g. h. i. j. k. 1. m. n. O. P. C $100 won in a bingo...

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g. h. i. j. k. 1. m. n. O. P. C $100 won in a bingo game. Expenses connected with the Typing Services: Office rent Supplies Utilities and telephone $7,000 4,400 4,680 5,000 Wages to part-time typists Payroll taxes Equipment rentals $9,500 interest expense on a home mortgage (paid to Boca Raton Savings and Loan). $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2022. Denise had paid $14,000 for the silverware on July 1, 2012. She was reimbursed $10,000 by her insurance company. 500 3,000 Denise had loaned $2,100 to a friend, Joan Jensen, on June 3, 2018. Joan declared bankruptcy on August 14, 2022, and was unable to repay the loan. Assume that the loan is a bona fide debt. Legal Services, Inc., withheld Federal income tax of $14,000 and the appropriate amount of FICA tax from her wages. Alimony of $10,000 received from her former husband, Omar Guzman; 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. Denise made estimated Federal tax payments of $2,000. Sales taxes from the sales tax table of $953. Property taxes on her residence of $3 200 Sales taxes from the sales tax table of $953. Property taxes on her residence of $3,200. Charitable contribution of $2,500 to her alma mater, Citrus State College. On November 1, 2022, Denise was involved in an automobile accident. At the time of the accident, her automobile's FMV was $45,000. After the accident, the automobile's FMV was $38,000. Denise acquired the car on May 2, 2021, at a cost of $52,000. Denise's car was covered by insurance, but, because the policy had a $5,000 deduction clause, Denise decided not to file a claim for the damage. Required: Compute Denise Lopez's 2022 Federal income tax payable (or refund due). Use Form 1040, Schedule 1, Schedule A, Schedule C, Schedule D and Form 8995. P. 9. r. S. 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. Form 1040 Complete Denise Lopez's Form 1040 for 2022. Use the provided tax rate schedules. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) UZU City, town, or post office. If you have a foreign address, also complete spaces below. Boca Raton, FL 33431 Foreign country name Digital Assets Standard Deduction Age/Blindness Dependents If more than four dependents, see instructions and check here.... Income Someone can claim: You: Spouse: State (see instructions): (1) First name Last name At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) ZIP code Foreign province/state/county Foreign postal code filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You 1a Total amount from Form(s) W-2, box 1 (see instructions) . . . . (2) Social security (3) Relationship (4) Check the box if qualifies for (see instructions): to you Credit for other dependents number Child tax credit 1a 186,800 see instructions and check here . . . . Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. Attach Sch. B if required. Standard Deduction for- 1a Total amount from Form(s) W-2, box 1 (see instructions) . . . b Household employee wages not reported on Form(s) W-2. c Tip income not reported on line 1a (see instructions) ... d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) .. e Taxable dependent care benefits from Form 2441, line 26 . . . . . f Employer-provided adoption benefits from Form 8839, line 29.... g Wages from Form 8919, line 6 . . . h Other earned income (see instructions) . . .. i Nontaxable combat pay election (see instructions) . . . z Add lines 1a through 1h . . . . 2a Tax-exempt interest .. 3a Qualified dividends ... 4a IRA distributions .... 5a Pensions and annuities Social security benefits 2a 3a 4a 5a b b b 0 1i Ordinary dividends . . . Taxable amount. Taxable amount.. b Taxable amount.. b Taxable interest .. 1a 1b 1c 1d 1e 1f 1g 1h 1z 2b 3b 4b 5b 6b D 0 186,800 101,000 get a Form W-2, see instructions. Attach Sch. B if required. Standard Deduction for- Single or Married filing separately, $12,950 Married filing jointly or Qualifying surviving spouse, $25,900 Head of household, $19,400 If you checked any box under Standard Deduction, see i Nontaxable combat pay election (see instructions) . . . . z Add lines 1a through 1h.... 2a 2a Tax-exempt interest .. 3a Qualified dividends . . . Ordinary dividends . . . 4a IRA distributions . . . . Taxable amount. 5a Pensions and annuities Taxable amount. 6a Social security benefits Taxable amount . . . . c. If you elect to use the lump-sum election method, check here (see instructions) . . . 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . 3a 4a 14 Add lines 12 and 13. 5a 8 Other income from Schedule 1, line 10.... b Taxable interest ... b b 1i b b 9 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income.. 10 Adjustments to income from Schedule 1, line 26 . . 11 Subtract line 10 from line 9. This is your adjusted gross income. 12 Standard deduction or itemized deductions (from Schedule A) . . . 13 Qualified business income deduction from Form 8995 or Form 8995-A... 1z 2b 3b 4b 5b 6b 7 8 9 10 11 12 13 14 101,000 101 $13,400 If you checked any box under Standard Deduction, see instructions. 13 Qualified business income deduction from Form 8995 or Form 8995-A ... Form 1040 (2022) Tax and Credits 14 Add lines 12 and 13 ... 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income ... BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 16 Denise Lopez 17 18 19 20 21 22 23 Tax (see instructions). Check if any from Form(s): 18814 2 04972 3 Amount from Schedule 2, line 3. . Add lines 16 and 17 .. Child tax credit or credit for other dependents from Schedule 8812 ... Amount from Schedule 3, line 8 . . Add lines 19 and 20. Subtract line 21 from line 18. If zero or less, enter -0-. . . . Other taxes, including self-employment tax, from Schedule 2, line 21 123-45-6781 13 14 15 16 17 18 19 20 21 22 23 Z Form 1040 (2022) Page 2 100 Payments 21 22 Subtract line 21 from line 18. If zero or less, enter -0-... Other taxes, including self-employment tax, from Schedule 2, line 21 .. Add lines 22 and 23. This is your total tax.. Federal income tax withheld from: . . . If you have a qualifying child, attach Sch. EIC. 23 24 Add lines 19 and 20... 25 a Form(s) W-2. b Form(s) 1099.. c Other forms (see instructions) . . . . d Add lines 25a through 25c.. 26 27 28 29 30 31 32 25a 25b 25c 2022 estimated tax payments and amount applied from 2021 return. Earned income credit (EIC). . . Additional child tax credit from Schedule 8812 ... American opportunity credit from Form 8863, line 8 . . . Reserved for future use. Amount from Schedule 3, line 15.. Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits . . . 27 28 29 30 31 21 22 23 24 25d 26 32 11 If you have a qualifying child, attach Sch. EIC. Refund Direct deposit? See instructions. Amount d Add lines 25a through 25c... 26 27 28 29 30 31 32 33 2022 estimated tax payments and amount applied from 2021 return .. Earned income credit (EIC) ..... Additional child tax credit from Schedule 8812... American opportunity credit from Form 8863, line 8... Reserved for future use... Amount from Schedule 3, line 15 . . . . Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits ... d Account number XXXXXXXXXXXXXXXXX 36 Amount of line 34 you want applied to your 2023 estimated tax. *** 27 37 Subtract line 33 from line 24. This is the amount you owe. 28 Add lines 25d, 26, and 32. These are your total payments... 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid. . . 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here.. o c Type: Checking Savings b Routing number X X X X X X X X X 29 30 31 36 25d 26 32 33 34 35a 000 Instructions Schedule 1 Complete Denise Lopez's Schedule 1. Use the minus sign to indicate a loss. SCHEDULE 1 (Form 1040) Department of the Treasury Internal Revenue Service Form 1040 Schedule 1 2a b 3 Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Denise Lopez Part I 4 Schedule A Schedule C 5 Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes Alimony received. Date of original divorce or separation agreement (see instructions): Business income or (loss). Attach Schedule C .... Other gains or (losses). Attach Form 4797. Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E ... Schedule D Additional Income and Adjustments to Income ... Form 8995 ... 