Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898 Shelly's W-2 wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding 1999-INT New Bank 1999-DIV XYZ. Incorporated Ordinary dividends Qualified dividends $ 55,800 6,544 55,800 3,460 809 3,148 632 258 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) State income tax paid with 2019 return $ 3,148 600 Real estate tax Mortgage interest 4,200 Charitable contributions 11,800 2,500 Shelly also started her own home design consulting business in March 2020. The results of her business operations (Cash basis) for 2020 follows: Gross receipts from clients $ 154,000 Vehicle mileage 21,000 business miles (2,100 per month 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage (750) Office Supplies (1,500) State license fees (155) 15,300) Supplies Professional fees (2,5001 (1.000) Design software (550) Professional education programs (registration) Travel to education program (350) Airplane nights 55 TU Gross receipts from clients Vehicle mileage Help $ 154,000 21,000 business miles (2,100 per month) 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage Office Supplies State license fees Supplies Professional fees Design software Professional education programs fregistration) Travel to education program Airplane Lodging $119ight x 3 nights Meals per diem for a day (750) (1,500) (155) (5,300) (2,500) (1,000) (550) (350) 55 Business Assets Laptop Computer Printer Copier Furniture Building Phone Internet service Rent Insurance Date Purchased 6/08/20 5/20 3/01/20 6/02/20 4/01/20 3/01/20 Cost $ 2.500 5,700 1,800 1,700 5,000 175,000 (600) (450) (8,300) (1,700) Shelly made a $29,000 estimated tax payment on June 15, 2020. Required: Prepare Shelly's Form 1040 for 2020 including all appropriate schedules. Schedule A Schedule C, Form 4562, and Schedule Se are 'equired. Section 179 is elected on all eligible assets in 2020. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. For any missing information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round your intermediate computations and your final answers to the nearest whole dollar amount. Do not skip rows while entering in Other Expenses section of Schedule C and in Section B of Part III Form 4562.) Use the appropriate EIC Tables (6A-6, 6A-7 or 6A-8). Use the appropriate Tax Tables and Tax Rate Schedules. Standard Someone can claim You as a dependent Your use as a dependent Deduction Soveltamises on a separate retum or you were a due status alen Age/Blindness You Were bom before January 2, 1956 Alebind Spouse: Was bombefore January 2, 1056 is bind Dependents see instructions (2) Social security number (3) Relationship to you (4) = quang fpt | raoh Credit toomer (1) First Last name is more than four Chacred Entr- dependents dependente, instructions and check here OHI DO DI 55,000 SA3 3 50 06 7 . 55,800 1 W salaries i Altach Forms) W-2 1 Attach Schi 2 Tremot interest Taxable roved 20 Que dividende Ordinary dividende 36 4 IRA distributions Taxable amount Sa Pansions and ante Sa ben a soal security benefits Toate mount 7 Capital gener (10) Attach the Direquired. If not required, check here se income from Schedule 1. line Add tres 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income 10 Adjustments to income Standard 100 From Schedule 1, line 22 Deduction for Single or Married 105 filing separately b Charitable contributions if you take the standard deduction See Instructions 512.400 c Add fines 10 and 100. These are your total adjustments to income 100 Jointy or Qualitying 11 subtract fra 10c from tine S. This is your adjusted grous Income widower: 524.800 Head of 12 household. $18.650 12 Standard deduction or itemired deductions from Schedule A) bok Under Standard 13 Oualified business income deduction Attach Form 1995 or Form 1986-A checked Deduction, see 14 Add lines 12 and 13 instructions 15 15 Taxable income. Subtract line 14 from line 11. If zero or less entero Cat No. 113208 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL O 2021 McGraw-Hill Education 0 55,800 med ting 11 13 14 Form 1040 2020 020 Page 2 10 17 18 0 19 20 21 0 22 23 24 0 250 250 250 Shelly Beaman 412-34-5670 16 Tax(se instructions) Check if any from Fomi) (1) 8814 (2) 4972 (3) 17 Amount from Schedule 2. In 3 18 Add lines 18 and 17 19 Chadtax credit or credit for other dependents 20 Amount from Schedule 3; ine 7 21 Add lines 19 and 20 22 Subtract line 21 from Ine 18. zero or less 23 Other taxes, including self-employment tax, from Schedule 2. line 10 24 Add tinos 22 and 23. This is your total tax 25 Federal income tax withheld from