1. Explain your answer as necessary and be sure your calculations are clearly shown in Excel Format.

Jack and Jill are a married couple with two young children. Jack earns a salary of $65,000, and had federal income tax withheld of $3,500. Jill has income of $22,200 from a flow-through entity; it qualifies as QBI but is not subject to FICA tax. They also have interest income of $550, and itemized deductions of $17,980.

Required: Compute the refund or balance due on a 2020 joint return.