Part 1: Taxpayer information, Form 1040, Schedules 1, 2, and 3, Schedule A, and Schedule B

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Part 1: Taxpayer information, Form 1040, Schedules 1, 2, and 3, Schedule A, and Schedule B.
 

Noah and Joan own a condo and use it as a rental property. The condo is located at 16 Oakwood Ave, Unit A, Dayton, OH 45409. Noah provides

the management services for the rental including selection of tenants, maintenance, repairs, rent collection, and other services as needed. On average, Noah spends about 2 hours per week on the rental activity. It was rented for 365 days. The revenue and expenses for the year are as follows:

Rental income $14,000

Insurance 600

Interest expense 5,700

Property taxes 1,000

Miscellaneous expenses 700

The home was acquired for $82,500 in 2004. No improvements have been made to the property.

9. The Arcs paid Ohio general sales tax of $1,076 during the year.

10. The Arcs received a $3,400 EIP in 2020.

Required:

You are to prepare the Arc's federal income tax return in good form. You are not to complete an Ohio state income tax return. The following forms

and schedules are required and may be found in parts 1, 2, or 3:

Part 1 Part 2 Part 3

Form 2441

Form 1040 Schedule C . .

(Only page 1 is required)

Schedule 1 Schedule D Schedule E

Schedule 2 Schedule SE Form 4562

Schedule 3 Form 8949 Schedule 8812

Qualified Dividends and Capital

Schedule A . Form 8995

Gain Tax Worksheet

Schedule B Child Tax Credit Worksheet

Additional Instructions:

e Click here to access the tax table to use for this problem.

e Neither taxpayer wants to make a contribution to the presidential election campaign.

e The taxpayers elect to use the foreign tax credit in lieu of the deduction.

e Enter all amounts as positive numbers, except for a “loss.” If required, enter a “loss” as a negative number on the tax form.

e If an amount box does not require an entry or the answer is zero, enter "0".

e If required, round your answers to the nearest dollar. On Schedule SE, use the rounded amounts in subsequent computations.

e Make realistic assumptions about any missing data that you may need.

Form 1040

Complete Form 1040.

Form

Department of the Treasury—Internal Revenue Service (99)

1040 U.S. Individual Income Tax Return 2020 OMB No. 1545-0074 IRS Use Only

Filing Status v

Your first name and middle initial Last name Your social security number

Noah Arc 434-11-3311

If joint return, spouse's first name and middle initial Last name Spouse's social security number

Joan Arc 456-87-5432

Home address (number and street). If you have a P.O. box, see instructions. Presidential Election Campaign

1265 W. Riverview Ave. Check here if you, or your spouse if

City, town, or post office. If you have a foreign address, also complete State ZIP code filing Jointly, want $3 to go to this

spaces below. OH 45402 fund. Checking a box below will not

Dayton change your tax or refund.

Foreign country name Foreign province/state/country | Foreign postal code

At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual

currency? TT

Standard

. Someone can claim: v

Deduction

. You: v

Age/ Blindness Spouse: .

Dependents (see instructions): (2) Social security | (3) Relationship (4) Y if qualifies for (see instructions):

If more than four (1) First name Last name number to you Child tax credit Credit for other dependents

instructions and check

here » 2 Nora Arc 554-33-2411 Daughter v v

es ee ee 2

es ee ee 2

1 Wages, salaries, tips, etc. Attach Form(s) W-2..........0 cc cee v eevee eee eeens pa [

Attach 2a Tax-exempt interest. . 2a b Taxable interest.......... ES

Sch. B if

required. 3a_ Qualified dividends... Ee a) b Ordinary dividends........ 3b fs]

4a _ IRA distributions..... saa) b Taxable amount.......... | 4b |

5a_ Pensions and annuities psaf sd d Taxable amount.......... Ey

Standard 6a Social security benefits jeu; sd b Taxable amount.......... | 6b |

peanon for- 7 Capital gain or (loss). Attach Schedule D if required. If not required, check here...» 3 [

e Single or

Married filing 8 Other income from Schedule 1,line9..... ee ee ee eee ee ees 8 [

separately, . _ .

$12,400 9 Add lines 1, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income.............2> oO [

¢ Married filing 10 Adjustments to income:

jointly or

Qualifying a From Schedule 1, line 22........... 2.02 eee eee ee ees | 108 [ ]

eae b Charitable contributions if you take the standard deduction. »| CoO

© Head of See instructions ......... 0000 e eee eee eee eee eee ees | LOD

household, c Add lines 10a and 10b. These are your total adjustments to income...........> 0c [

$18,650

° If you checked 11 Subtract line 10c from line 9. This is your adjusted gross income ..............>2 san [

any box under . ws . )a2-

Standard 12 Standard deduction or itemized deductions (from Schedule A) [

Deduction, see | 13 Qualified business income deduction. Attach Form 8995 or Form 8995-A............ )13° [

instructions.

14 Add lines 12 and 13... ... ccc ccc cece ccc ceceucueuueuaeeeeueeteeteeeeeg 14 [

15 Taxable income. Subtract line 14 from line 11. If zero or less, enter -O-............ )1s [

For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040