1040 needed please help please please please

Instructions: Please complete the 2021 federal income tax return for Carlos and Maria Gomez. Ignore the requirement to attach the form(s) W-2 to the front page of the form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Carlos and Maria Gomez live in Lubbock, Texas. The Gomezes have two children: Luis (age 14) and Amanda (age 12). Both children qualify as federal income tax dependents of Carlos and Maria. The Gomezes provided the following information: - Carlos' social security number is 254-49-3534 - Marias' social security number is 265-24-8454 - Luis' social security number is 589-24-8432 - Amandas' social security number is 599-74-8733 - The Gomezs' current mailing address is 543 West La Patera, Lubbock, Texas 79401 Carlos is a civil engineer. For the first two months of the year, he was employed by West Texas Engineering (WTE). However, he resigned his position with WTE to start his own engineering firm called Gomez Professional Engineers (GPE). GPE is conducted as a sole proprietorship with Carlos being the sole owner. GPE started business on January 1, 2021 and is located at 1515 West Industrial Road Lubbock, Texas 79401 (EIN 20-1616167). Maria is self-employed as a part-time bookkeeper. Carlos provided the following W- 2 from WTE. Carlos reported the following information for GPE's business activities (GPE uses the cash method of accounting): Carlos reported the following information for GPE's business activities (GPE uses the cash method of accounting): GPE purchased and placed in service the folpwing fixed assets in 2021: GPE does not want to claim any Section 179 expensing on any of these assets, but would like to take bonus depreciation, if available, on all the assets. Carlos worked part-time on GPE business activities until he finished his employment with WTE early in the year. Carlos worked full-time on GPE business activities for the rest of the year. GPE filed Forms 1099-MISC and 1099-NEC for payments made to contractors when required to do so. His business is not a specified service business for purposes of the Qualified Business income Deduction. Carlos and Maria paid $22,000 for health insurance for his family (for the time he was working at GPE). This amount is not included in the GPE expenses listed above. Neither Carlos nor Maria had access to employer-provided health insurance during the year while they were paying the premiums for this policy. Carlos' business, and therefore his personal income, suffered during the COVID-19 pandemic in the first half of 2021. Due to this financial hardship, in May, Carlos withdrew $20,000 from his 401(k) account. Carlos received the following form 1099-R: ia received the following Form 1099-NEC from her bookkeeping activities for her largest client: Maria received an additional $4,000 from clients who were not required to issue Maria a Form 1099NEC. Maria received an additional $4,000 from clients who were not required to issue Maria a form 1099 NEC. During the year, Maria paid the following business-related expenses: Maria purchased and placed in service the following fixed assets for her business in 2021 : Maria would like to recover the cost of these business assets as soon as possible through Section 179 expensing. Maria owns a 2018 Acura. She started to use the Acura for her business on January 1, 2020. She drove 2,050 business miles during 2021 (she has documentation to verify). She drove the vehicle for a total of 10,000 miles during the year ( 7,950 personal miles). She also has access to another vehicle that she can use for personal purposes. Maria started her bookkeeping service in 2018 and she uses the cash method of accounting. She is the only person performing services in the business. She did not make any payments that would have required her to file a form 1099. Maria's business is a specified service business for purposes of the Qualified Business Income Deduction. On January 3, 2021, the Gomezes sold their prior principal residence. They purchased that residence on January 31, 2015 and had lived there full-time until they sold it this year. They originally purchased the home for $310,000. The Gomez family has never claimed any tax depreciation (nor were they allowed to) on the home. The sales price of the home was $405,000. The home is located at 45 East Entrada Trail, Lubbock Texas 79401. The Gomez family purchased (and moved into) their current residence at 543 West La Patera, Lubbock, Texas 79401 on January 4,2021 . The La Patera residence is 2,000 square feet. The purchase price of the residence was $500,000 (building value was $350,000 and the lot value was $150,000 ). The mortgage on the purchase was $300,000. Expenses relating to the La Patera residence were as follows: office deduction related to this use. Maria utilized a room in the La Patera home for her bookkeeping business. I he room was used exclusively on a regular basis as Maria's principal place of business. Maria wants to maximize her home office deduction related to this use. The room she uses is 200 square feet. In the summer of 2021, the Gomez family rented out the La Patera residence to another family. The La Patera residence is situated along the ninth green of the famous Lubbock Country Club (LCC). The LCC hosted the U.S. Senior Open golf tournament this year. The Gomez family rented their residence to a golfer participating in the event for $1,200 per day for 10 days (the home office remained locked and off limits to the