ACCT 407/607 - Federal Taxation Fall 2023 1040 Income Tax Return Due 12/1/2023 Jocy F. Tribbiani is a married S4 year old (SSN S46-57-1111) residing at 99 Castleton Ct, Oceanside, NY 11572. Joey's wife is Phocbe Tribbiani ( 52 years old, SSN 331246363 ). Joey and Phoebe have two sons. Chandler F. Tribbiani is 17 years old (SSN 663-32-4565). He has a part-time job where he earned 58,750 for 2023. Joey and Phoebe provided all of Chandler's support. Their other son is Hulk F. Tribbiani and is 21 years old (SSN 455-229896). Hulk did not live with his parents but instead lived in an apartment with a friend while he figures out what he wants to do with his life. Hulk works part-time as an actor where he eamed $3,800. This ineome did not allow Hulk to pay for all of his expenses so his parents belped with many of his expenses and ended up providing over half of his support. Joey and Phoebe also provide most of the support Joey's father, Joseph Tribbiani Sr (95 years, SSN 356-22. 4589), who lives in assisted living. His gross income was \$4,520, Joey has a nephew, Bobby Corso Jr (SSN 256-664354), who Joey supports. Bobby is 22 and an undergraduate student at NYU. Bobby had an intemship with Merrill Lynch where he made $9,500. Bobby's tuition and fees for 2023 were $25,000 and book costs were $1,500. He received a tuition scholarship of $14,500. Joey and Phoebe paid for all of Bobby's remaining education costs and provided over half of his support. Bobby lives with Joey and Phoebe when not in school. In 2023, Jocy developed a hernia and his medieal bills totaled $36,000. Insurance reimbursed him for $14,000 of these costs and be used $2,000 from his HSA to cover some costs. Other unreimbursed medical and dental expenses for the year totaled $8,480. Joey owns a successful talent agency that he runs as a cash basis sole proprietorship. He provided you with the 4/4/21 - Office Computer \$4,000 Purchase Price 11/1/22 - Office Fumiture $5,000 Purchase Price These were the only asset purchases in those years and Joey did not elect 179 or bonus in either year. Joey made estimated federal income tax payments of $26,000 and state income tax payments of $4,000 total. Phoebe is a stockbroker for Merrill Lynch. Her 2023 W-2 is attached. She had the following unreimbursed employe expenses during 2023; business entertainment ( $2,500 ), meals ($4,200) and business use of her car 3,000 miles (she has no idea of the actual costs related to these miles). Her car was placed in service 1/1/2012 and her personal miles for the year were 2,000 . In 2023, Joey and Phoebe received interest of \$5,000 from Chase Bank and $4,500 from State of New York bonds. They had qualified dividends of \$4,250. Phoebe paid \$26,000 in alimony to her ex-husband, Duncan (SSN 455-666655). They were divoreed in 1995 ACCT 407/607 - Federal Taxation 1040 Income Tax Retum With some extra cach, Joey bought 100 shares of Dominos Pizza stock on 5/5/2023 for $119 a share. Frustrated that be had not bought stock in a sundwich company, Joey sold all the shares on 11/1/2023 for $98 a share. Phocbe bought Joey a Porsche in January 2022 for $84,850. In February 2023, the Porsche was stolen from the parking garage. The estimated FMV of the car when stolen was $75,000. Insurance only reimbursed them $20,000 for the loss. Joey and Phoebe purchased a new apartment building on 2/3/23 for $1,000,000. They placed it in service on 4/3/23, During 2023, they collocted $60,000 for 2023 rent and $8,000 for January 2024 rent. They paid $10,000 for property taxes, $6,000 for management fees, and $1,500 for advertising: The Tribbiani's paid $5,256 in real estate taxes on their home and $780 in persosal property taxes during 2023.T. They paid $12,405 in mortgage interest (acquisition indebtedness is less than $750,000 ). They paid $2,000 to have their home professionally fumigated. They contributed \$20.000 to Lucky Duck Animal Rescue, a S0I(c)(3) charity that rescues unwanted birds. Phoebe gave $2,500 