Tony & Jeannie Nelson

Tax4001Exam2InputSheet20231.xlsx

Summary

Tony & Jeannie Nelson
Summary of Tax Return
2022
Description	Amount	Subtotal	Totals	Explanation/Computations as needed
Salary & Wage Income
Net Income from Nelson Engineering	- 0
Net Income from Jeannie Art	- 0
Interest Income
S/T Capital Gains	- 0
Other Ordinary Income
Ordinary Income	- 0
L/T Capital Gains 28%	- 0
L/T Capital Gains 25%	- 0
L/T Capital Gains 0/15/20	- 0
Other Income, if any
Total Gross Income		- 0
Adjustments (deductions FOR AGI):
Total Adjustments FOR AGI		- 0
Adjusted Gross Income		- 0
Itemized or Standard Deduction	- 0
Qualified Business Deduction	- 0
Total Deductions FROM AGI		- 0
Taxable Income			- 0
Ordinary Taxable Income		- 0
L/T Capital Gains 28%		- 0
L/T Capital Gains 25%		- 0
L/T Capital Gains 0/15/20		- 0
Taxable Income			- 0
Tax on Ordinary Income		- 0
Tax on LTCG 28%		-
Tax on LTCG 25%		- 0
Tax on LTCG 0/15/20		- 0
Tax on Taxable Income			- 0
Other Taxes:
Net Investment Income Tax		- 0
Self-Employment Tax		- 0
Additional Medicare Tax		- 0
Total Other Taxes			- 0
Total Tax			- 0
Credits:
Child Tax Credit	- 0
American Opportunity Tax Credit	- 0
Total Credits		- 0
Prepayments
Total Credits & Prepayments			- 0
Amount Due (Refund)			- 0

Tony & Jeannie Nelson
Nelson Engineering
2022
Item Description	Amount	Explanation/Computations as needed
Revenue
Cost of Goods Sold
Gross Profit	- 0
Business Expenses:
Wages
Rent Expense
Taxes
Utilities
Depreciation
Interest
Travel
Entertainment
Meals
Other Expenses
Total Expenses	- 0
Net Business Taxable Income (Loss)	- 0
Self Employment Tax Deduction

Tony & Jeannie Nelson
Jeannie Abstracts
2022
Item Description	Amount	Explanation/Computations as needed
Revenue
Cost of Goods Sold
Gross Profit	- 0
Business Expenses:
Wages
Taxes
Utilities
Depreciation
Other Expenses
Total Expenses	- 0
Net Business Taxable Income (Loss)	- 0
Self Employment Tax Deduction

Tony & Jeannie Nelson
Sale of Assets
2022
	Items	Proceeds	Cost	Net Gain (Loss)	Short Term Capital Gain/(Loss)	Long Term Capital Gain/(Loss)
						28%	25%	0/15/20	Explanation/Computations as needed
a				- 0
b				- 0
c				- 0
d				- 0
e				- 0
f				- 0
g	Carryover
Total Gain / (Losses) Steps 1 & 2				- 0	- 0	- 0	- 0	- 0
Netting Steps and Adjustments:
NET GAIN (LOSSES)				- 0	- 0	- 0	- 0	- 0	NET GAIN (LOSSES) to Summary sheet

Tony & Jeannie Nelson
Itemized Deductions
2022
Item Description	Amount	Subtotal	Total	Explanation/Computations as needed
Medical Deduction
Total Expenses		- 0
Medical Expense Deductible
Taxes Paid
Total Expenses		- 0
Tax Expense Deductible
Interest Paid
Total Expenses		- 0
Interest Expense Deductible
Charitable Contributions
Total Expenses		- 0
Charitable Contribution Deductible
Other Itemized Deductions
Total Expenses		- 0
Other Deductible
Total Itemized Deductions			- 0
Standard Deduction
Amount Deductible

Tony & Jeannie Nelson
Qualified Business Deduction Calculation
2022
				Explanation/Computations as needed
Qualified business income (QBI) from Nelson Engineering
W-2 Wages for this activity
Qualified Property (investment) for this activity
Qualified business income (QBI) from Jeannie Abstract
W-2 Wages for this activity
Qualified Property (investment) for this activity
Taxable Income before QBI Deduction
Wage based Limitation Taxable income before QBI and pref rates threshold
Qualified Business Income Deduction:
Lesser of:	QBI Calculation
a)	QBI from Nelson Engineering	- 0	- 0
	QBI from Jeannie Abstract	- 0	- 0
	Rate	20%
	Total QBI		- 0
or	Taxable Income Limitation
b)	Taxable Income before QBI Deduction	- 0
	Capital gains
	Excess of income over capital gains	- 0
	Rate	20%
			- 0
Wage Based Limitation on QBI:
Applies	Yes or No
If Yes then compute below:
Greater of:
	Nelson
a)	50% of wages	- 0
b)	25% of wages + 2.5% of qualified property	- 0
Greater of:
	Jeannie
a)	50% of wages	- 0
b)	25% of wages + 2.5% of qualified property	- 0
Amount of QBI Deduction

Tony & Jeannie Nelson
Tax Calculations
2022
	Income	TAX	Explanation/Computations as needed
Tax on Ordinary Income	$ - 0
Bracket
Excess	$ - 0
Marginal Rate %
Tax on Excess		$ - 0
Total Tax on Ordinary Income		- 0
L/T Capital Gain 28% Max	- 0
Capital Gains Rate	28%
Capital Gains Tax		-
L/T Capital Gain 25% Max	- 0
Capital Gains Rate
Capital Gains Tax		- 0
L/T Capital Gain 0/15/20%	0
Capital Gains Rate
Capital Gains Tax		- 0
Net Investment Income
NIIT Rate	3.8%
Net Investment Income Tax		- 0
Self Employment Tax
Total Income Nelson Eng	- 0
Taxable Computation.	92.35%
Self Employment Taxable	- 0
Social Security Taxable
Rate	12.4%
Social Security Tax	- 0
Medicare Taxable
Rate	2.9%
Medicare Tax	- 0
Self Employment Tony		- 0
Total Income Jeannie Abstract	- 0
Taxable Computation.	92.35%
Self Employment Taxable	- 0
Social Security Taxable
Rate	12.4%
Social Security Tax	- 0
Medicare Taxable
Rate	2.9%
Medicare Tax	- 0
Self Employment Jeannie		- 0
Total Self Employment Tax		- 0
Extra Medicare
Tony SE Taxable	- 0
Jeannie SE Taxable	- 0
Jeannie Salary
Total S E Taxable	- 0
Extra Medicare MFJ Floor
Amount Subject to extra	- 0
Extra Rate	0.9%
Extra Medicare Tax		- 0

Tony & Jeannie Nelson
Tax Credits
2022
Child & Dependent Tax Credit		Explanation/Computations as needed
# of children eligible for credit
credit per child amount
# of other dependents
Per other dependent credit amount
Total Child Tax Credit before phase-out	- 0
Adjusted Gross Income (AGI)	- 0
Phase-out threshhold
AGI In Excess of threshold	- 0
Credit Phase-out Increment
Amount of Credit Phase-out
Net Child Tax Credit	- 0
Total Net Child Tax Credit on Return
American Opportunity Tax Credit
Amount of eligible expenses
Amount of credit before phase-out
Adjusted Gross Income (AGI)	- 0
Phase-out threshhold
AGI In Excess of threshold	- 0
Phase-out range for MFJ
Phase-out %
Amount of Credit Phase-out
Net American Opportunity Tax Credit	- 0