12/2013 1 2a Your social security number 123-45-6781 3 4 5 V OMB No. 1545-0074 2022 Attachment Sequence No. 01 10,000 -14,400 7 8 Farm income or (loss). Attach Schedul Unemployment compensation ... Other income: a Net operating loss. . b Gambling... c Cancellation of debt... d Foreign earned income exclusion from Form 2555 .. e Income from Form 8853.. f Income from Form 8889 .. g Alaska Permanent Fund dividends .. h Jury duty pay ... i Prizes and awards .. j Activity not engaged in for profit income.. k Stock options .. I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property . . . m Olympic and Paralympic medals and USOC prize money (see instructions). .... n Section 951(a) inclusion (see instructions). o Section 951A(a) inclusion (see instructions). 8a ( 8b 8c 8d 8e 8f 8g 8h 8i 8j 8k 81 8m 8n 80 0 ) ) 7 k Stock options.. I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property. m Olympic and Paralympic medals and USOC prize money (see instructions) . . . . . . n Section 951(a) inclusion (see instructions). o Section 951A(a) inclusion (see instructions) .... .. p Section 461(1) excess business loss adjustment.. q Taxable distributions from an ABLE account (see instructions) . . . r Scholarship and fellowship grants not reported on Form W-2.... s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or id... 9 t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan . . . u Wages earned while incarcerated . . z Other income. List type and amount: 10 E Total other income. Add lines 8a through 8z.. .. 8k 81 8m 8n 80 8p 8q 8r 8s ( 8t 8u 8z Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8. *** ) 10 1,800 13 Schedule 1 (Form 1040) 2022 Part II Adjustments to Income 11 Educator expenses. 12 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 ... 14 15 16 17 Health savings account deduction. Attach Form 8889 . . . . Moving expenses for members of the Armed Forces. Attach Form 3903... Deductible part of self-employment tax. Attach Schedule SE.. Self-employed SEP, SIMPLE, and qualified plans . . . . Self-employed health insurance deduction . 18 Penalty on early withdrawal of savings ... 19a Alimony paid .. Denise Lopez b Recipient's SSN.. c Date of original divorce or separation agreement (see instructions): IRA deduction . . Student loan interest deduction . Reserved for future use..... Archer MSA deduction . 20 21 22 23 123-45-6781 *** 11 12 13 14 15 16 17 18 19a 20 21 22 23 Page 2 22 Reserved for future use.. Archer MSA deduction . . Other adjustments: a Jury duty pay (see instructions) . . . . . b Deductible expenses related to income reported on line 81 from the rental of personal property engaged in for profit. . . 23 24 .. c Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m .... 24a i Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that helped the IRS detect tax law violations j Housing deduction from Form 2555. k Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) . . . . z Other adjustments. List type and amount: 24b 24c d Reforestation amortization and expenses . . 24d e Repayment of supplemental unemployment benefits under the Trade Act of 1974.. 24e f Contributions to section 501(c)(18) (D) pension plans. 24f g Contributions by certain chaplains to section 403(b) plans. h Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions).... 24g 24h 24i 24j 24k 140 22 23 XW Import favorites > CHAPTER ONE QUIZ xa cengage tax form example - Sear X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress-true Library - Defense O Mail - John Hannib... 1 63F Dashboard c Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m d Reforestation amortization and expenses e Repayment of supplemental unemployment benefits under the Trade Act of 1974 .. f Contributions to section 501(c) (18) (D) pension plans g Contributions by certain chaplains to section 403(b) plans.. h Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions) Cloudy i Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that helped the IRS detect tax law violations j Housing deduction from Form 2555 k Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) z Other adjustments. List type and amount: *** 55E B S x E O Search % CengageNOWv2 | Online teachin x + JO Home| Welcome to... 5 25 Total other adjustments. Add lines 24a through 24z 26 Add lines 11 through 23 and 25. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 10, or Form 1040-NR, line 10a T B 24c H 24d 24e 24f 24g 24h 24i 24j 24k 24Z 10 kes Z 4 00 ProConnect Tax J M 25 26 176,900 Schedule 1 (Form 1040) 2022 A" HA CHAPTER ONE QUIZ Import favorites xa cengage tax form example - Sea X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Instructions Schedule A Dashboard Complete Denise Lopez's Schedule A for 2022. SCHEDULE A (Form 1040) Form 1040 Schedule 1 Department of the Treasury Internal Revenue Service Medical and Dental 63F Cloudy Name(s) shown on Form 1040 or 1040-SR Denise Lopez Expenses Taxes You Paid Library - Defense -... Z B S X 9 Mail - John Hannib... Schedule A Y Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest information. Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see instructions) 2 Enter amount from Form 1040 or 1040- SR, line 11. 3 Multiply line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- 5 State and local taxes. a State and local income taxes or general sales taxes. You may include O Search Schedule C % CengageNOWv2 | Online teachin X + JO 5 Home | Welcome to... 2 Schedule D Form 8995 I 1 3 hp ProConnect Tax Z 74 M X V OMB No. 1545-0074 2022 Attachment Sequence No. 07 Your social security number 123-45-6781 S LU C C Import favorites 2 > CHAPTER ONE QUIZ xa cengage tax form example - Sea X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Interest You Paid 63F Cloudy Caution: Your mortgage interest deduction may be limited. See instructions. 5 Dashboard N S either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box b State and local real estate taxes (see instructions) 7 Add lines 5e and 6 8 W Library - Defense -... O c State and local personal property taxes d Add lines 5a through 5c e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) 6 Other taxes. List type and amount: aft Mail - John Hannib... x Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box a Home mortgage interest and points reported to you on Form 1098. See instructions if limited ** CengageNOWv2 | Online teachin X Y Home | Welcome to... b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address Search 75 do 0 % 5 CH 5a 5b 5c 5d 5e 10 6 8a 8b N H ProConnect Tax 3,200 000 9,500 M + 7 LO 4 00 CHAPTER ONE QUIZ Import favorites deduction may be limited. See instructions. xa cengage tax form example - Sear X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Gifts to Charity Dashboard Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Other 63F Cloudy Thamiznd Z Library - Defense - ... 9 o Mail - John Hannib... instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address see instructions 15 ... 13 Carryover from prior year 14 Add lines 11 through 13 52 c Points not reported to you on Form 1098. See instructions for special rules d Reserved for future use T T T 11 Gifts by cash or check. If you made any gift of $250 or more, O Search % CengageNOWv2 | Online teachin X Home | Welcome to... T T e Add lines 8a through 8c 9 Investment interest. Attach Form 4952 if required. See instructions. 9 10 Add lines 8e and 9 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 5 T T 1 B 8b . 8c 8d 8e 11 12 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions. 15 16 Other-from list in instructions. List type and amount: 13 ip N ProConnect Tax ok 2,500 + 10 14 K F X 2,500 S AD CO C Import favorites > 2 CHAPTER ONE QUIZ Charity X xa cengage tax form example - Sear X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Dashboard Other Itemized Deductions 63F Cloudy Total Itemized Deductions N Library - Defense -... see instructions 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500.. 