renters, however). During this time the Gomez family went on vacation touring the west coast of the United States. The Gomez family incurred \$1,500 of cleaning and other expenses associated with the 10-day rental period. On September 15, 2021 Maria purchased a building (Condominium) valued at $120,000 and land valued at $40,000. The condominium is located at 990 El Mar, Unit A, Lubbock Texas 79401. Maria first rented out the El Mar unit on October 1, 2021. The revenue and expenses from the renta unit from October through December are as follows: No Form(s) 1099 were required to be filed for this rental. Maria is not considered an active participant and the rental activity does not produce Qualified Business Income. The Gomezes also received the following Forms 1099 for the year: Tan10997 INI Fom 1099-INT The Lubbock Texas School District bond was issued in 2016. Dividends and in torevin prostal code, and trelephone no. Distributions The J M. Smucker Co. 1. Strawbery Lame Orrille, ald 4 atwo PAYERS TVA HLCHTNTBTIN 20 Section 1200 gun 2d Coloctulios Qar) gin For Recipient This is important tix intrimation and to breve Eariashet to the wis. If you are requed to file a return, a regligncen, pandly or colver. sanclon may be mponed onyou of If no noome is beitlt. delemines that Ithos. not been reported. ox torevin pontal code, and telephone tho. VOID CORRECTED Interest Income Rio Tinto Minerals 3061 East Moplewood Avenue Crosmood Village. Co 120111 PAYERS TII PECDRNTS TVN For State Tax Department Vara Gornel Street addens (inctuding iot. no) 543 West La Patera Lublions. TX 79801 3 hitreat on US Givings IVanis and Treas obdgatione VOID D CORRECTED Dividends and Distributions RS rume stootadiles, aty os tok anes al Milts PAYt:KS Th4 ICCRP:NT'S TIN \begin{tabular}{|l} 2a Total captal gin distr. \end{tabular} 2b Urrecap. See. 1220 giin Copy 1 For State Tax Department Carlos Comad 20. Section 1902 guin 2d. Coloctibes R8W gen wwwsagoiform10000:Departmentof Fam 1099-DiV VOID D CORREOTED VOID CORRECTED Tam 10991NT Whin a wigovitimbtenged Oepoitnent of the fresury - bitemat Fiverne Benwce CORRECTED (if cheoked) The Gomezes did not own, control, or manage any foreign bank accounts, nor were they grantors or beneficiaries of a foreign trust during the tax year. The Gomezes paid the following expenses during the year (in addition to the personal residence-relate The Gomezes want to contribute to the Presidential Election Campaign Fund. The Gomezes would like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. During 2021, the Gomezes did not receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency. The Gomezes received their Economic impact Payment (stimulus payment) during 2021. They did not receive any Advance Child Tax Credit payments during the year. Instructions: Please complete the 2021 federal income tax return for Carlos and Maria Gomez. Ignore the requirement to attach the form(s) W-2 to the front page of the form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Carlos and Maria Gomez live in Lubbock, Texas. The Gomezes have two children: Luis (age 14) and Amanda (age 12). Both children qualify as federal income tax dependents of Carlos and Maria. The Gomezes provided the following information: - Carlos' social security number is 254-49-3534 - Marias' social security number is 265-24-8454 - Luis' social security number is 589-24-8432 - Amandas' social security number is 599-74-8733 - The Gomezs' current mailing address is 543 West La Patera, Lubbock, Texas 79401 Carlos is a civil engineer. For the first two months of the year, he was employed by West Texas Engineering (WTE). However, he resigned his position with WTE to start his own engineering firm called Gomez Professional Engineers (GPE). GPE is conducted as a sole proprietorship with Carlos being the sole owner. GPE started business on January 1, 2021 and is located at 1515 West Industrial Road Lubbock, Texas 79401 (EIN 20-1616167). Maria is self-employed as a part-time bookkeeper. Carlos provided the following W- 2 from WTE. Carlos reported the following information for GPE's business activities (GPE uses the cash method of accounting): Carlos reported the following information for GPE's business activities (GPE uses the cash method of accounting): GPE purchased and placed in service the folpwing fixed assets in 2021: GPE does not want to claim any Section 179 expensing on any of these assets, but would like to take bonus depreciation, if available, on all the assets. Carlos worked part-time on GPE business activities until he finished his employment with WTE early in the year. Carlos worked full-time on GPE business activities for the rest of the year. GPE filed Forms 1099-MISC and 1099-NEC for payments made to contractors when required to do so. His business is not a specified service business for purposes of the Qualified Business income Deduction. Carlos and Maria paid $22,000 for health insurance for his family (for the time he was working at GPE). This amount is not included in the GPE expenses listed above. Neither Carlos nor Maria had access to employer-provided health insurance during the year while they were paying the premiums for this policy. Carlos' business, and therefore his personal income, suffered during the COVID-19 pandemic in the first half of 2021. Due to this financial hardship, in May, Carlos withdrew $20,000 from his 401(k) account. Carlos received the following form 1099-R: ia received the following Form 1099-NEC from her bookkeeping activities for