10 ...... 11a b 11b Taxable income. Subtract line 11a from line 8b. If zero or less, enter -0. BAA For Disclosure, Privacy Act, and paperwork Reduction Act Notice, see separate instructions. Form 1040 (2019) Form 1040 (2019) 123.45-6781 Page 2 Jane Smith 12a Tax (see inst.) Check if any from Form(s): 1 3814 2 4972 30 12a b Add Schedule 2, line 3, and line 1 Za and enter the total 12b 13a Child tax credit or credit for other dependents. 13a Printre b Add Schedule 2 line 3, and line 12a and enter the total. 12b 13b 14 15 16 I OD 17 13a Child tax credit or credit for other dependents .... 13a b Add Schedule 3, line 7, and line 13a and enter the total 14 Subtract line 13b from line 12b. If zero or less, enter -0. 15 Other taxes, including self employment tax, from Schedule 2, line 10 16 Add lines 14 and 15. This is your total tax 17 Federal income tax withheld from Forms W-2 and 1099 If you have a 18 Other payments and refundable credits: qualifying child, attach Sch. ETC. a Earned income credit (EIC)...... If you have b) Additional child tax credit. Attach Schedule 8812 nontaxable combat pay, se c American opportunity credit from Form 8863, line 8 Instructions d Schedule 3, line 14 180 e Add lines 18a through 18d. These are your total other payments and refundable credits 18a 180 18c 180 19 Add lines 17 and 18e. These are your total payments. 19 20 Refund 20 If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid Amount of line 20 you want refunded to you. If Form 8888 is attached, check here 21a 21a