13 Carryover from prior year 14 Add lines 11 through 13 Check My Work 3 more Check My Work uses remaining. BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1040. Mail - John Hannib... SEE E S 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions. 15 16 Other-from list in instructions. List type and amount: X 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box Y CengageNOWv2 | Online teachin X + O Search Home| Welcome to... 11 S JO % 5 12 - 13 Chp Z ProConnect Tax 74 H 2,500 8 M 14 16 17 2,500 15,200 Schedule A (Form 1040) 2022 L A" Schedule C Complete Denise Lopez's Schedule C for 2022. Use the minus sign to indicate a loss. SCHEDULE C (Form 1040) Department of the Treasury Internal Revenue Service Name of proprietor Denise Lopez A C E F G H Profit or Loss From Business (Sole Proprietorship) Go to www.irs.gov/ScheduleC for instructions and the latest information. Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships must generally file Form 1065. Principal business or profession, including product or service (see instructions) Typing Services . Business name. If no separate business name, leave blank. Typing Services Business address (including suite or room no.) 1986 Campus Drive City, town or post office, state, and ZIP code Boca Raton FL 33434 Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate" in the operation of this business during 2022? If "No," see instructions for limit on losses. If you started or acquired this business during 2022, check here.. . . " . OMB No. 1545-0074 2022 Attachment Sequence No. 09 Social security number (SSN) 123-45-6781 B Enter code from instructions 561410 D Employer ID number (EIN) (see instr.) Yes - No E F G H I J Part I 2 Typing Services Business address (including suite or room no.) 1986 Campus Drive City, town or post office, state, and ZIP code Boca Raton FL 33434 Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate" in the operation of this business during 2022? If "No," see instructions for limit on losses. 3 1 Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W-2 and the "Statutory employee" box on that form was checked . . . . Returns and allowances .. 4 5 If you started or acquired this business during 2022, check here . . . . Did you make any payments in 2022 that would require you to file Form (s) 1099? See instructions.. If "Yes," did you or will you file required Forms 1099? 6 7 Income Subtract line 2 from line 1 Cost of goods sold (from line 42). Gross profit. Subtract line 4 from line 3. . Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) . . . Gross income. Add lines 5 and 6. Dart II Eynoncos Entor ovnences for hucinace lice of your home only on line 30 1 2 3 4 5 6 7 Yes No Yes Yes No - No 20,000 20,000 20,000 7 Gross income. Add lines 5 and 6. ... Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising .. Car and truck expenses (see instructions) .... 10 Commissions and fees..... 9 11 Contract labor (see instructions) 12 Depletion .. 13 Depreciation and section 179 expense deduction (not included in Part III) (see instructions) . . . 14 Employee benefit programs (other than on line 19). . . . 15 Insurance (other than health).. 16 Interest (see instr.): a Mortgage (paid to banks, etc.) h Other 8 9 10 11 12 13 14 15 16a 16h Office expense (see instructions) . . . Pension and profit-sharing plans.... 20 Rent or lease (see instructions): . . . a Vehicles, machinery, and equipment b Other business property. ... Repairs and maintenance .. Supplies (not included in Part III). . . 18 19 21 22 23 24 25 Taxes and licenses . . Travel and meals: a Travel . . . . b Deductible meals (see instructions) . . . Utilities .. 26 Wages (less employment credits) . . 27a Other expenses (from line 48) 7 18 19 20a 20b 21 22 23 24a 24b 25 26 27a 20,000 00 00 4,680 5,000 (other on line 19). 15 Insurance (other than health).. 16 Interest (see instr.): a Mortgage (paid to banks, etc.) 14 15 31 16a 16b D 17 instructions). 25 Utilities ... b Other ... 17 Legal and professional services 28 Total expenses before expenses for business use of home. Add lines 8 through 27a . . . 26 Wages (less employment credits) . . . 27a Other expenses (from line 48) . . . b Reserved for future use. . . . 29 Tentative profit or (loss). Subtract line 28 from line 7. 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method. See instructions. Simplified method filers only: enter the total square footage of (a) your home: of your home used for business: the amount to enter on line 30.. and (b) the part Use the Simplified Method Worksheet in the instructions to figure Net profit or (loss). Subtract line 30 from line 29. If a profit, enter on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see instructions.) Estates and trusts, enter on Form 1041, line 3. If a loss, you must go to line 32. } 32 If you have a loss, check the box that describes your investment in this activity. See instructions. If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1. see the line 31 instructions.) Estates and trusts. enter on Form } 24b 25 26 27a 27b 28 29 30 31 4,680 5,000 24,580 20,000 4,580 32a All investment is at risk. Instructions Form 1040 Schedule 1 Schedule A Schedule C Schedule D Form 8995 Schedule D Complete Denise Lopez's Schedule D for 2022. Use the minus sign to indicate a loss. SCHEDULE D (Form 1040) Department of the Treasury Internal Revenue Service Capital Gains and Losses Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Scheduled for instructions and the latest information. Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10. Name(s) shown on return Denise Lopez Did you dispose of any investment(s) in a qualified opportunity fund during the tax year? If "Yes," attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss. Part I Short-Term Capital Gains and Losses - Generally Assets Held One Year or Less (see instructions) See instructions for how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to whole dollars. (d) Proceeds (sales price) Yes No (e) Cost (or other basis) OMB No. 1545-0074 2022 Attachment Sequence No. 12 Your social security number 123-45-6781 (g) Adjustments to gain or loss from Form(s) 8949, Part I, line 2, column (g) (h) Gain or (loss) Subtract column (e) from column (d) and combine the result with column (g) 3 Totals for all transactions reported on Form(s) 8949 with Box C checked ... 4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and 8824 . . . . 5 Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 6 Short-term capital loss carryover. Enter the amount, if any, from line 8 of your Capital Loss Carryover Worksheet in the instructions . . . 7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long-term capital gains or losses, go to Part II below. Otherwise, go to Part III on the back. ...... Part II Long-Term Capital Gains and Losses - Generally Assets Held More Than One Year (see instructions) See instructions for how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to whole dollars. 8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b... Rh Totale for all transactions reported on Form/c) 0010 with RAY (d) Proceeds (sales price) (e) Cost (or other basis) 4 5 6 7 (g) Adjustments to gain or loss from Form(s) 8949, Part II, line 2, column (g) ( (h) Gain or (loss) Subtract column (e) from column (d) and combine the result with column (g) 8b Totals for all transactions reported on Form (s) 8949 with Box D checked... 9 Totals for all transactions reported on Form (s) 8949 with Box E checked. ... ... 10 Totals for all transactions reported on Form (s) 8949 with Box F checked. ... 11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and 8824 .. 12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 13 Capital gain distributions. See the instrs .. 14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions .. 15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then, go to Part III on the back . . . . BAA For Paperwork Reduction Act Notice, see your tax return instructions. Schedule D (Form 1040) 2022 Part III Summary Denise Lopez 16 Combine lines 7 and 15 and enter the result. ontor the amount from lino 16 on Enrm 101 1040-CD 11 12 1040-ND lino 7 Than 13 14 123-45-6781 15 Schedule D (Form 1040) 2022 ( 16 ) Page 2 back. BAA For Paperwork Reduction Act Notice, see your tax return instructions. Denise Lopez Schedule D (Form 1040) 2022 Part III Summary 16 Combine lines 7 and 15 and enter the result... If line 16 is a gain, enter the amount from line 16 on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 17 below. 17 Are lines 15 and 16 both gains? Yes. Go to line 18. No. Skip lines 18 through 21, and go to line 22. 