{"id":13356,"date":"2021-11-03T09:47:58","date_gmt":"2021-11-03T09:47:58","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/?p=13356"},"modified":"2021-11-03T09:47:58","modified_gmt":"2021-11-03T09:47:58","slug":"tax-return","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/tax-return\/","title":{"rendered":"Tax Return"},"content":{"rendered":"

Please complete a 2020 Form 1040 for Chunhui:<\/span>
\nChunhui Franco is not married and supports her 12-year-old child who lives with<\/span>
\nher. Chunhui works as a self-employed driver with gross revenue of $46,700 and<\/span>
\nbusiness expenses of $13,400 (make-up the character of the expenses, e.g.,<\/span>
\nsupplies). Chunhui\u2019s only other income was interest of $7,300, qualifying dividends<\/span>
\nof $2,450, and other information follows:<\/span>
\nContribution to solo Section 401(k) retirement plan<\/span>\u00a0$ 3,500<\/span>
\nLoss on sale of Alphatech stock held 2 years<\/span>\u00a0-3,400<\/span>
\nMortgage interest on primary residence<\/span>\u00a06,950<\/span>
\nState and local property tax on residence<\/span>\u00a08,350<\/span>
\nProperty tax included in personal auto registration<\/span>\u00a0260<\/span>
\nState sales taxes paid<\/span>\u00a0370<\/span>
\nState income taxes paid\u00a0<\/span>1,450<\/span>
\nCharitable contributions of cash<\/span>\u00a01,750<\/span>
\nPolitical contributions<\/span>\u00a0550<\/span>
\nThree comments that will help:<\/span>
\n\uf0b7<\/span>\u00a0Qualified dividends are included in ordinary dividends on the form 1040.<\/span>
\n\uf0b7<\/span>\u00a0You are not required to complete the Schedule D Worksheet. Just consult the<\/span>
\nlast example in \u201cdrnos Capital Gain calcs 2020.ppt\u201d to calculate the tax.<\/span>
\n\uf0b7<\/span>\u00a0Claim the QBI deduction on the appropriate line of the Form 1040, but no<\/span>
\nadditional form is required.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Please complete a 2020 Form 1040 for Chunhui: Chunhui Franco is not married and supports her 12-year-old child who lives with her. Chunhui works as a self-employed driver with gross revenue of $46,700 and business expenses of $13,400 (make-up the character of the expenses, e.g., supplies). Chunhui\u2019s only other income was interest of $7,300, qualifying […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":["post-13356","post","type-post","status-publish","format-standard","hentry","category-accounting"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/13356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=13356"}],"version-history":[{"count":3,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/13356\/revisions"}],"predecessor-version":[{"id":13360,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/13356\/revisions\/13360"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=13356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=13356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=13356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}