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Sally W. Emanual, a teacher, had the following dividends and interest during the current year ; Prepare Schedule 1, B, and Form 1040

The IRS has blank forms to complete the practice problem:
https://www.irs.gov/pub/irs-pdf/f1040.pdf
https://www.irs.gov/pub/irs-pdf/f1040sb.pdf
https://www.irs.gov/pub/irs-prior/f1040s1--2020.pdf

Acorn Corporation bond interest                           $700
City of Boston bonds interest                                $1,000
Camp Bank interest                                              $1,250
Jet Corporation dividend (qualified)                      $1,300
North Mutual fund
        Capital gain distribution                 $100
         Ordinary dividend (qualified)         $150
          Nontaxable distribution                $200       $450
Blue Corporation foreign dividend                        $250

Additional information pertaining to Sally Emanual includes:
Salary                                                                    $70,000
Rent Income                                                          $12,000
Expenses related to rent income                           $14,000
Pension benefits                                                    $7,000
Taxable alimony paid to Sally                                 $4,000

The taxable portion of the pension is $7,000. Sally actively participates in the rental activity. Other relevant information includes:

Address: 430 Rumsey Place, West Falls, California 92699
Occupation: Credit manager
SS: 123-45-6789
Marital Status: Single
Date of Divorce: January 10, 2017

(Based on 2020 year) Complete Sally's Schedule 1, Schedule B and compute her taxable income on Form 1040. Assume Schedule E has alread been prepared. Also assume that the couple had no transactions involving virtual currency, made no charitable contributions during the year, and had no foreign bank accounts or trusts.

accounting   Tax-Form   Return-Preparation   college   
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