Delaware Technical Community College Tax Return Form Questions

Get perfect grades by consistently using Place your order and get a quality paper today. Take advantage of our current 20% discount by using the coupon code GET20

Order a Similar Paper Order a Different Paper

Please use 2020 tax forms.

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

Tax Forms you will need to complete;

Form 1040, Schedule 1, Schedule 2, Schedule 3, Schedule A, Schedule B, 2 Form Schedule C (one for Board of director Business, one for consulting business), Schedule D, Form 8949, Schedule E, Schedule SE, Form 8995

Please complete the 2020 Federal Income Tax return for Joseph and Diana Jones. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps.

Joseph and Diana Jones live in Pleasantville, New Jersey. Joseph is the Vice-President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Joneses have three children Rebecca (age 18), Alan (age 15) and David (age 12). In January, Rebecca left home to attend a liberal arts college. All three children qualify as Joseph and Diana’s dependents. The Joneses plan to file a joint return. The Joneses provided the following information:

Joseph’s social security number is 598-94-2583

Diana’s social security number is 301-52-2942

Rebecca’s social security number is 887-44-8710

Alan’s social security number is 810-42-9092

David’s social security number is 855-11-3021

Joseph Jones reported the following information relating to his employment during the year:


Gross Wages

Federal Income Tax Withheld

State Income Tax Withheld

Alternative Energy




The above amounts do not reflect any income items described below. Joseph’s employer withheld all payroll taxes it was required to withhold. The entire Jones family was covered by minimum essential health insurance during each month in 2020. The insurance was provided by Joseph’s employer, Alternative Energy.

Diana Cohen received the following revenue during the year (she uses the cash method of accounting).

Consulting Revenue reported to her on a from 1099-NEC, Box 1

High End Retail$32,000

Jensen’s Health Products $8,500

Strategic Solutions$4,750

Board of Director Compensation reported to her on Form 1099-NEC Box 1

Natural Sunshine, Inc.$7,200

In each of these self employment endeavors, Diana is an active participant, and both activities are considered specified service trade or businesses for purposes of the Qualified Business Income Deduction. Assume both Activities qualify as a trade or business.

During the year, Diana paid the following business expenses for each activity






Diana drove 290 business miles for consulting-related activities (she has documentation to verify).

Board of Director Activity



Diana drove 315 business miles for her board of director activities (she has documentation to verify).

Neither of Diana’s business activities required the filing of Form(s) 1099 to report payments she made during the tax year. In addition, Ms. Jones drove a 2017 Lexus purchased on January 1, 2017 for all her business mileage. She drove the vehicle a total of 10,605 miles during the year for all purposes. Diana has written documentation to support the mileage amounts. She also has access to another vehicle for personal purposes.

The Joneses also received the following during the year:

Interest Income from First Bank of New Jersey


Interest Income from Patterson, New Jersey School District


Interest Income from U. S. Treasury


Interest Income from General Mills Corporate Bond


Qualified dividend income from Rio Tinto


Qualified dividend income from Microsoft


Qualified dividend income from Cooper Tire


Qualified dividend income from Cardinal Health


Qualified dividend income from Union Pacific


Qualified dividend income from Proctor & Gamble


Qualified dividend income from PepsiCo


Qualified dividend income from Kellogg


Qualified dividend income from Abbott Labs


Qualified dividend income from 3M


Dividend income (not qualified) from China Fund


The Jones did not own, control or manage any foreign bank accounts, nor were they grantors or beneficiaries of a foreign trust during the tax year.

The Jones had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B and basis information for each stock sale was reported to the IRS);


2,000 shares of Microsoft




75 shares of Apple Inc.




350 Shares of Cooper Tire




1,000 shares of Cardinal Health




50 Shares of Union Pacific




100 Shares of Proctor & Gamble




350 Shares of Cooper Tire




350 shares of PepsiCo




300 shares of Kellogg




2,000 shares of Microsoft




50 shares of Cooper Tire



Relevant tax basis/holding period information related to sales of securities in the current year:


200 Shares of Apple Inc.




300 Shares of Cooper Tire




100 shares of Union Pacific



Received 1,000 shares of Cardinal Health from Diana’s father as a gift on 10/10//03. Her father’s basis in the stock at the time of the gift was $7,000. Fair market value of the stock at the date of the gift was $41,000.

The Joneses have a $43,000 long-term capital loss carryover from the prior tax year.

The Joneses received a New Jersey state tax refund of $400 in May of 2020. The Joneses received the refund because they had overpaid their New Jersey state individual income tax for 2019. On their 2019 Federal income tax return, the Joneses itemized, and deducted and received a tax benefit for all state tax income taxes paid in 2019.

Diana is a 10% owner in an advertising agency named Bright Ideas (BI) (EIN 20-1234567). BI is a Subchapter S corporation located at 4700 MM Lane, West Rockport, ME 04865. The company reported ordinary business income for the tax year of $150,000. Diana received a K-1 from BI reporting her allocation of this business income. Diana acquired the stock several years ago. Her Basis in the stock before considering her 2020 income allocation was $92,000. Diana is a passive owner with respect to this entity, and all her investment is at risk. Diana received no distribution from BI in 2020. BI is a specified service business for purposes of the Qualified Business Income Deduction, generating $150,000 of Qualified Business Income and paying $50,000 in W2 Wages to its non-shareholder employees.

Diana is also a 20% owner in Natural Sunshine, Inc. (“NS”) (EIN 24-9876543). NS is a Subchapter S corporation located at 6488 WYWH Drive, Islamorada, FL 33036. The company reported an ordinary business loss for the year of $80,000. Diana received a K-1 from NS reporting her allocation of the business loss. Diana acquired the stock several years ago. Her basis in the stock before considering her 2020 loss allocation was $45,000. Diana is a passive owner with respect to this entity. NS is not a specified service business for the purposes of the Qualified Business Income Deduction.

The Joneses paid the following expenses during the year:

Dentist (unreimbursed by insurance)


Doctors (unreimbursed by insurance)


Prescriptions (unreimbursed by insurance)


Real Property taxes on residence


Vehicle (not used for business) property tax based upon value


Mortgage interest on principal residence mortgage of $600,000


Home Equity interest on $40,000 mortgage used to purchase new car


Contribution to United Way


Contribution to American Cancer Society


Contribution to neighborhood drive to oppose development project


Contribution to the Temple Mount Synagogue


The Joneses also donated clothing, electronics, furniture and other household goods to the Salvation Army of Pleasantville, New Jersey on April 15, 2020. Estimated thrift value of the goods donated was $375.

Miscellaneous Information

On September 1, The Joneses paid $200 in foreign taxes attributed to the dividend received from the China Fund.

The Joneses would like to contribute to the Presidential Election Campaign Fund. The Joneses would also like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check.

We offer the best essay writing services to students who value great quality at a fair price. Let us exceed your expectations if you need help with this or a different assignment. Get your paper completed by a writing expert today. Nice to meet you! Want 15% OFF your first order? Use Promo Code: FIRST15. Place your order in a few easy steps. It will take you less than 5 minutes. Click one of the buttons below.

Order a Similar Paper Order a Different Paper