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.

Carl and Elizabeth Williams are married filing jointly. They are 45 and 40 years old, respectively. Their address is 19010 N.W. 135th Street, Miami, FL 33054. Additional information about Mr. and Mrs. Williams is as follows:

Social security number: Carl: 412-34-5670 Date of birth: 7/13/1977 W-2 for Carl shows these amounts: Wages (box 1) = $ 75,085.00 Federal W/H (box 2) = $ 6,950.00 Social security wages (box 3) = $ 75,085.00 Social security W/H (box 4) = $ 4,655.27 Medicare wages (box 5) = $ 75,085.00 Medicare W/H (box 6) = $ 1,088.73 Social security number: Elizabeth: 412-34-5671 Date of birth: 9/19/1982 W-2 for Elizabeth shows these amounts: Wages (box 1) = $ 31,207.00 Federal W/H (box 2) = $ 3,700.00 Social security wages (box 3) = $ 31,207.00 Social security W/H (box 4) = $ 1,934.83 Medicare wages (box 5) = $ 31,207.00 Medicare W/H (box 6) = $ 452.50 Form 1099-INT for Carl and Elizabeth shows this amount:

Box 1 = $2,450.00 from Global Bank.

They also received tax-exempt interest of $500.00, as well as $45.00 for jury duty pay when Carl went to court to serve for a few days.

Carl received two weeks of workers compensation pay for a total of $3,100.00.

Dependent: Son, Carl Jr., who is 7 years old. His date of birth is 3/25/2015. His social security number is 412-34-5672.

Carl is a sales manager, and Elizabeth is an office clerk.

Required: Prepare Form 1040 plus all the appropriate schedules and worksheets for Mr. and Mrs. Williams for 2022. They are entitled to a $2,000 child tax credit. For now, enter the credit on the appropriate line of the form. Mr. and Mrs. Williams had qualifying health care coverage at all times during the tax year. Use the appropriate Tax Tables.

Note: List the names of the taxpayers in the order in which they appear in the problem starting from the first line. Input all the values as positive numbers. Do not skip rows while entering in Dependents section of Form 1040 PG1 and Interest section of Schedule B. Instructions can be found on certain cells within the forms.

Please fill it in with the answers, this is the answer sheet above. Thank you, need before sunday.

The information above needs to be filled out onto the tax form.

