{"id":70198,"date":"2021-11-03T03:35:14","date_gmt":"2021-11-03T03:35:14","guid":{"rendered":"https:\/\/papersspot.com\/blog\/2021\/11\/03\/tax-return-1\/"},"modified":"2021-11-03T03:35:14","modified_gmt":"2021-11-03T03:35:14","slug":"tax-return-1","status":"publish","type":"post","link":"https:\/\/papersspot.com\/blog\/2021\/11\/03\/tax-return-1\/","title":{"rendered":"Tax Return 1"},"content":{"rendered":"<p>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 dividends of $2,450, and other information follows:Contribution to solo Section 401(k) retirement plan $ 3,500Loss on sale of Alphatech stock held 2 years -3,400Mortgage interest on primary residence 6,950State and local property tax on residence 8,350Property tax included in personal auto registration 260State sales taxes paid 370State income taxes paid 1,450Charitable contributions of cash 1,750Political contributions 550 Three comments that will help:\uf0b7 Qualified dividends are included in ordinary dividends on the form 1040.\uf0b7 You are not required to complete the Schedule D Worksheet. Just consult the last example in \u201cdrnos Capital Gain calcs 2020.ppt\u201d to calculate the tax.\uf0b7 Claim the QBI deduction on the appropriate line of the Form 1040, but no additional form is required. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 dividends [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[15],"class_list":["post-70198","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-business"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/70198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=70198"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/70198\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=70198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=70198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=70198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}