This tax form/return preparation problem uses the same information as Problem I:7-62 EXCEPT it applies to the 2022 tax year rather than 2023. Actual government tax forms for 2023 are unavailable at the time of publication. To complete the 2022 tax return for Dan M. and Cheryl A. Peters, all dates must be changed to the immediately prior year. For example, all of the 2023 dates in Problem I:7-62 must be changed to 2022 and other dates moved back one year.

Below are the significant date changes for Problem I:7-62:

• All wages and taxes withheld should be changed to 2022.

• All interest and dividends should be changed to 2022.

• Sales of stocks: All dates for the three stock sales should be changed to 2022. For dates of purchase, the first two should be changed to 2015 and 2018, respectively, and the third purchase date should be changed to 2022.

• All other dates relating to deductions and tax payments should be changed to 2022. Be sure to use 2022 tax forms and 2022 tax rates.

Data From Problem  I:7-62:

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1:7-62 Dan M. and Cheryl A. Peters are married, file a joint return, and have no children in 2023. Dan, age 45, is an independent contractor working in pharmaceutical sales and Cheryl, age 42, is a nurse at a local hospital. Dan's SSN is 400-20-0000 and Cheryl's SSN is 200-40-0000 and they reside at 2033 Palmetto Drive, Atlanta, GA 30304. Dan is paid according to commissions from sales, and he has no income tax or payroll tax withholdings. Dan operates his business from his home office. During 2023, Dan earned total commissions in his business of $125,000. Cheryl earned a salary during 2023 of $65,400 with the following withholdings: $9,000 fed- eral taxes, $1,800 state taxes, $4,055 OASDI (Social Security), and $948 Medicare taxes. During 2023, Dan and Cheryl had interest income from corporate bonds and bank ac- counts of $1,450 and qualified dividends from stocks of $5,950. Dan also actively trades stocks and had the following results for 2023: Date Acquired Date Sold Proceeds Cost Gain or Loss Stocks 7/1/2016 Stocks 7/1/2019 12/1/2023 $10,900 $6,000 $4,900 Long-term 12/1/2023 $6,000 $9,200 ($3,200) Long-term Stocks 7/1/2023 10/30/2023 $4,000 $11,800 ($7,800) Short-term