At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1958 Are blind Spouse: Was bom before January 2, 1958 is \begin{tabular}{l|l} Dependents & (see instructions): \end{tabular} (2) Social security number (3) Relationship to you (4) Check the box if qualifies for (see For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040(2022) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPO SE OTHER THAN EDUCATIONAL. 92023 McGraw-Hill Education. 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received b Date of original divorce or separation agreement (see instructions): 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F 7 Unemployment compensation 8 Other income: a Net operating loss b Gambling b Gambling c Cancellation of debt d Foreign earned income exclusion from Form 2555 e Income from Form 8853 f Income from Form 8889 g Alaska Permanent Fund dividends h Jury duty pay i Prizes and awards j Activity not engaged in for profit income k Stock options I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property m Olympic and Paralympic medals and USOC prize money (see instructions) n Section 951(a) inclusion (see instructions) - Section 951A(a) inclusion (see instructions) p Section 461(l) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) r Scholarship and fellowship grants not reported on Form W-2 s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan u Wages earned while incarcerated n Section 951 (a) inclusion (see instructions) - Section 951A(a) inclusion (see instructions) p Section 461(l) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) r Scholarship and fellowship grants not reported on Form W-2 s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan u Wages earned while incarcerated z Other income. List type and amount: 9 Total other income. Add lines 8 a through 8z 10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Fon OTHER THAN EDUCATIONAL. (9) 2023 McGraw-Hill Education. 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b Note: If line 6 is over $1,500, you must complete Part III. Part III and Trusts You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. 7a At any time during 2022 , did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report Caution: If required, failure to that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and file FinCEN Form 114 may exceptions to those requirements result in substantial penalties. b If you are required to file FinCEN Form 114, enter the name(s) of the foreign country(-ies) where the Additionally, you may be required to file Form 8938 , financial account(s) are located: Statement of Specified Foreign Financial Assets. See 8 During 2022, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," instructions. you may have to file Form 3520 . See instructions For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040) 2022 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. @ 2023 McGraw-Hill Education. 8Add lines 5 and 7 9 Enter the amount shown below for your filing status. - Married filing jointly- $400,000 - All other filing statuses- $200,000 10 Subtract line 9 from line 3 . - If zero or less, enter 0 - - If more than zero and not a multiple of $1,000, enter the next multiple of $1,000. For example, if the result is $425, enter $1,000; if the result is $1,025, enter $2,000, etc. 11 Multiply line 10 by 5%(0.05) 12 Is the amount on line 8 more than the amount on line 11 ? No. STOP. You cannot take the child tax credit, credit for other dependents, or additional child tax credit. Skip Parts II-A and II-B. Enter -0- on lines 14 and 27. Yes. Subtract line 11 from line 8 . Enter the result. 13 Enter the amount from the Credit Limit Worksheet A 14 Enter the smaller of line 12 or 13 . This is your child tax credit and credit for other dependents Enter this amount on Form 1040, 1040-SR, or 1040-NR, line 19. If the amount on line 12 is more than the amount on line 14 , you may be able to take the additional child tax credit on Form 1040,1040 -SR Complete your Form 1040, 1040-SR, or 1040-NR through line 27 (also complete Schedule 3, line 11) before completing Part For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 59761M 3 Subtract line 2 from line 1. Complete the Credit Limit Worksheet B only if you meet all of the following. 1. You are claiming one or more of the following credits. a. Mortgage interest credit, Form 8396. 3 Subtract line 2 from line 1. Complete the Credit Limit Worksheet B only if you meet all of the following. 1. You are claiming one or more of the following credits. a. Mortgage interest credit, Form 8396. b. Adoption credit, Form 8839. c. Residential clean energy credit, Form 5695 , Part I. d. District of Columbia first-time homebuyer credit, Form 8859. 2. You are not filing Form 2555. 3. Line 4 of Schedule 8812 is more than zero. 4 If you are not completing Credit Limit Worksheet B, enter -0-; otherwise, enterthe amount from the Credit Limit Worksheet B. 5 Subtract line 4 from line 3. Enter here and on Schedule 8812 , line 13. For Paperwork Reduction Act Notice, see your tax return instructions. Credit Limit Worksheet A THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT U SE THIS FORM At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) Yes No Standard Someone can claim: You as a dependent Your spouse as a dependent Deduction Spouse itemizes on a separate return or you were a dual-status alien Age/Blindness You: Were born before January 2, 1958 Are blind Spouse: Was bom before January 2, 1958 is \begin{tabular}{l|l} Dependents & (see instructions): \end{tabular} (2) Social security number (3) Relationship to you (4) Check the box if qualifies for (see For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Cat. No. 11320B Form 1040(2022) THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM IT SELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPO SE OTHER THAN EDUCATIONAL. 