to various bomeless people she met during the year. Joey and Phoebe borrowed $30,000 this year to purchase a used truck for personal use. The sales tax on the vehicle was $2,105, the interest expense on the loan was $1,465, and maintenance costs were $790. Phoebe inherited $40,000 cash when her grandma died this year. Her birth mom also gave her $18,000. On their annual trip to Las Vegas to celebrate the anniversary of one of their favorite trips, Joey won $8,000 on the first day playing blackjack and lost $11,000 on day two. The Tribbiani's paid you $2,585 to prepare their 2022 tax return in 2023. On that tax return, the Tribbiani's had itemized deductions of $27,165 (the standard decfuction for 2022 can be found in your book or online). Their taxes included in itemized deductions were less than $10,000 last year. Complete Jocy and Phoebe's 2023 Federaltheeme-Fax-Retum. When faced with any choices, the Tribbiani's want you to make decisions that minimize their taxes. If you have completed the return correctly, you should tum in Form 1040. Schedules 1 and 2, Schedules. A. C, E, SE. Put any eapital gain or loss on line 7 of the Form 1040 and ignore Sehedule D. Ignore any issues with Alternative Minimum Tax (do not complete any sehedules or lines related to LMT) and ignore additional medicare tax on eamed and unearned income (net investment income tax). Ignore the galified business income deduction. You can find the 2023 draft forms on Bightspace. Instructions to any forms are ound at www.irs.gov. You should not tum in any other IRS Schedulesforms other than those listed above. You also eed to tum in an Excel file with any calculation not found directly on the return. You may work with one or two ther people on this project (i.e. groups no larger than 3) but groups should not work together. Each group will turn in tax return and I Excel file. Fote the W-2 attached) A- tembed deductions Form M-21 Wase and Tax Statement Copy 1-For State, City, or Lecal Tax Departmant ACCT 407/607 - Federal Taxation Fall 2023 1040 Income Tax Return Due 12/1/2023 Jocy F. Tribbiani is a married S4 year old (SSN S46-57-1111) residing at 99 Castleton Ct, Oceanside, NY 11572. Joey's wife is Phocbe Tribbiani ( 52 years old, SSN 331246363 ). Joey and Phoebe have two sons. Chandler F. Tribbiani is 17 years old (SSN 663-32-4565). He has a part-time job where he earned 58,750 for 2023. Joey and Phoebe provided all of Chandler's support. Their other son is Hulk F. Tribbiani and is 21 years old (SSN 455-229896). Hulk did not live with his parents but instead lived in an apartment with a friend while he figures out what he wants to do with his life. Hulk works part-time as an actor where he eamed $3,800. This ineome did not allow Hulk to pay for all of his expenses so his parents belped with many of his expenses and ended up providing over half of his support. Joey and Phoebe also provide most of the support Joey's father, Joseph Tribbiani Sr (95 years, SSN 356-22. 4589), who lives in assisted living. His gross income was \$4,520, Joey has a nephew, Bobby Corso Jr (SSN 256-664354), who Joey supports. Bobby is 22 and an undergraduate student at NYU. Bobby had an intemship with Merrill Lynch where he made $9,500. Bobby's tuition and fees for 2023 were $25,000 and book costs were $1,500. He received a tuition scholarship of $14,500. Joey and Phoebe paid for all of Bobby's remaining education costs and provided over half of his support. Bobby lives with Joey and Phoebe when not in school. In 2023, Jocy developed a hernia and his medieal bills totaled $36,000. Insurance reimbursed him for $14,000 of these costs and be used $2,000 from his HSA to cover some costs. Other unreimbursed medical and dental expenses for the year totaled $8,480. Joey owns a successful talent agency that he runs as a cash basis sole proprietorship. He provided you with the 4/4/21 - Office Computer \$4,000 Purchase Price 11/1/22 - Office Fumiture $5,000 Purchase Price These were the only