15 Schedule D (Form 1040) 2022 If line 16 is a loss, skip lines 17 through 20 below. Then, go to line 21. Also be sure to complete line 22. If line 16 is zero, skip lines 17 through 21 below and enter -0- on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 22. 18 If you are required to complete the 28% Rate Gain Worksheet (see instructions), enter the amount, if any, from line 7 of that worksheet . . . 123-45-6781 19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see instructions), enter the amount, if any, from line 18 of that worksheet . . . ** 16 18 19 Page 2 > 19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see instructions), enter the amount, if any, from line 18 of that worksheet . . . 20 Are lines 18 and 19 both zero or blank and you are not filing Form 4952? Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line 16. Don't complete lines 21 and 22 below. No. Complete the Schedule D Tax Worksheet in the instructions. Don't complete lines 21 and 22 below. 21 If line 16 is a loss, enter here and on Form 1040, 1040-SR, or 1040-NR, line 7, the smaller of: The loss on line 16; or ($3,000), or if married filing separately, ($1,500) } Note: When figuring which amount is smaller, treat both amounts as positive numbers. 22 Do you have qualified dividends on Form 1040, 1040-SR, or 1040-NR, line 3a? Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line 16. No. Complete the rest of Form 1040, 1040-SR, or 1040-NR. 19 21 Instructions Form 1040 Schedule 1 Form 8995 Complete Denise Lopez's Form 8995. Form 8995 Department of the Treasury Internal Revenue Service Name(s) shown on return Denise Lopez 1 i Schedule A Schedule C Schedule D Typing Services Form 8995 Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. Your taxpayer identification number (a) Trade, business, or aggregation name Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $170,050 ($340,100 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. OMB No. 1545-2294 (b) Taxpayer identification number 123-45-6781 123-45-6781 2022 Attachment Sequence No. 55 (c) Qualified business income or (loss) > 1 i Typing Services ii iv V 2 Total qualified business income or (loss). Combine lines 1i through 1v, column (c) . . . (a) Trade, business, or aggregation name 3 Qualified business net (loss) carryforward from the prior year. 4 Total qualified business income. Combine lines 2 and 3. If zero or less, enter -0-. . . . 5 Qualified business income component. Multiply line 4 by 20% (0.20). ... 6 Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions)... 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. . Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0-.. 9 REIT and PTP component. Multiply line 8 by 20% (0.20). . . . . 10 Qualified business income deduction before the income limitation. Add lines 5 and 9.. 8 (b) Taxpayer identification number 2 3 4 6 7 8 123-45-6781 1000 000 5 9 (c) Qualified business income or (loss) 10 0.0 > instructions) 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. . 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0-.. REIT and PTP component. Multiply line 8 by 20% (0.20)... 10 Qualified business income deduction before the income limitation. Add lines 5 and 9.... 11 Taxable income before qualified business income deduction (see instructions) .... 12 Net capital gain (see instructions) 13 Subtract line 12 from line 11. If zero or less, enter -0- . . . 14 Income limitation. Multiply line 13 by 20% (0.20). . . . 15 Qualified business income deduction. Enter the smaller of line 10 or line 14. Also enter this amount on the applicable line of your return (see instructions). 16 Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter -0-... 17 Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, enter -0-... BAA For Privacy Act and Paperwork Reduction Act Notice, see instructions. M . 7 8 11 12 . 13 100 000 9 10 14 15 16 17 00 3 0:00:0 Form 8995 (2022) Instructions 2022 Tax Rate Schedules Remain the same in 2023: a. d. h. C. Tax Letter and Advice Required: In 2023, Denise plans to continue her job with Legal Services, Inc. As a result, items a, d, and I will recur in 2023. Denise plans to continue her typing services business (refer to item b) and expects gross receipts of $34,000. She projects that all business expenses (refer to item h) will increase by 10%, except for office rent, which, under the terms of her lease, will remain the same as in 2022. Items e, f, g, j, k, and s will not recur in 2023. Items c, i, m, n, p, q, and r will be approximately the same as in 2022. i. m. Form 1040 n. P. C Schedule 1 Schedule A Tax Letter and Advice $9,500 interest expense on a home mortgage. Alimony of $10,000 received from her former husband. Sc $100,000 salary from Legal Services, Inc. $1,000 Christmas bonus from Legal Services, Inc. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. Expenses connected with Typing Services that will remain the same: Office Rent of $7,000. $700 interest income from Third National Bank. Interest income of $800 on City of Boca Raton bonds. Sales taxes from the sales tax table of $953. S Property taves on her residence of $3 200 d. $1,000 Christmas bonus from Legal Services, Inc. I. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. Expenses connected with Typing Services that will remain the same: Office Rent of $7,000. $700 interest income from Third National Bank. h. C. i. m. n. $9,500 interest expense on a home mortgage. Alimony of $10,000 received from her former husband. Interest income of $800 on City of Boca Raton bonds. Sales taxes from the sales tax table of $953. Property taxes on her residence of $3,200. P. 9. r. Charitable contributions of $2,500. Increases in 2023: b. $20,000 gross receipts from her typing services business will increase to $34,000. h. The following expenses connected with the typing service will increase by 10%. Supplies Utilities and telephone $4,400 4,680 5,000 Wages to part-time typists Payroll taxes Equipment rentals The following items will not recur: life insurance proceeds, gift, bingo winnings, bad debt, stolen silverware, and the auto accident. 500 3,000 Equipment rentals The following items will not recur: life insurance proceeds, gift, bingo winnings, bad debt, stolen silverware, and the auto accident. Assume her filing status does not change. Self-employment taxes are based on 92.35% of the net profits and taxed at 15.3%. Based on this information, Denise would like you to provide a tentative computation of her 2023 taxable income. January 26, 2023 3,000 Ms. Denise Lopez 2020 Oakcrest Road Boca Raton, FL 33431 SWFT, LLP 5191 Natorp Boulevard Mason, OH 45040 Dear Ms. Lopez: This letter is in response to your request concerning your estimated Federal taxable income for 2023. Based on the 2023 estimates you provided to us, we have determined that your estimated net business income would be Your deduction for qualified business This results in self-employment taxes of . Therefore, your estimated taxable income, after considering your carryover loss from last year, would be income would be If I can be of further assistance to you in this matter, please do not hesitate to contact me. g. h. i. j. k. 1. m. n. O. P. C $100 won in a bingo game. Expenses connected with the Typing Services: Office rent Supplies Utilities and telephone $7,000 4,400 4,680 5,000 Wages to part-time typists Payroll taxes Equipment rentals $9,500 interest expense on a home mortgage (paid to Boca Raton Savings and Loan). $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2022. Denise had paid $14,000 for the silverware on July 1, 2012. She was reimbursed $10,000 by her insurance company. 