Tax Return with The Tax Act 2018 Professional Edition Analysis Paper giving the specific and detailed information, calculated the tax return and related qu

Tax Return with The Tax Act 2018 Professional Edition Analysis Paper giving the specific and detailed information, calculated the tax return and related questions such as “Would it be wise for Toni to use form 8829 for business use of her home? Can Toni have an IRA? Roth IRA for her current tax year.” Tax return problem
Due December 3 2019 by 5 PM
Toni is 72 ½ year’s old and her social security number is 003-46-3816
Wages from her main job this year was $212,500, with federal withholding of $28,600
Toni has dividend income of $ 12,150 from qualified dividends and $ 14,000 from ordinary dividends.
Toni had an IRA distribution of $29,600.
She received a K-1 from one of her companies with $38,000 in business income.
Her social security benefits are $35,128 and she wants to withhold $4000 for her tax increase from
receiving the benefits.
Toni has interest income from Banks totaling $13,156.
She is required to check the boxes for foreign accounts from a visit to Germany a few years ago and left
$1500 in an account there and she did not have any new foreign accounts this past year.
She had capital gain distributions of $18,300.
She received information from her brokerage firm, and they had paperwork stating the form 8949
proceeds were $21,715 with a cost basis of $6,295.
She received short term stock transactions for $8000 on 1099 B. The basis was $5,610
There were additional shares (1,000 shares) and they were classified as Short term and were sold on
11/25 for $30 per share and her basis was $22.50 per share.
Toni had LT capital gains as seen below
The proceeds were $10,000 and the cost basis was $5,113.
Toni dabbled in real estate and she had a business called Warehouse Realty (partnership). Her K-1 listed
that the Partnership had a $23,000 non-passive loss this year. Her basis was $71,000 in the partnership.
Toni also was one of two owners in an S Corp (I did it my way Inc). Her non passive income related to
the Corp was $75,000. She had a Keogh account and maxed the amount she could legally take for the
current year.
She received a form stating that she had interest and dividends in NH and wants to know how much she
would need to pay to the state of NH for her interest and dividend income.
Toni did have a foreign tax credit for Dividends from Canada for $850.
Toni also has a manufacturing company and she is the sole S Corp shareholder. She invested $1,000,000
for a new machine to produce wooden shampoos. The company had revenues of $3,000,000 and
expenses for 1,500,000 prior to her section 179. She took a distribution from the S Corp for $245,000.
Toni needs to figure out how much tax she must pay for her taxable social security income.
She needs you to calculate her QBI Income from her business sources from pass through entities.
She has Mortgage Interest of 8,000 this year.
Her real estate taxes for her home was $14,300
She has charitable contributions with cash to Paul College for $12,750 this year.
She wants you to figure out how much she will be able to use Form 8283 for non-cash charitable
deductions.
Toni has a Schedule C as a ticket scalper.
Her revenues are $103,000 and her expenses were $51,000. She stated she was the sole proprietor of
this business and she has mileage (6000 business miles )and other deductions of $ 4000 for her office
costs. She stated she qualified for material participation for this endeavor. Does this qualify for QBI? If
so how much?
Would it be wise for Toni to use form 8829 for business use of her home? Can Toni have an IRA? Roth
IRA for her current tax year.
She stated she spent almost all of her time in her businesses in NH, but she moved to CA on 12/18/2019.
How much can she deduct for moving expenses?
How is she going to deal with investment interest expense issues relating to her tax return.
Toni would like you to help her figure out if she can have a 401k. She would also like to know if she
could have a defined benefit plan as well and how much could she contribute and how much could she
put into a defined contribution plan. Can she do both?
Please put a memo together related to her signing Form 8879.
If her companies were all NH companies, how much would the company have in state taxes for all of her
businesses? BET? BPT? Etc.
I would like you to research at least two topics that you believe will help Toni’s tax issues this year and
into the future. I expect one to two pages on your research
Good luck on this fun project using your tax software and IRS website and other tax software which may
help us to get to the best outcome within the law.

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