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Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Pat and Jordan Beber are married and file a joint return in 2022. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Pat is a self-employed tax preparer whose SSN is 412-34-5670. Jordan is a software programmer whose SSN is 412-34-5671. Jordan had the following income and expenses for the year: Pat was the sole proprietor of NAMA Tax Service. The business is located at 123 Main Street, Marlborough, MA 01752, and the business code is 541213 . Pat had the following revenue and expenses (Cash basis): Pat had the following business assets: - Office furniture: Purchased for $4,950 on May 20, 2020. The equipment is being depreciated over seven-year MACRS 200% declining balance. Pat sold it on May 15,2022 , for $4,000. - Office equipment: Purchased a copier for $13,800 on January 10,2022 . The copier is being depreciated over five-year MACRS 200% declining balance. Pat makes no elections for $179 or bonus depreciation. - Computer and equipment: Purchased a computer system for $8,900 on January 2,2021 . The computer is being depreciated over five-year MACRS 200% declining balance. Pat makes no elections for $179 or bonus depreciation. Pat and Jordan had the following other sources of income and deductions: - Interest from a CD in the amount of $1,410. - Long-term loss carryover from 2019 of $5,000. - Real estate taxes of $8,459. - Home mortgage interest of $16,600. - Charitable contributions in cash over the year of $2,500; all receipts and acknowledgments were received from the charitable organizations. Pat has made four quarterly installments of $250 each as estimated taxes for 2022. All estimated tax payments were paid by the due date using the 1040 -ES coupons. Required: Prepare Form 1040 and all related schedules, forms, and worksheets for Pat and Jordan Beber for 2022. The Bebers do not donate to the presidential election campaign. Use the appropriate Tax Tables, Tax Rate Schedules and Depreciation Tables (6A1,6AA2,6A3,6A4 and 6AA5). Note: Instructions can be found on certain cells within the forms. List the names of the taxpayers in the order in which they appear in the problem. Indicate losses with minus sign and enter all other values as positive amounts. Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Pat and Jordan Beber are married and file a joint return in 2022. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Pat is a self-employed tax preparer whose SSN is 412-34-5670. Jordan is a software programmer whose SSN is 412-34-5671. Jordan had the following income and expenses for the year: Pat was the sole proprietor of NAMA Tax Service. The business is located at 123 Main Street, Marlborough, MA 01752, and the business code is 541213 . Pat had the following revenue and expenses (Cash basis): Pat had the following business assets: - Office furniture: Purchased for $4,950 on May 20, 2020. The equipment is being depreciated over seven-year MACRS 200% declining balance. Pat sold it on May 15,2022 , for $4,000. - Office equipment: Purchased a copier for $13,800 on January 10,2022 . The copier is being depreciated over five-year MACRS 200% declining balance. Pat makes no elections for $179 or bonus depreciation. - Computer and equipment: Purchased a computer system for $8,900 on January 2,2021 . The computer is being depreciated over five-year MACRS 200% declining balance. Pat makes no elections for $179 or bonus depreciation. Pat and Jordan had the following other sources of income and deductions: - Interest from a CD in the amount of $1,410. - Long-term loss carryover from 2019 of $5,000. - Real estate taxes of $8,459. - Home mortgage interest of $16,600. - Charitable contributions in cash over the year of $2,500; all receipts and acknowledgments were received from the charitable organizations. Pat has made four quarterly installments of $250 each as estimated taxes for 2022. All estimated tax payments were paid by the due date using the 1040 -ES coupons. Required: Prepare Form 1040 and all related schedules, forms, and worksheets for Pat and Jordan Beber for 2022. The Bebers do not donate to the presidential election campaign. Use the appropriate Tax Tables, Tax Rate Schedules and Depreciation Tables (6A1,6AA2,6A3,6A4 and 6AA5). Note: Instructions can be found on certain cells within the forms. List the names of the taxpayers in the order in which they appear in the problem. Indicate losses with minus sign and enter all other values as positive amounts. Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount
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