Assignment: Complete a Form 1040, not all required information may be provided. I need help with Greg information more so than Karen please.

Greg and his wife Karen are utilizing your tax preparation services and have provided the following information:

Greg and Karen are married filing joint and have two children ages 12 and 17. The 17-year-old has a part- time job five hours per week during the summer (June, July, and August) scooping ice cream at $10 per an hour.

Greg is a contractor (not an employee) and obtained a form 1099 from his employer. The payments made to Greg totaled $130,000.

Greg has a side hustle as an Uber driver and obtained a form 1099. The payments made to Greg for driving the Uber totaled $10,000.

Greg receives alimony from his ex-spouse, Sam in an agreement regarding the alimony payments, Greg received $12,000 from his ex-spouse.

Greg earned $1,500 on interest from corporate bonds.

Greg earned $500 on interest from municipal bonds for the city of Tallahassee.

Greg contributed $3,000 to his traditional RA and contribute $4,000 to a Roth IRA.

As part of Gregs job, his employer expected him to cover the cost of computer equipment to do his work. Greg purchased the following during the year:

HP computer $800, HP printer $200, and Ink for printer $60

Web Cam for zoom meetings $100 and lighting for zoom meeting $50

Filing cabinet to keep files related to work $200 and Spare monitor and keyboard set $300

Greg drove to multiple clients offices to close out some business deals.

Greg spent $2,500 on gas to go to clients offices during the year. The company reimbursed Greg using the standard IRS mileage rate, resulting in a reimbursement totaling $3,200.

Greg has a hobby where for roughly 3 hours per week he collects Pokmon cards and tries to sell them for gains. Unfortunately, Greg wasn't very good at flipping Pokmon cards and incurred $6,000 of losses from these activities for the year.

Karen is a day trader and makes her money on buying/selling stocks on the Stock Exchange.

On February 1^st Karen purchased stocks worth a total of $50,000.

On December 15^th Karen sold all stocks that were purchased in February for total proceeds of $110,000. Karen received a cash gift from her mother totaling $6,000.

Karen spent $48,000 on remodeling the living room to add a surround sound speaker system and saltwater fish tank.

Karen has a rental property that she uses for supplemental income:

Rent received during the year total $12,000 and Expenses to maintain the rental property total $9,000. Karen was in a few local commercials and receives residual royalties for being on TV during the year Karen received a total of $2,300 in royalty payments.