a Form(s) W2 Form(s) 1099 Other forms (see instructions d Add lines 25 through 250 26 2020 estimated tax payments and amount applied from 2010 rotum 27 Earned income credit (EIC) 28 Additional child tax credit. Attach Schedule 8812 29 American opportunity credit from Form 6863, line 8 30 Recovery robate credt See instructions 31 Amount from Schedule 3, line 13 32 Add lines 27 through 31. These are your total other payments and refundable credits 33 Add lines 25, 26, and 32. These are your total payments 34 of line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpald 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Type: Checking Routing number d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 250 0 26 27 C 28 29 30 31 32 0 33 0 34 35a Savings -> ins 36 37 You 37 Subtract line 33 from line 24. This is the amount you owe now 412.34-5670 Shelly Part 1 + 1 2a 2a 3 Beaman Additional Income Taxable rotunde, credits, or offits of state and local income taas Almony received Date of original divorce or separation agreement (se instruction) Business income or Attach Schedule Other gains oros). Altach Form 4797 Rentat real estate, royalties partnerships, corporation, trusts, etc. Altach Schedule Farmincome or oss). Attach Schedule Unemployment compensation Other income. Usttype and amount 4 4 5 5 8 7 7 3 8 9 0 Part II 10 10 11 12 12 13 13 14 14 15 15 16 16 Combine ined through 8. Enter here and on Form 1040, 040-SR or 1040 NR. 8 Adjustments to Income Educator expenses Certain business expenses of reserviste performing artists and foe-bass govement official Altach Form 2106 Health savings account deduction Attach Form 888s Moving expenses for members of the Armed Forces Attach Form 3903 Deductible part of self-employment Attach Schedule SE Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipes SSN Date of original divorce or separation agreement (see instructions) IRA deduction Student loan interest deduction Tuition and foes deduction Attach Form 8917 Add lines 10 through 21. These are your adjustments to income Enter here and on Form 1040 1040-SR, or 1040-NR. Iine 103 17 17 180 15 5 19 20 19 21 20 22 21 22 Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland, NC 27898 Shelly's W-2 wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding 1999-INT New Bank 1999-DIV XYZ. Incorporated Ordinary dividends Qualified dividends $ 55,800 6,544 55,800 3,460 809 3,148 632 258 258 Shelly had the following itemized deductions: State income tax withholding (from W-2) State income tax paid with 2019 return $ 3,148 600 Real estate tax Mortgage interest 4,200 Charitable contributions 11,800 2,500 Shelly also started her own home design consulting business in March 2020. The results of her business operations (Cash basis) for 2020 follows: Gross receipts from clients $ 154,000 Vehicle mileage 21,000 business miles (2,100 per month 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage (750) Office Supplies (1,500) State license fees (155) 15,300) Supplies Professional fees (2,5001 (1.000) Design software (550) Professional education programs (registration) Travel to education program (350) Airplane nights 55 TU Gross receipts from clients Vehicle mileage Help $ 154,000 21,000 business miles (2,100 per month) 32,000 total miles during the year 2012 Chevy Suburban Placed in service 03/01/20 Postage Office Supplies State license fees Supplies Professional fees Design software Professional education programs fregistration) Travel to education program Airplane Lodging $119ight x 3 nights Meals per diem for a day (750) (1,500) (155) (5,300) (2,500) (1,000) (550) (350) 55 Business Assets Laptop Computer Printer Copier Furniture Building Phone Internet service Rent Insurance Date Purchased 6/08/20 5/20 3/01/20 6/02/20 4/01/20 3/01/20 Cost $ 2.500 5,700 1,800 1,700 5,000 175,000 (600) (450) (8,300) (1,700) Shelly made a $29,000 estimated tax payment on June 15, 2020. Required: Prepare Shelly's Form 1040 for 2020 including all appropriate schedules. Schedule A Schedule C, Form 4562, and Schedule Se are 'equired. Section 179 is elected on all eligible assets in 2020. She wants to contribute to the presidential election campaign and does not want anyone to be a third-party designee. For any missing information, make reasonable assumptions. (List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round your intermediate computations and your final answers to the nearest whole dollar amount. Do not skip rows while entering in Other Expenses section of Schedule C and in Section B of Part III Form 4562.) Use the appropriate EIC Tables (6A-6, 6A-7 or 6A-8). Use the appropriate Tax Tables and Tax Rate Schedules. Standard Someone can claim You as a dependent Your use as a dependent Deduction Soveltamises on a separate retum or you were a due status alen Age/Blindness You Were bom before January 2, 1956 Alebind Spouse: Was bombefore January 2, 1056 is bind Dependents see instructions (2) Social security number (3) Relationship to you (4) = quang fpt | raoh Credit toomer (1) First Last name is more than four Chacred Entr- dependents dependente, instructions and check here OHI DO DI 55,000 SA3 3 50 06 7 . 