Please answer this question with 2020 tax forms. Form 1040, Schedule 1, Schedule A, Schedule C, Schedule D, Form 8995

Denise Lopez, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive, Boca Raton, FL 33434. Denise is a material participant in the business, she is a cash basis taxpayer, and her Social Security number is 123-45-6781. Denise lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Denise wants to designate $3 to the Presidential Election Campaign Fund. She has never owned or used any virtual currency. During 2020, Denise had the following income and expense items:

1. $100,000 salary from Legal Services, Inc.

2. $20,000 gross receipts from her typing services business.

3. $700 interest income from Third National Bank.

4. $1,000 Christmas bonus from Legal Services, Inc.

5. $60,000 life insurance proceeds on the death of her sister.

6. $5,000 check given to her by her wealthy aunt.

7. $100 won in a bingo game.

8. Expenses connected with Typing Services:

Office rent Supplies Utilities and telephone Wages to part-time typists Payroll taxes Equipment rentals

$7,000 4,400 4,680 5,000

500 3,000

9. $9,500 interest expense on a home mortgage (paid to Boca Raton Savings and Loan).

10. $15,000 fair market value of silverware stolen from her home by a burglar on October 12, 2020. Denise had paid $14,000 for the silverware on July 1, 2010. She was reimbursed $10,000 by her insurance company.

11. Denise had loaned $2,100 to a friend, Joan Jensen, on June 3, 2016. Joan declared bankruptcy on August 14, 2020, and was unable to repay the loan. Assume that the loan is a bona fide debt.

12. Legal Services, Inc., withheld Federal income tax of $15,000 and the appropriate amount of FICA tax from her wages.

13. 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.

14. Interest income of $800 on City of Boca Raton bonds.

15. Denise made estimated Federal tax payments of $2,000.

16. Sales taxes from the sales tax table of $953.

17. Property taxes on her residence of $3,200.

18. Charitable contribution of $2,500 to her alma mater, Citrus State College.

19. On November 1, 2020, Denise was involved in an automobile accident. At the time of the accident, her

    automobiles FMV was $45,000. After the accident, the automobiles FMV was $38,000. Denise

acquired the car on May 2, 2019, at a cost of $52,000. Denises 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.

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Fom 8995 Qualified Business Income Deduction OMB No. 1545-2294 Simplified Computation 2020 Attach to your tax return. Attachment Go to www.irs.gov/Form8995 for instructions and the latest information. . Sequence No. 55 Your taxpayer identification number Department of the Treasury Internal Revenue Service Names) shown on retum 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 $ 163,300 (8326, 600 if married fiing jointly), and you aren't a patron of an agricultural or horticultural cooperative. 1 (a) Trade, business, or aggregation name (b) Taxpayer identification number (c) Qualified business income or (0) ) i ii iii iv V 3 4 5 6 8 2 Total qualified business income or (loss). Combine lines 1i through 1v, column (c) ..... 2 Qualified business net (loss) carryforward from the prior year. 3 3 Total qualified business income. Combine lines 2 and 3. If zero or less, enter-O- 4 Qualified business income component. Multiply line 4 by 20% (0.20) Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions) 6 6 ... 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year 70 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter-O- 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 11 Taxable income before qualified business income deduction. 11 12 Net capital gain (see instructions) 12 13 Subtract line 12 from line 11. If zero or less, enter-O- 13 14 Income limitation. Multiply line 13 by 20% (0.20). 15 Qualified business income deduction. Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return... 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-O- For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 37806C 9 10 14 15 16 17 Form 8995 (2020) 1040 20 H RE 26 LBC EESE Thr S92 Home SCHEDULE w temized Deductions - 20 Medical and De Gution: De more robe pole by the www.al MTN par were you let sindude todo income dedine Sur meword ording w You Paid 8 Homemotonetom you some tome mortgage internet porn you on om w pewny e rructor de pensare cutting, TEC ECC dogwi Adred 18F 492" d, S . Gate Gm by chce you made mygt 50mm, Oly were you com 500 Gaver Harta - - Omani thom - The lower Other Com in Red Dede 1 Add the most fright for freehoug 18. A, er et on Deduction ou election actions we trough they are then you are doctor cond Arts 20 PRO + . . 11 CELCE Part Ii Cost of Goods Sold intruction Vhod to Valus closing na . Con Low chor Was there any change in determining out.com.br valtion between sering and closing inventory? 37 * conformitor person # Cost ofter. Do retirade my mounted to yoursel Verande Other % 10 41 41 42 Cost a good wad Subtraction from line 0. Enter the mothers and online G Com 20 TRE . Fom 8995 Qualified Business Income Deduction OMB No. 1545-2294 Simplified Computation 2020 Attach to your tax return. Attachment Go to www.irs.gov/Form8995 for instructions and the latest information. . Sequence No. 55 Your taxpayer identification number Department of the Treasury Internal Revenue Service Names) shown on retum 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 $ 163,300 (8326, 600 if married fiing jointly), and you aren't a patron of an agricultural or horticultural cooperative. 1 (a) Trade, business, or aggregation name (b) Taxpayer identification number (c) Qualified business income or (0) ) i ii iii iv V 3 4 5 6 8 2 Total qualified business income or (loss). Combine lines 1i through 1v, column (c) ..... 2 Qualified business net (loss) carryforward from the prior year. 3 3 Total qualified business income. Combine lines 2 and 3. If zero or less, enter-O- 4 Qualified business income component. Multiply line 4 by 20% (0.20) Qualified REIT dividends and publicly traded partnership (PTP) income or (loss) (see instructions) 6 6 ... 7 Qualified REIT dividends and qualified PTP (loss) carryforward from the prior year 70 8 Total qualified REIT dividends and PTP income. Combine lines 6 and 7. If zero or less, enter-O- 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 11 Taxable income before qualified business income deduction. 11 12 Net capital gain (see instructions) 12 13 Subtract line 12 from line 11. If zero or less, enter-O- 13 14 Income limitation. Multiply line 13 by 20% (0.20). 15 Qualified business income deduction. Enter the lesser of line 10 or line 14. Also enter this amount on the applicable line of your return... 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-O- For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 37806C 9 10 14 15 16 17 Form 8995 (2020)