her largest client: Maria received an additional $4,000 from clients who were not required to issue Maria a Form 1099NEC. Maria received an additional $4,000 from clients who were not required to issue Maria a form 1099 NEC. During the year, Maria paid the following business-related expenses: Maria purchased and placed in service the following fixed assets for her business in 2021 : Maria would like to recover the cost of these business assets as soon as possible through Section 179 expensing. Maria owns a 2018 Acura. She started to use the Acura for her business on January 1, 2020. She drove 2,050 business miles during 2021 (she has documentation to verify). She drove the vehicle for a total of 10,000 miles during the year ( 7,950 personal miles). She also has access to another vehicle that she can use for personal purposes. Maria started her bookkeeping service in 2018 and she uses the cash method of accounting. She is the only person performing services in the business. She did not make any payments that would have required her to file a form 1099. Maria's business is a specified service business for purposes of the Qualified Business Income Deduction. On January 3, 2021, the Gomezes sold their prior principal residence. They purchased that residence on January 31, 2015 and had lived there full-time until they sold it this year. They originally purchased the home for $310,000. The Gomez family has never claimed any tax depreciation (nor were they allowed to) on the home. The sales price of the home was $405,000. The home is located at 45 East Entrada Trail, Lubbock Texas 79401. The Gomez family purchased (and moved into) their current residence at 543 West La Patera, Lubbock, Texas 79401 on January 4,2021 . The La Patera residence is 2,000 square feet. The purchase price of the residence was $500,000 (building value was $350,000 and the lot value was $150,000 ). The mortgage on the purchase was $300,000. Expenses relating to the La Patera residence were as follows: office deduction related to this use. Maria utilized a room in the La Patera home for her bookkeeping business. I he room was used exclusively on a regular basis as Maria's principal place of business. Maria wants to maximize her home office deduction related to this use. The room she uses is 200 square feet. In the summer of 2021, the Gomez family rented out the La Patera residence to another family. The La Patera residence is situated along the ninth green of the famous Lubbock Country Club (LCC). The LCC hosted the U.S. Senior Open golf tournament this year. The Gomez family rented their residence to a golfer participating in the event for $1,200 per day for 10 days (the home office remained locked and off limits to the renters, however). During this time the Gomez family went on vacation touring the west coast of the United States. The Gomez family incurred \$1,500 of cleaning and other expenses associated with the 10-day rental period. On September 15, 2021 Maria purchased a building (Condominium) valued at $120,000 and land valued at $40,000. The condominium is located at 990 El Mar, Unit A, Lubbock Texas 79401. Maria first rented out the El Mar unit on October 1, 2021. The revenue and expenses from the renta unit from October through December are as follows: No Form(s) 1099 were required to be filed for this rental. Maria is not considered an active participant and the rental activity does not produce Qualified Business Income. The Gomezes also received the following Forms 1099 for the year: Tan10997 INI Fom 1099-INT The Lubbock Texas School District bond was issued in 2016. Dividends and in torevin prostal code, and trelephone no. Distributions The J M. Smucker Co. 1. Strawbery Lame Orrille, ald 4 atwo PAYERS TVA HLCHTNTBTIN 20 Section 1200 gun 2d Coloctulios Qar) gin For Recipient This is important tix intrimation and to breve Eariashet to the wis. If you are requed to file a return, a regligncen, pandly or colver. sanclon may be mponed onyou of If no noome is beitlt. delemines that Ithos. not been reported. ox torevin pontal code, and telephone tho. VOID CORRECTED Interest Income Rio Tinto Minerals 3061 East Moplewood Avenue Crosmood Village. Co 120111 PAYERS TII PECDRNTS TVN For State Tax Department Vara Gornel Street addens (inctuding iot. no) 543 West La Patera Lublions. TX 79801 3 hitreat on US Givings IVanis and Treas obdgatione VOID D CORRECTED Dividends and Distributions RS rume stootadiles, aty os tok anes al Milts PAYt:KS Th4 ICCRP:NT'S TIN \begin{tabular}{|l} 2a Total captal gin distr. \end{tabular} 2b Urrecap. See. 1220 giin Copy 1 For State Tax Department Carlos Comad 20. Section 1902 guin 2d. Coloctibes R8W gen wwwsagoiform10000:Departmentof Fam 1099-DiV VOID D CORREOTED VOID CORRECTED Tam 10991NT Whin a wigovitimbtenged Oepoitnent of the fresury - bitemat Fiverne Benwce CORRECTED (if cheoked) The Gomezes did not own, control, or manage any foreign bank accounts, nor were they grantors or beneficiaries of a foreign trust during the tax year. The Gomezes paid the following expenses during the year (in addition to the personal residence-relate The Gomezes want to contribute to the Presidential Election Campaign Fund. The Gomezes would like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. During 2021, the Gomezes did not receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency. The Gomezes received their Economic impact Payment (stimulus payment) during 2021. They did not receive any Advance Child Tax Credit payments during the year