92023 McGraw-Hill Education. 1 Taxable refunds, credits, or offsets of state and local income taxes 2a Alimony received b Date of original divorce or separation agreement (see instructions): 3 Business income or (loss). Attach Schedule C 4 Other gains or (losses). Attach Form 4797 5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E 6 Farm income or (loss). Attach Schedule F 7 Unemployment compensation 8 Other income: a Net operating loss b Gambling b Gambling c Cancellation of debt d Foreign earned income exclusion from Form 2555 e Income from Form 8853 f Income from Form 8889 g Alaska Permanent Fund dividends h Jury duty pay i Prizes and awards j Activity not engaged in for profit income k Stock options I Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property m Olympic and Paralympic medals and USOC prize money (see instructions) n Section 951(a) inclusion (see instructions) - Section 951A(a) inclusion (see instructions) p Section 461(l) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) r Scholarship and fellowship grants not reported on Form W-2 s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan u Wages earned while incarcerated n Section 951 (a) inclusion (see instructions) - Section 951A(a) inclusion (see instructions) p Section 461(l) excess business loss adjustment q Taxable distributions from an ABLE account (see instructions) r Scholarship and fellowship grants not reported on Form W-2 s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457 plan u Wages earned while incarcerated z Other income. List type and amount: 9 Total other income. Add lines 8 a through 8z 10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Fon OTHER THAN EDUCATIONAL. (9) 2023 McGraw-Hill Education. 6 Add the amounts on line 5. Enter the total here and on Form 1040 or 1040-SR, line 3b Note: If line 6 is over $1,500, you must complete Part III. Part III and Trusts You must complete this part if you (a) had over $1,500 of taxable interest or ordinary dividends; (b) had a foreign account; or (c) received a distribution from, or were a grantor of, or a transferor to, a foreign trust. 7a At any time during 2022 , did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country? See instructions If "Yes," are you required to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), to report Caution: If required, failure to that financial interest or signature authority? See FinCEN Form 114 and its instructions for filing requirements and file FinCEN Form 114 may exceptions to those requirements result in substantial penalties. b If you are required to file FinCEN Form 114, enter the name(s) of the foreign country(-ies) where the Additionally, you may be required to file Form 8938 , financial account(s) are located: Statement of Specified Foreign Financial Assets. See 8 During 2022, did you receive a distribution from, or were you the grantor of, or transferor to, a foreign trust? If "Yes," instructions. you may have to file Form 3520 . See instructions For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040) 2022 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. @ 2023 McGraw-Hill Education. 8Add lines 5 and 7 9 Enter the amount shown below for your filing status. - Married filing jointly- $400,000 - All other filing statuses- $200,000 10 Subtract line 9 from line 3 . - If zero or less, enter 0 - - If more than zero and not a multiple of $1,000, enter the next multiple of $1,000. For example, if the result is $425, enter $1,000; if the result is $1,025, enter $2,000, etc. 11 Multiply line 10 by 5%(0.05) 12 Is the amount on line 8 more than the amount on line 11 ? No. STOP. You cannot take the child tax credit, credit for other dependents, or additional child tax credit. Skip Parts II-A and II-B. Enter -0- on lines 14 and 27. Yes. Subtract line 11 from line 8 . Enter the result. 13 Enter the amount from the Credit Limit Worksheet A 14 Enter the smaller of line 12 or 13 . This is your child tax credit and credit for other dependents Enter this amount on Form 1040, 1040-SR, or 1040-NR, line 19. If the amount on line 12 is more than the amount on line 14 , you may be able to take the additional child tax credit on Form 1040,1040 -SR Complete your Form 1040, 1040-SR, or 1040-NR through line 27 (also complete Schedule 3, line 11) before completing Part For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 59761M 3 Subtract line 2 from line 1. Complete the Credit Limit Worksheet B only if you meet all of the following. 1. You are claiming one or more of the following credits. a. Mortgage interest credit, Form 8396. 3 Subtract line 2 from line 1. Complete the Credit Limit Worksheet B only if you meet all of the following. 1. You are claiming one or more of the following credits. a. Mortgage interest credit, Form 8396. b. Adoption credit, Form 8839. c. Residential clean energy credit, Form 5695 , Part I. d. District of Columbia first-time homebuyer credit, Form 8859. 2. You are not filing Form 2555. 3. Line 4 of Schedule 8812 is more than zero. 4 If you are not completing Credit Limit Worksheet B, enter -0-; otherwise, enterthe amount from the Credit Limit Worksheet B. 5 Subtract line 4 from line 3. Enter here and on Schedule 8812 , line 13. For Paperwork Reduction Act Notice, see your tax return instructions. Credit Limit Worksheet A THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT U SE THIS FORM