55,800 1 W salaries i Altach Forms) W-2 1 Attach Schi 2 Tremot interest Taxable roved 20 Que dividende Ordinary dividende 36 4 IRA distributions Taxable amount Sa Pansions and ante Sa ben a soal security benefits Toate mount 7 Capital gener (10) Attach the Direquired. If not required, check here se income from Schedule 1. line Add tres 1, 2, 3, 4, 5, 6, 7, and 8. This is your total income 10 Adjustments to income Standard 100 From Schedule 1, line 22 Deduction for Single or Married 105 filing separately b Charitable contributions if you take the standard deduction See Instructions 512.400 c Add fines 10 and 100. These are your total adjustments to income 100 Jointy or Qualitying 11 subtract fra 10c from tine S. This is your adjusted grous Income widower: 524.800 Head of 12 household. $18.650 12 Standard deduction or itemired deductions from Schedule A) bok Under Standard 13 Oualified business income deduction Attach Form 1995 or Form 1986-A checked Deduction, see 14 Add lines 12 and 13 instructions 15 15 Taxable income. Subtract line 14 from line 11. If zero or less entero Cat No. 113208 For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL O 2021 McGraw-Hill Education 0 55,800 med ting 11 13 14 Form 1040 2020 020 Page 2 10 17 18 0 19 20 21 0 22 23 24 0 250 250 250 Shelly Beaman 412-34-5670 16 Tax(se instructions) Check if any from Fomi) (1) 8814 (2) 4972 (3) 17 Amount from Schedule 2. In 3 18 Add lines 18 and 17 19 Chadtax credit or credit for other dependents 20 Amount from Schedule 3; ine 7 21 Add lines 19 and 20 22 Subtract line 21 from Ine 18. zero or less 23 Other taxes, including self-employment tax, from Schedule 2. line 10 24 Add tinos 22 and 23. This is your total tax 25 Federal income tax withheld from a Form(s) W2 Form(s) 1099 Other forms (see instructions d Add lines 25 through 250 26 2020 estimated tax payments and amount applied from 2010 rotum 27 Earned income credit (EIC) 28 Additional child tax credit. Attach Schedule 8812 29 American opportunity credit from Form 6863, line 8 30 Recovery robate credt See instructions 31 Amount from Schedule 3, line 13 32 Add lines 27 through 31. These are your total other payments and refundable credits 33 Add lines 25, 26, and 32. These are your total payments 34 of line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpald 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here Type: Checking Routing number d Account number 36 Amount of line 34 you want applied to your 2021 estimated tax 250 0 26 27 C 28 29 30 31 32 0 33 0 34 35a Savings -> ins 36 37 You 37 Subtract line 33 from line 24. This is the amount you owe now 412.34-5670 Shelly Part 1 + 1 2a 2a 3 Beaman Additional Income Taxable rotunde, credits, or offits of state and local income taas Almony received Date of original divorce or separation agreement (se instruction) Business income or Attach Schedule Other gains oros). Altach Form 4797 Rentat real estate, royalties partnerships, corporation, trusts, etc. Altach Schedule Farmincome or oss). Attach Schedule Unemployment compensation Other income. Usttype and amount 4 4 5 5 8 7 7 3 8 9 0 Part II 10 10 11 12 12 13 13 14 14 15 15 16 16 Combine ined through 8. Enter here and on Form 1040, 040-SR or 1040 NR. 8 Adjustments to Income Educator expenses Certain business expenses of reserviste performing artists and foe-bass govement official Altach Form 2106 Health savings account deduction Attach Form 888s Moving expenses for members of the Armed Forces Attach Form 3903 Deductible part of self-employment Attach Schedule SE Self-employed SEP, SIMPLE, and qualified plans Self-employed health insurance deduction Penalty on early withdrawal of savings Alimony paid Recipes SSN Date of original divorce or separation agreement (see instructions) IRA deduction Student loan interest deduction Tuition and foes deduction Attach Form 8917 Add lines 10 through 21. These are your adjustments to income Enter here and on Form 1040 1040-SR, or 1040-NR. Iine 103 17 17 180 15 5 19 20 19 21 20 22 21 22