asset purchases in those years and Joey did not elect 179 or bonus in either year. Joey made estimated federal income tax payments of $26,000 and state income tax payments of $4,000 total. Phoebe is a stockbroker for Merrill Lynch. Her 2023 W-2 is attached. She had the following unreimbursed employe expenses during 2023; business entertainment ( $2,500 ), meals ($4,200) and business use of her car 3,000 miles (she has no idea of the actual costs related to these miles). Her car was placed in service 1/1/2012 and her personal miles for the year were 2,000 . In 2023, Joey and Phoebe received interest of \$5,000 from Chase Bank and $4,500 from State of New York bonds. They had qualified dividends of \$4,250. Phoebe paid \$26,000 in alimony to her ex-husband, Duncan (SSN 455-666655). They were divoreed in 1995 ACCT 407/607 - Federal Taxation 1040 Income Tax Retum With some extra cach, Joey bought 100 shares of Dominos Pizza stock on 5/5/2023 for $119 a share. Frustrated that be had not bought stock in a sundwich company, Joey sold all the shares on 11/1/2023 for $98 a share. Phocbe bought Joey a Porsche in January 2022 for $84,850. In February 2023, the Porsche was stolen from the parking garage. The estimated FMV of the car when stolen was $75,000. Insurance only reimbursed them $20,000 for the loss. Joey and Phoebe purchased a new apartment building on 2/3/23 for $1,000,000. They placed it in service on 4/3/23, During 2023, they collocted $60,000 for 2023 rent and $8,000 for January 2024 rent. They paid $10,000 for property taxes, $6,000 for management fees, and $1,500 for advertising: The Tribbiani's paid $5,256 in real estate taxes on their home and $780 in persosal property taxes during 2023.T. They paid $12,405 in mortgage interest (acquisition indebtedness is less than $750,000 ). They paid $2,000 to have their home professionally fumigated. They contributed \$20.000 to Lucky Duck Animal Rescue, a S0I(c)(3) charity that rescues unwanted birds. Phoebe gave $2,500 to various bomeless people she met during the year. Joey and Phoebe borrowed $30,000 this year to purchase a used truck for personal use. The sales tax on the vehicle was $2,105, the interest expense on the loan was $1,465, and maintenance costs were $790. Phoebe inherited $40,000 cash when her grandma died this year. Her birth mom also gave her $18,000. On their annual trip to Las Vegas to celebrate the anniversary of one of their favorite trips, Joey won $8,000 on the first day playing blackjack and lost $11,000 on day two. The Tribbiani's paid you $2,585 to prepare their 2022 tax return in 2023. On that tax return, the Tribbiani's had itemized deductions of $27,165 (the standard decfuction for 2022 can be found in your book or online). Their taxes included in itemized deductions were less than $10,000 last year. Complete Jocy and Phoebe's 2023 Federaltheeme-Fax-Retum. When faced with any choices, the Tribbiani's want you to make decisions that minimize their taxes. If you have completed the return correctly, you should tum in Form 1040. Schedules 1 and 2, Schedules. A. C, E, SE. Put any eapital gain or loss on line 7 of the Form 1040 and ignore Sehedule D. Ignore any issues with Alternative Minimum Tax (do not complete any sehedules or lines related to LMT) and ignore additional medicare tax on eamed and unearned income (net investment income tax). Ignore the galified business income deduction. You can find the 2023 draft forms on Bightspace. Instructions to any forms are ound at www.irs.gov. You should not tum in any other IRS Schedulesforms other than those listed above. You also eed to tum in an Excel file with any calculation not found directly on the return. You may work with one or two ther people on this project (i.e. groups no larger than 3) but groups should not work together. Each group will turn in tax return and I Excel file. Fote the W-2 attached) A- tembed deductions Form M-21 Wase and Tax Statement Copy 1-For State, City, or Lecal Tax Departmant