Assignment: Prepare the following tax return by hand (do not use tax software programs). The tax return you turn in MUST be (neatly) handwritten with pencil (recommended) or pen. I WILL NOT accept returns that are typed (many of the IRS forms will be available in fill-in version) or clearly prepared in and printed from a tax preparation software program.

Due Date: Submit electronically in Blackboard by 11:59 PM (CST) on Friday, October 27th - NO LATE SUBMISSIONS WILL BE ACCEPTED.

READ THE ENTIRE PROBLEM BEFORE STARTING. Use IRS forms for the 2022 tax year to complete the federal income tax return. Forms may be obtained from the IRS website. If a return form references your need to attach any additional schedules, forms, or worksheets, please do so, and include those pages in your final submission. Many of those additional schedules and worksheets will be found in the instructions to the various forms (also available on the IRS website), and you should refer to these instructions often when preparing the return. If any required information is missing, use reasonable assumptions to fill in any gaps.

IMPORTANT: In the Paid Preparer Use Only section at the bottom of Page 2 of Form 1040, write YOUR NAME in the Preparers name box. Do not provide any other information requested in that section.

Prepare a 2022 federal income tax return for Mike Lowrey. His information is as follows: - Michael E. Lowrey, age 42 at the end of 2022, SSN 987-65-4321 - Mike is not married, and he has no children - Home address: 1 Faulkner Way, Oxford, MS, 38655 - Mike does not wish to contribute to the presidential election campaign - If there is an overpayment of tax for the 2022 tax year, Mike would like to receive a refund. And, if a refund is due, he would like it deposited into his checking account (routing number 123456789 and account number 12345678910111213). - Mike did not have any financial interest in or signature authority over any financial accounts located in a foreign country during 2022. - Mike did not receive distributions from or have any financial relationships with any foreign trusts during 2022. - Mike did not have any digital asset transactions during 2022. Mike provided the following information regarding his income and expenses for 2022:

1. Mike earns most of his income through full-time employment. He is a homicide detective for the Oxford Police Department. Through his employment, Mike receives several benefits, including life insurance, retirement, and health insurance. His 2022 Form W-2 from the City of Oxford is attached.

2. Mike also earns some of his income through investments. His investments are held in a (taxable) brokerage account with Edward Jones. The various Forms 1099 are provided. a. Interest earned on various corporate bonds held in the Edward Jones account b. Interest earned on various municipal bonds held in the Edward Jones account c. Dividends earned on various stocks held in the Edward Jones account

3. Mike was covered by minimum essential health insurance during each month in 2022, which was provided and paid in full by the City of Oxford.

4. Mike incurred a few expenses during the 2022 tax year that he thinks might be deductible as itemized deductions, but he is confident that the total amount of the deductions is less than his standard deduction amount. He wants to use the standard deduction for 2022.

5. Mike is financially responsible for his widowed mother. Her name is Eugenia Lowrey (SSN: 654-32-1098) and she lives in Pontotoc, MS. Eugenias only income during 2022 was from Social Security. She received total Social Security benefits of $9,475, none of which was included in gross income. Eugenia used all her income for her living expenses, which totaled $22,330 in 2022. Mike covered the remaining $12,855 of her living expenses.

6. Mike was married, but his divorce was finalized on December 2, 2011. Per the divorce decree, Mikes ex-wife pays him $675 per month in alimony (he received this amount for all 12 months in 2022). His ex-wifes name is Julie Mott, and her SSN is 234-56-7890.

7. Mike requested a 6-month extension to file his 2022 tax return. The request was filed on April 12, 2023. Mike estimated that he would owe tax with his return, so he included a $1,500 payment with the extension

CORRECTED (if checked) \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow{3}{*}{\multicolumn{2}{|c|}{\begin{tabular}{l} PAYER'S name, street address, city or town, state or province, country, ZIP \\ or foreign postal code, and telephone no. \end{tabular}}} & \multicolumn{2}{|c|}{\begin{tabular}{l} 1a Total ordinary dividends \\ $3,045.00 \end{tabular}} & \multirow{2}{*}{\begin{tabular}{|c|} OMB No. 1545-0110 \\ Form 1099-DIV \\ (Rev. January 2022) \\ \end{tabular}} & \multirow{3}{*}{\multicolumn{2}{|c|}{\begin{tabular}{l} Dividends and \\ Distributions \end{tabular}}} \\ \hline & & \multirow{2}{*}{\multicolumn{2}{|c|}{ 1b Qualified dividends }} & & & \\ \hline & & & & \begin{tabular}{l} For calendar year \\ 2022 \\ \end{tabular} & & \\ \hline \multicolumn{2}{|c|}{\begin{tabular}{l} Edward Jones \\ 12555 Manchester Road \\ Saint Louis, MO, USA, 63131 \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} 2a Total capital gain distr. \\ $ \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} 2b Unrecap. Sec. 1250 gain \\ $ \\ \end{tabular}} & \\ \hline PAYER'S TIN & RECIPIENT'S TIN & \multicolumn{2}{|c|}{\begin{tabular}{l} 2c Section 1202 gain \\ $ \end{tabular}} & \begin{tabular}{l} 2d Collectibles (28\%) gain \\ $ \\ \end{tabular} & & \\ \hline 556677889 & 987654321 & \multicolumn{2}{|c|}{\begin{tabular}{l} 2e Section 897 ordinary dividends \\ $ \end{tabular}} & \begin{tabular}{l} 2f Section 897 capital gain \\ $ \end{tabular} & & \\ \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ RECIPIENT'S name }} & \multicolumn{2}{|c|}{\begin{tabular}{ll} 3 & Nondividend distributions \\ $ & \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{ll} 4 & Federal income tax withheld \\ $ & \end{tabular}} & \multirow{9}{*}{\begin{tabular}{r} This is important tax \\ information and is \\ being furnished to \\ the IRS. If you are \\ required to file a \\ return, a negligence \\ penalty or other \\ sanction may be \\ imposed on you if \\ this income is taxable \\ and the IRS \\ determines that it has \\ not been reported. \end{tabular}} \\ \hline & & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{ll} 5 & Section 199A dividends \\ $ & \end{tabular}}} & \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{ll} 6 & Investment expenses \\ $ & \\ \end{tabular}}} & \\ \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ Street address (including apt. no.) }} & & & & & \\ \hline & & \multirow{2}{*}{\multicolumn{2}{|c|}{7 Foreign tax paid }} & \multirow{2}{*}{\multicolumn{2}{|c|}{8 Foreign country U U.S. passession }} & \\ \hline \multirow{2}{*}{\multicolumn{2}{|c|}{\begin{tabular}{l} City or town, state or province, country, and ZIP or foreign postal code \\ Oxford, MS, USA, 38655 \end{tabular}}} & & & & & \\ \hline & & \multicolumn{2}{|c|}{\begin{tabular}{ll|} 9 & Cash liquidation distributions \\ $ & \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} 10 Noncash liquidation distributions \\ $ \end{tabular}} & \\ \hline & \begin{tabular}{l} 11 FATCA filing \\ requirement \\ \end{tabular} & \multicolumn{2}{|c|}{12 Exempt-interest dividends } & \multicolumn{2}{|c|}{\begin{tabular}{l} 13 Specified private activity \\ bond interest dividends \\ $ \end{tabular}} & \\ \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ Account number (see instructions) }} & 14 State & 15 State identification no. & \multicolumn{2}{|l|}{16 State tax withheld } & \\ \hline & & & & \multicolumn{2}{|l|}{$} & \\ \hline \end{tabular}