(Solved): Please help me complete the highlighted parts on Form 1040. I have completed most, but am struggling ...

Please help me complete the highlighted parts on Form 1040. I have completed most, but am struggling. 

Note: This problem is for the 2020 tax year. Denise Lopez, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive, Boca Raton, FL 33434 . Denise is a material participant in the business, she is a cash basis taxpayer, and her Social Security number is 123-45-6781. Denise lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6781. Denise wants to designate \( \$ 3 \) to the Presidential Election Campaign Fund. She has never owned or used any virtual currency. Denise received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. During 2020 , Denise had the following income and expense items: a. \( \$ 100,000 \) salary from Legal Services, Inc. b. \( \$ 20,000 \) gross receipts from her typing services business. c. \( \$ 700 \) interest income from Third National Bank. d. \( \$ 1,000 \) Christmas bonus from Legal Services, Inc. e. \( \$ 60,000 \) life insurance proceeds on the death of her sister. f. \( \$ 5,000 \) check given to her by her wealthy aunt. g. \( \$ 100 \) won in a bingo game. h. Expenses connected with the Typing Services: i. \( \$ 9,500 \) interest expense on a home mortgage (paid to Boca Raton Savings and Loan). j. \( \$ 15,000 \) fair market value of silverware stolen from her home by a burglar on October 12,2020 . Denise had paid \( \$ 14,000 \) for the silverware on July 1,2010 . She was reimbursed \( \$ 10,000 \) by her insurance company. Denise had loaned \( \$ 2,100 \) to a friend, Joan Jensen, on June 3, 2016. Joan declared bankruptcy on August 14 , 2020, and was unable to repay the loan. Assume that the loan is a bona fide debt. Legal Services, Inc., withheld Federal income tax of \( \$ 15,000 \) and the appropriate amount of FICA tax from her wages. n. Alimony of \( \$ 10,000 \) received from her former husband, Omar Guzman; divorce was finalized on December 2 , 2014 , and no changes have been made to the divorce decree since that time. Interest income of \( \$ 800 \) on City of Boca Raton bonds. Denise made estimated Federal tax payments of \( \$ 2,000 \). Sales taxes from the sales tax table of \( \$ 953 \). Property taxes on her residence of \( \$ 3,200 \). Charitable contribution of \( \$ 2,500 \) to her alma mater, Citrus State College. On November 1, 2020, Denise was involved in an automobile accident. At the time of the accident, her automobile's FMV was \( \$ 45,000 \). After the accident, the automobile's FMV was \( \$ 38,000 \). Denise acquired the car on May 2 , 2019 , at a cost of \( \$ 52,000 \). Denise's car was covered by insurance, but because the policy had a \( \$ 5,000 \) deduction clause, Denise decided not to file a claim for the damage. iequired: ompute Denise Lopez's 2020 Federal income tax payable (or refund due). Use Form 1040 , Schedule 1 , Schedule 5, Schedule A, Schedule , Schedule D and Form \( 8949 . \) - Make realistic assumptions about any missing data. - If an amount box does not require an entry or the answer is zero, enter " 0 ". - Enter all amounts as positive numbers. However, unless instructed otherwise, use the minus sign to indicate a loss. - It may be necessary to complete the tax schedules before completing Form \( 1040 . \) - Use the tax rate schedules provided (do not use the tax tables). When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar. Form 1040 Complete Denise Lopez's Form 1040 for 2020. Use the provided tax rate schedules. Use the minus sign to indicate a loss. \begin{tabular}{ll|l|l|l} Form & Department of the Treasury-Internal Revenue Service (99) & & \\ 1040 & U.S. Individual Income Tax Return & \( \mathbf{2 0} 20 \) & OMB No. \( 1545-0074 \) & IRS Use Only \\ \hline \end{tabular} Filing Status Sinqle