500 3,000 Denise had loaned $2,100 to a friend, Joan Jensen, on June 3, 2018. Joan declared bankruptcy on August 14, 2022, and was unable to repay the loan. Assume that the loan is a bona fide debt. Legal Services, Inc., withheld Federal income tax of $14,000 and the appropriate amount of FICA tax from her wages. Alimony of $10,000 received from her former husband, Omar Guzman; 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. Denise made estimated Federal tax payments of $2,000. Sales taxes from the sales tax table of $953. Property taxes on her residence of $3 200 Sales taxes from the sales tax table of $953. Property taxes on her residence of $3,200. Charitable contribution of $2,500 to her alma mater, Citrus State College. On November 1, 2022, Denise was involved in an automobile accident. At the time of the accident, her automobile's FMV was $45,000. After the accident, the automobile's FMV was $38,000. Denise acquired the car on May 2, 2021, at a cost of $52,000. Denise's car was covered by insurance, but, because the policy had a $5,000 deduction clause, Denise decided not to file a claim for the damage. Required: Compute Denise Lopez's 2022 Federal income tax payable (or refund due). Use Form 1040, Schedule 1, Schedule A, Schedule C, Schedule D and Form 8995. P. 9. r. S. 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. Form 1040 Complete Denise Lopez's Form 1040 for 2022. Use the provided tax rate schedules. Use the minus sign to indicate a loss. Form Department of the Treasury-Internal Revenue Service (99) UZU City, town, or post office. If you have a foreign address, also complete spaces below. Boca Raton, FL 33431 Foreign country name Digital Assets Standard Deduction Age/Blindness Dependents If more than four dependents, see instructions and check here.... Income Someone can claim: You: Spouse: State (see instructions): (1) First name Last name At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) ZIP code Foreign province/state/county Foreign postal code filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. You 1a Total amount from Form(s) W-2, box 1 (see instructions) . . . . (2) Social security (3) Relationship (4) Check the box if qualifies for (see instructions): to you Credit for other dependents number Child tax credit 1a 186,800 see instructions and check here . . . . Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. Attach Sch. B if required. Standard Deduction for- 1a Total amount from Form(s) W-2, box 1 (see instructions) . . . b Household employee wages not reported on Form(s) W-2. c Tip income not reported on line 1a (see instructions) ... d Medicaid waiver payments not reported on Form(s) W-2 (see instructions) .. e Taxable dependent care benefits from Form 2441, line 26 . . . . . f Employer-provided adoption benefits from Form 8839, line 29.... g Wages from Form 8919, line 6 . . . h Other earned income (see instructions) . . .. i Nontaxable combat pay election (see instructions) . . . z Add lines 1a through 1h . . . . 2a Tax-exempt interest .. 3a Qualified dividends ... 4a IRA distributions .... 5a Pensions and annuities Social security benefits 2a 3a 4a 5a b b b 0 1i Ordinary dividends . . . Taxable amount. Taxable amount.. b Taxable amount.. b Taxable interest .. 1a 1b 1c 1d 1e 1f 1g 1h 1z 2b 3b 4b 5b 6b D 0 186,800 101,000 get a Form W-2, see instructions. Attach Sch. B if required. Standard Deduction for- Single or Married filing separately, $12,950 Married filing jointly or Qualifying surviving spouse, $25,900 Head of household, $19,400 If you checked any box under Standard Deduction, see i Nontaxable combat pay election (see instructions) . . . . z Add lines 1a through 1h.... 2a 2a Tax-exempt interest .. 3a Qualified dividends . . . Ordinary dividends . . . 4a IRA distributions . . . . Taxable amount. 5a Pensions and annuities Taxable amount. 6a Social security benefits Taxable amount . . . . c. If you elect to use the lump-sum election method, check here (see instructions) . . . 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . 3a 4a 14 Add lines 12 and 13. 5a 8 Other income from Schedule 1, line 10.... b Taxable interest ... b b 1i b b 9 Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income.. 10 Adjustments to income from Schedule 1, line 26 . . 11 Subtract line 10 from line 9. This is your adjusted gross income. 12 Standard deduction or itemized deductions (from Schedule A) . . . 13 Qualified business income deduction from Form 8995 or Form 8995-A... 1z 2b 3b 4b 5b 6b 7 8 9 10 11 12 13 14 101,000 101 $13,400 If you checked any box under Standard Deduction, see instructions. 13 Qualified business income deduction from Form 8995 or Form 8995-A ... Form 1040 (2022) Tax and Credits 14 Add lines 12 and 13 ... 15 Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income ... BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. 16 Denise Lopez 17 18 19 20 21 22 23 Tax (see instructions). Check if any from Form(s): 18814 2 04972 3 Amount from Schedule 2, line 3. . Add lines 16 and 17 .. Child tax credit or credit for other dependents from Schedule 8812 ... Amount from Schedule 3, line 8 . . Add lines 19 and 20. Subtract line 21 from line 18. If zero or less, enter -0-. . . . Other taxes, including self-employment tax, from Schedule 2, line 21 123-45-6781 13 14 15 16 17 18 19 20 21 22 23 Z Form 1040 (2022) Page 2 100 Payments 21 22 Subtract line 21 from line 18. If zero or less, enter -0-... Other taxes, including self-employment tax, from Schedule 2, line 21 .. Add lines 22 and 23. This is your total tax.. Federal income tax withheld from: . . . If you have a qualifying child, attach Sch. EIC. 23 24 Add lines 19 and 20... 25 a Form(s) W-2. b Form(s) 1099.. c Other forms (see instructions) . . . . d Add lines 25a through 25c.. 26 27 28 29 30 31 32 25a 25b 25c 2022 estimated tax payments and amount applied from 2021 return. Earned income credit (EIC). . . Additional child tax credit from Schedule 8812 ... American opportunity credit from Form 8863, line 8 . . . Reserved for future use. Amount from Schedule 3, line 15.. Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits . . . 27 28 29 30 31 21 22 23 24 25d 26 32 11 If you have a qualifying child, attach Sch. EIC. Refund Direct deposit? See instructions. Amount d Add lines 25a through 25c... 26 27 28 29 30 31 32 33 2022 estimated tax payments and amount applied from 2021 return .. Earned income credit (EIC) ..... Additional child tax credit from Schedule 8812... American opportunity credit from Form 8863, line 8... Reserved for future use... Amount from Schedule 3, line 15 . . . . Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits ... d Account number XXXXXXXXXXXXXXXXX 36 Amount of line 34 you want applied to your 2023 estimated tax. *** 27 37 Subtract line 33 from line 24. This is the amount you owe. 28 Add lines 25d, 26, and 32. These are your total payments... 34 If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid. . . 35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here.. o c Type: Checking Savings b Routing number X X X X X X X X X 29 30 31 36 25d 26 32 33 34 35a 000 Instructions Schedule 1 Complete Denise Lopez's Schedule 1. Use the minus sign to indicate a loss. SCHEDULE 1 (Form 1040) Department of the Treasury Internal Revenue Service Form 1040 Schedule 1 2a b 3 Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form1040 for instructions and the latest information. Name(s) shown on Form 1040, 1040-SR, or 1040-NR Denise Lopez Part I 4 Schedule A Schedule C 5 Additional Income 1 Taxable refunds, credits, or offsets of state and local income taxes Alimony received. Date of original divorce or separation agreement (see instructions): Business income or (loss). Attach Schedule C .... Other gains or (losses). Attach Form 4797. Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E ... Schedule D Additional Income and Adjustments to Income ... Form 8995 ... 12/2013 1 2a Your social security number 123-45-6781 3 4 5 V OMB No. 1545-0074 2022 Attachment Sequence No. 01 10,000 -14,400 7 8 Farm income or (loss). Attach Schedul Unemployment compensation ... Other income: a Net operating loss. . b Gambling... c Cancellation of debt... d Foreign earned income exclusion from Form 2555 .. e Income from Form 8853.. f Income from Form 8889 .. g Alaska Permanent Fund dividends .. h Jury duty pay ... i Prizes and awards .. j Activity not engaged in for profit income.. k Stock options .. I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property . . . m Olympic and Paralympic medals and USOC prize money (see instructions). .... n Section 951(a) inclusion (see instructions). o Section 951A(a) inclusion (see instructions). 