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Tax return 1-2: Assuming Jay and JoAnn have this same business that they run as a partnership, prepare their joint Federal income tax return for
Tax return 1-2: Assuming Jay and JoAnn have this same business that they run as a partnership, prepare their joint Federal income tax return for 2021. Attached is the copy of the partnership K-1 for each of them. Assume that they have no dependents, do not have any other income or itemized deductions, and they made quarterly Federal income tax payments totaling $7,000. Dont forget to include a standard deduction. You should complete Forms 1040, 4562, 8995 and Schedules 1, 2 and a Schedule E (page 2), S/E.
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