8a ( 8b 8c 8d 8e 8f 8g 8h 8i 8j 8k 81 8m 8n 80 0 ) ) 7 k Stock options.. I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property. m Olympic and Paralympic medals and USOC prize money (see instructions) . . . . . . n Section 951(a) inclusion (see instructions). o Section 951A(a) inclusion (see instructions) .... .. p Section 461(1) excess business loss adjustment.. q Taxable distributions from an ABLE account (see instructions) . . . r Scholarship and fellowship grants not reported on Form W-2.... s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or id... 9 t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan . . . u Wages earned while incarcerated . . z Other income. List type and amount: 10 E Total other income. Add lines 8a through 8z.. .. 8k 81 8m 8n 80 8p 8q 8r 8s ( 8t 8u 8z Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8. *** ) 10 1,800 13 Schedule 1 (Form 1040) 2022 Part II Adjustments to Income 11 Educator expenses. 12 Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 ... 14 15 16 17 Health savings account deduction. Attach Form 8889 . . . . Moving expenses for members of the Armed Forces. Attach Form 3903... Deductible part of self-employment tax. Attach Schedule SE.. Self-employed SEP, SIMPLE, and qualified plans . . . . Self-employed health insurance deduction . 18 Penalty on early withdrawal of savings ... 19a Alimony paid .. Denise Lopez b Recipient's SSN.. c Date of original divorce or separation agreement (see instructions): IRA deduction . . Student loan interest deduction . Reserved for future use..... Archer MSA deduction . 20 21 22 23 123-45-6781 *** 11 12 13 14 15 16 17 18 19a 20 21 22 23 Page 2 22 Reserved for future use.. Archer MSA deduction . . Other adjustments: a Jury duty pay (see instructions) . . . . . b Deductible expenses related to income reported on line 81 from the rental of personal property engaged in for profit. . . 23 24 .. c Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m .... 24a i Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that helped the IRS detect tax law violations j Housing deduction from Form 2555. k Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) . . . . z Other adjustments. List type and amount: 24b 24c d Reforestation amortization and expenses . . 24d e Repayment of supplemental unemployment benefits under the Trade Act of 1974.. 24e f Contributions to section 501(c)(18) (D) pension plans. 24f g Contributions by certain chaplains to section 403(b) plans. h Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions).... 24g 24h 24i 24j 24k 140 22 23 XW Import favorites > CHAPTER ONE QUIZ xa cengage tax form example - Sear X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress-true Library - Defense O Mail - John Hannib... 1 63F Dashboard c Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m d Reforestation amortization and expenses e Repayment of supplemental unemployment benefits under the Trade Act of 1974 .. f Contributions to section 501(c) (18) (D) pension plans g Contributions by certain chaplains to section 403(b) plans.. h Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions) Cloudy i Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that helped the IRS detect tax law violations j Housing deduction from Form 2555 k Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) z Other adjustments. List type and amount: *** 55E B S x E O Search % CengageNOWv2 | Online teachin x + JO Home| Welcome to... 5 25 Total other adjustments. Add lines 24a through 24z 26 Add lines 11 through 23 and 25. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 10, or Form 1040-NR, line 10a T B 24c H 24d 24e 24f 24g 24h 24i 24j 24k 24Z 10 kes Z 4 00 ProConnect Tax J M 25 26 176,900 Schedule 1 (Form 1040) 2022 A" HA CHAPTER ONE QUIZ Import favorites xa cengage tax form example - Sea X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Instructions Schedule A Dashboard Complete Denise Lopez's Schedule A for 2022. SCHEDULE A (Form 1040) Form 1040 Schedule 1 Department of the Treasury Internal Revenue Service Medical and Dental 63F Cloudy Name(s) shown on Form 1040 or 1040-SR Denise Lopez Expenses Taxes You Paid Library - Defense -... Z B S X 9 Mail - John Hannib... Schedule A Y Itemized Deductions Go to www.irs.gov/ScheduleA for instructions and the latest information. Attach to Form 1040 or 1040-SR. Caution: If you are claiming a net qualified disaster loss on Form 4684, see the instructions for line 16. Caution: Do not include expenses reimbursed or paid by others. 1 Medical and dental expenses (see instructions) 2 Enter amount from Form 1040 or 1040- SR, line 11. 3 Multiply line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- 5 State and local taxes. a State and local income taxes or general sales taxes. You may include O Search Schedule C % CengageNOWv2 | Online teachin X + JO 5 Home | Welcome to... 2 Schedule D Form 8995 I 1 3 hp ProConnect Tax Z 74 M X V OMB No. 1545-0074 2022 Attachment Sequence No. 07 Your social security number 123-45-6781 S LU C C Import favorites 2 > CHAPTER ONE QUIZ xa cengage tax form example - Sea X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Interest You Paid 63F Cloudy Caution: Your mortgage interest deduction may be limited. See instructions. 5 Dashboard N S either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box b State and local real estate taxes (see instructions) 7 Add lines 5e and 6 8 W Library - Defense -... O c State and local personal property taxes d Add lines 5a through 5c e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) 6 Other taxes. List type and amount: aft Mail - John Hannib... x Home mortgage interest and points. If you didn't use all of your home mortgage loan(s) to buy, build, or improve your home, see instructions and check this box a Home mortgage interest and points reported to you on Form 1098. See instructions if limited ** CengageNOWv2 | Online teachin X Y Home | Welcome to... b Home mortgage interest not reported to you on Form 1098. See instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address Search 75 do 0 % 5 CH 5a 5b 5c 5d 5e 10 6 8a 8b N H ProConnect Tax 3,200 000 9,500 M + 7 LO 4 00 CHAPTER ONE QUIZ Import favorites deduction may be limited. See instructions. xa cengage tax form example - Sear X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Gifts to Charity Dashboard Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Other 63F Cloudy Thamiznd Z Library - Defense - ... 9 o Mail - John Hannib... instructions if limited. If paid to the person from whom you bought the home, see instructions and show that person's name, identifying no., and address see instructions 15 ... 13 Carryover from prior year 14 Add lines 11 through 13 52 c Points not reported to you on Form 1098. See instructions for special rules d Reserved for future use T T T 11 Gifts by cash or check. If you made any gift of $250 or more, O Search % CengageNOWv2 | Online teachin X Home | Welcome to... T T e Add lines 8a through 8c 9 Investment interest. Attach Form 4952 if required. See instructions. 9 10 Add lines 8e and 9 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500 5 T T 1 B 8b . 8c 8d 8e 11 12 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions. 15 16 Other-from list in instructions. List type and amount: 13 ip N ProConnect Tax ok 2,500 + 10 14 K F X 2,500 S AD CO C Import favorites > 2 CHAPTER ONE QUIZ Charity X xa cengage tax form example - Sear X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true Caution: If you made a gift and got a benefit for it, see instructions. Casualty and Theft Losses Dashboard Other Itemized Deductions 63F Cloudy Total Itemized Deductions N Library - Defense -... see instructions 12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You must attach Form 8283 if over $500.. 13 Carryover from prior year 14 Add lines 11 through 13 Check My Work 3 more Check My Work uses remaining. BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1040. Mail - John Hannib... SEE E S 15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions. 15 16 Other-from list in instructions. List type and amount: X 17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form 1040 or 1040-SR, line 12 18 If you elect to itemize deductions even though they are less than your standard deduction, check this box Y CengageNOWv2 | Online teachin X + O Search Home| Welcome to... 11 S JO % 5 12 - 13 Chp Z ProConnect Tax 74 H 2,500 8 M 14 16 17 2,500 15,200 Schedule A (Form 1040) 2022 L A" Schedule C Complete Denise Lopez's Schedule C for 2022. Use the minus sign to indicate a loss. SCHEDULE C (Form 1040) Department of the Treasury Internal Revenue Service Name of proprietor Denise Lopez A C E F G H Profit or Loss From Business (Sole Proprietorship) Go to www.irs.gov/ScheduleC for instructions and the latest information. Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships must generally file Form 1065. Principal business or profession, including product or service (see instructions) Typing Services . Business name. If no separate business name, leave blank. Typing Services Business address (including suite or room no.) 1986 Campus Drive City, town or post office, state, and ZIP code Boca Raton FL 33434 Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate" in the operation of this business during 2022? If "No," see instructions for limit on losses. If you started or acquired this business during 2022, check here.. . . " . OMB No. 1545-0074 2022 Attachment Sequence No. 09 Social security number (SSN) 123-45-6781 B Enter code from instructions 561410 D Employer ID number (EIN) (see instr.) Yes - No E F G H I J Part I 2 Typing Services Business address (including suite or room no.) 1986 Campus Drive City, town or post office, state, and ZIP code Boca Raton FL 33434 Accounting method: (1) Cash (2) Accrual (3) Other (specify) Did you "materially participate" in the operation of this business during 2022? If "No," see instructions for limit on losses. 3 1 Gross receipts or sales. See instructions for line 1 and check the box if this income was reported to you on Form W-2 and the "Statutory employee" box on that form was checked . . . . Returns and allowances .. 4 5 If you started or acquired this business during 2022, check here . . . . Did you make any payments in 2022 that would require you to file Form (s) 1099? See instructions.. If "Yes," did you or will you file required Forms 1099? 6 7 Income Subtract line 2 from line 1 Cost of goods sold (from line 42). Gross profit. Subtract line 4 from line 3. . Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) . . . Gross income. Add lines 5 and 6. Dart II Eynoncos Entor ovnences for hucinace lice of your home only on line 30 1 2 3 4 5 6 7 Yes No Yes Yes No - No 20,000 20,000 20,000 7 Gross income. Add lines 5 and 6. ... Part II Expenses. Enter expenses for business use of your home only on line 30. 8 Advertising .. Car and truck expenses (see instructions) .... 10 Commissions and fees..... 9 11 Contract labor (see instructions) 12 Depletion .. 13 Depreciation and section 179 expense deduction (not included in Part III) (see instructions) . . . 14 Employee benefit programs (other than on line 19). . . . 15 Insurance (other than health).. 16 Interest (see instr.): a Mortgage (paid to banks, etc.) h Other 8 9 10 11 12 13 14 15 16a 16h Office expense (see instructions) . . . Pension and profit-sharing plans.... 20 Rent or lease (see instructions): . . . a Vehicles, machinery, and equipment b Other business property. ... Repairs and maintenance .. Supplies (not included in Part III). . . 18 19 21 22 23 24 25 Taxes and licenses . . Travel and meals: a Travel . . . . b Deductible meals (see instructions) . . . Utilities .. 26 Wages (less employment credits) . . 27a Other expenses (from line 48) 7 18 19 20a 20b 21 22 23 24a 24b 25 26 27a 20,000 00 00 4,680 5,000 (other on line 19). 15 Insurance (other than health).. 16 Interest (see instr.): a Mortgage (paid to banks, etc.) 14 15 31 16a 16b D 17 instructions). 25 Utilities ... b Other ... 17 Legal and professional services 28 Total expenses before expenses for business use of home. Add lines 8 through 27a . . . 26 Wages (less employment credits) . . . 27a Other expenses (from line 48) . . . b Reserved for future use. . . . 29 Tentative profit or (loss). Subtract line 28 from line 7. 30 Expenses for business use of your home. Do not report these expenses elsewhere. Attach Form 8829 unless using the simplified method. See instructions. Simplified method filers only: enter the total square footage of (a) your home: of your home used for business: the amount to enter on line 30.. and (b) the part Use the Simplified Method Worksheet in the instructions to figure Net profit or (loss). Subtract line 30 from line 29. If a profit, enter on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1, see instructions.) Estates and trusts, enter on Form 1041, line 3. If a loss, you must go to line 32. } 32 If you have a loss, check the box that describes your investment in this activity. See instructions. If you checked 32a, enter the loss on both Schedule 1 (Form 1040), line 3, and on Schedule SE, line 2. (If you checked the box on line 1. see the line 31 instructions.) Estates and trusts. enter on Form } 24b 25 26 27a 27b 28 29 30 31 4,680 5,000 24,580 20,000 4,580 32a All investment is at risk. Instructions Form 1040 Schedule 1 Schedule A Schedule C Schedule D Form 8995 Schedule D Complete Denise Lopez's Schedule D for 2022. Use the minus sign to indicate a loss. SCHEDULE D (Form 1040) Department of the Treasury Internal Revenue Service Capital Gains and Losses Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Scheduled for instructions and the latest information. Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10. Name(s) shown on return Denise Lopez Did you dispose of any investment(s) in a qualified opportunity fund during the tax year? If "Yes," attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss. Part I Short-Term Capital Gains and Losses - Generally Assets Held One Year or Less (see instructions) See instructions for how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to whole dollars. (d) Proceeds (sales price) Yes No (e) Cost (or other basis) OMB No. 1545-0074 2022 Attachment Sequence No. 12 Your social security number 123-45-6781 (g) Adjustments to gain or loss from Form(s) 8949, Part I, line 2, column (g) (h) Gain or (loss) Subtract column (e) from column (d) and combine the result with column (g) 3 Totals for all transactions reported on Form(s) 8949 with Box C checked ... 4 Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781, and 8824 . . . . 5 Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 6 Short-term capital loss carryover. Enter the amount, if any, from line 8 of your Capital Loss Carryover Worksheet in the instructions . . . 7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long-term capital gains or losses, go to Part II below. Otherwise, go to Part III on the back. ...... Part II Long-Term Capital Gains and Losses - Generally Assets Held More Than One Year (see instructions) See instructions for how to figure the amounts to enter on the lines below. This form may be easier to complete if you round off cents to whole dollars. 8a Totals for all long-term transactions reported on Form 1099-B for which basis was reported to the IRS and for which you have no adjustments (see instructions). However, if you choose to report all these transactions on Form 8949, leave this line blank and go to line 8b... Rh Totale for all transactions reported on Form/c) 0010 with RAY (d) Proceeds (sales price) (e) Cost (or other basis) 4 5 6 7 (g) Adjustments to gain or loss from Form(s) 8949, Part II, line 2, column (g) ( (h) Gain or (loss) Subtract column (e) from column (d) and combine the result with column (g) 8b Totals for all transactions reported on Form (s) 8949 with Box D checked... 9 Totals for all transactions reported on Form (s) 8949 with Box E checked. ... ... 10 Totals for all transactions reported on Form (s) 8949 with Box F checked. ... 11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and 8824 .. 12 Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1 13 Capital gain distributions. See the instrs .. 14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions .. 15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then, go to Part III on the back . . . . BAA For Paperwork Reduction Act Notice, see your tax return instructions. Schedule D (Form 1040) 2022 Part III Summary Denise Lopez 16 Combine lines 7 and 15 and enter the result. ontor the amount from lino 16 on Enrm 101 1040-CD 11 12 1040-ND lino 7 Than 13 14 123-45-6781 15 Schedule D (Form 1040) 2022 ( 16 ) Page 2 back. BAA For Paperwork Reduction Act Notice, see your tax return instructions. Denise Lopez Schedule D (Form 1040) 2022 Part III Summary 16 Combine lines 7 and 15 and enter the result... If line 16 is a gain, enter the amount from line 16 on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 17 below. 17 Are lines 15 and 16 both gains? Yes. Go to line 18. No. Skip lines 18 through 21, and go to line 22. 15 Schedule D (Form 1040) 2022 If line 16 is a loss, skip lines 17 through 20 below. Then, go to line 21. Also be sure to complete line 22. If line 16 is zero, skip lines 17 through 21 below and enter -0- on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to line 22. 18 If you are required to complete the 28% Rate Gain Worksheet (see instructions), enter the amount, if any, from line 7 of that worksheet . . . 123-45-6781 19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see instructions), enter the amount, if any, from line 18 of that worksheet . . . ** 16 18 19 Page 2 > 19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see instructions), enter the amount, if any, from line 18 of that worksheet . . . 20 Are lines 18 and 19 both zero or blank and you are not filing Form 4952? Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line 16. Don't complete lines 21 and 22 below. No. Complete the Schedule D Tax Worksheet in the instructions. Don't complete lines 21 and 22 below. 21 If line 16 is a loss, enter here and on Form 1040, 1040-SR, or 1040-NR, line 7, the smaller of: The loss on line 16; or ($3,000), or if married filing separately, ($1,500) } Note: When figuring which amount is smaller, treat both amounts as positive numbers. 22 Do you have qualified dividends on Form 1040, 1040-SR, or 1040-NR, line 3a? Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line 16. No. Complete the rest of Form 1040, 1040-SR, or 1040-NR. 19 21 Instructions Form 1040 Schedule 1 Form 8995 Complete Denise Lopez's Form 8995. Form 8995 Department of the Treasury Internal Revenue Service Name(s) shown on return Denise Lopez 1 i Schedule A Schedule C Schedule D Typing Services Form 8995 Qualified Business Income Deduction Simplified Computation Attach to your tax return. Go to www.irs.gov/Form8995 for instructions and the latest information. Your taxpayer identification number (a) Trade, business, or aggregation name Note. You can claim the qualified business income deduction only if you have qualified business income from a qualified trade or business, real estate investment trust dividends, publicly traded partnership income, or a domestic production activities deduction passed through from an agricultural or horticultural cooperative. See instructions. Use this form if your taxable income, before your qualified business income deduction, is at or below $170,050 ($340,100 if married filing jointly), and you aren't a patron of an agricultural or horticultural cooperative. OMB No. 1545-2294 (b) Taxpayer identification number 123-45-6781 123-45-6781 2022 Attachment Sequence No. 55 (c) Qualified business income or (loss) > 1 i Typing Services ii iv V 2 Total qualified business income or (loss). Combine lines 1i through 1v, column (c) . . . (a) Trade, business, or aggregation name 3 Qualified business net (loss) carryforward from the prior year. 4 Total qualified business income. Combine lines 2 and 3. If zero or less, enter -0-. . . . 5 Qualified business income component. Multiply line 4 by 20% (0.20). ... 6 Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions)... 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. . Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0-.. 9 REIT and PTP component. Multiply line 8 by 20% (0.20). . . . . 10 Qualified business income deduction before the income limitation. Add lines 5 and 9.. 8 (b) Taxpayer identification number 2 3 4 6 7 8 123-45-6781 1000 000 5 9 (c) Qualified business income or (loss) 10 0.0 > instructions) 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year. . 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter -0-.. REIT and PTP component. Multiply line 8 by 20% (0.20)... 10 Qualified business income deduction before the income limitation. Add lines 5 and 9.... 11 Taxable income before qualified business income deduction (see instructions) .... 12 Net capital gain (see instructions) 13 Subtract line 12 from line 11. If zero or less, enter -0- . . . 14 Income limitation. Multiply line 13 by 20% (0.20). . . . 15 Qualified business income deduction. Enter the smaller of line 10 or line 14. Also enter this amount on the applicable line of your return (see instructions). 16 Total qualified business (loss) carryforward. Combine lines 2 and 3. If greater than zero, enter -0-... 17 Total qualified REIT dividends and PTP (loss) carryforward. Combine lines 6 and 7. If greater than zero, enter -0-... BAA For Privacy Act and Paperwork Reduction Act Notice, see instructions. M . 7 8 11 12 . 13 100 000 9 10 14 15 16 17 00 3 0:00:0 Form 8995 (2022) Instructions 2022 Tax Rate Schedules Remain the same in 2023: a. d. h. C. Tax Letter and Advice Required: In 2023, Denise plans to continue her job with Legal Services, Inc. As a result, items a, d, and I will recur in 2023. Denise plans to continue her typing services business (refer to item b) and expects gross receipts of $34,000. She projects that all business expenses (refer to item h) will increase by 10%, except for office rent, which, under the terms of her lease, will remain the same as in 2022. Items e, f, g, j, k, and s will not recur in 2023. Items c, i, m, n, p, q, and r will be approximately the same as in 2022. i. m. Form 1040 n. P. C Schedule 1 Schedule A Tax Letter and Advice $9,500 interest expense on a home mortgage. Alimony of $10,000 received from her former husband. Sc $100,000 salary from Legal Services, Inc. $1,000 Christmas bonus from Legal Services, Inc. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. Expenses connected with Typing Services that will remain the same: Office Rent of $7,000. $700 interest income from Third National Bank. Interest income of $800 on City of Boca Raton bonds. Sales taxes from the sales tax table of $953. S Property taves on her residence of $3 200 d. $1,000 Christmas bonus from Legal Services, Inc. I. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages. Expenses connected with Typing Services that will remain the same: Office Rent of $7,000. $700 interest income from Third National Bank. h. C. i. m. n. $9,500 interest expense on a home mortgage. Alimony of $10,000 received from her former husband. Interest income of $800 on City of Boca Raton bonds. Sales taxes from the sales tax table of $953. Property taxes on her residence of $3,200. P. 9. r. Charitable contributions of $2,500. Increases in 2023: b. $20,000 gross receipts from her typing services business will increase to $34,000. h. The following expenses connected with the typing service will increase by 10%. Supplies Utilities and telephone $4,400 4,680 5,000 Wages to part-time typists Payroll taxes Equipment rentals The following items will not recur: life insurance proceeds, gift, bingo winnings, bad debt, stolen silverware, and the auto accident. 500 3,000 Equipment rentals The following items will not recur: life insurance proceeds, gift, bingo winnings, bad debt, stolen silverware, and the auto accident. Assume her filing status does not change. Self-employment taxes are based on 92.35% of the net profits and taxed at 15.3%. Based on this information, Denise would like you to provide a tentative computation of her 2023 taxable income. January 26, 2023 3,000 Ms. Denise Lopez 2020 Oakcrest Road Boca Raton, FL 33431 SWFT, LLP 5191 Natorp Boulevard Mason, OH 45040 Dear Ms. Lopez: This letter is in response to your request concerning your estimated Federal taxable income for 2023. Based on the 2023 estimates you provided to us, we have determined that your estimated net business income would be Your deduction for qualified business This results in self-employment taxes of . Therefore, your estimated taxable income, after considering your carryover loss from last year, would be income would be If I can be of further assistance to you in this matter, please do not hesitate to contact me.

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