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Based on the information above, please provide schedule B Joseph and Diana Cohen are married and live in Pleasantville, New Jersey. Joseph is the Vice
Based on the information above, please provide schedule B
Joseph and Diana Cohen are married and live in Pleasantville, New Jersey. Joseph is the Vice President of Sales at a small start-up company. Diana is a former advertising executive who currently consults with former clients. She also serves on the board of directors of an advertising company. The Cohens have three children Rebecca (age 20), Alan (age 15), and David (age 12) that they fully support. In January, Rebecca left home to attend a liberal arts college. Joseph and Diana also support Diana's aunt, Gina Black, who lives in Tucson. Gina's only source of income is her Social Security income (tax free), and the Cohens pay all of her support. The Cohens provided the following information: - Joseph's SSN is 598-94-2583 - Diana's SSN is 301-52-2942 - Rebecca's SSN is 887-44-8710 - Alan's SSN is 810-42-9092 - David's SSN is 855-11-3021 - Gina's SSN is 233-44-9580 - The Cohen's mailing address is 385 your last name Drive, Pleasantville, New Jersey 08233 Joseph Cohen reported the following information related to his employment during the year: Diana Cohen's consulting business (Cohen Consulting) received the following revenue during the year (she uses the cash method of accounting). C During the year, Diana paid the following business expenses: Diana drove 290 business miles for her consulting-related activities. You may assume the IRS standard mileage rate is 65.5 cents per mile for 2023. Diana works out of her home office, which is 295 square feet. The size of her entire home is 3,400 square feet. She uses the simplified method of calculating any potential home office deduction. She purchased a computer ($900) and printer ($460) for her business. Assume she wants to maximize the depreciation deduction for the year on these assets. (You do not need to complete Form 4562.) Diana is also on the Board of Directors at Natural Sunshine. She will complete a second Schedule C for her director income and expenses. Diana drove 315 business miles for her board of director activities. For purposes of this project, you may ignore AMT, any loss limitation rules, and any credits beyond what we've discussed in class. There is only one credit relevant to these facts that you need to calculate, and you may assume it is all nonrefundable (i.e., report the credit on Form 1040 line 19). You should consider the qualified business income deduction. You may simply include any QBI deduction on the 1040 without filling out additional forms. The Cohens received the following during the year: The Cohens had the following activity in their investment brokerage account during the year (read carefully): Relevant tax basis/holding period information related to sales of securities in the current year (read carefully): Purchased 2,000 shares of Microsoft on 5/1/2023 for $21,000 Purchased 200 shares of Apple, Inc. on 3/8/2016 for $90,000 Purchased 300 shares of Cooper Tire on 1/12/2015 for $9,000 Purchased 50 shares of Cooper Tire on 6/28/2023 for $2,000 Received 1,000 shares of Cardinal Health from Diana's father as a gift on 10/10/2012. The Cohens' basis in the stock is $7,000. Purchased 100 shares of Union Pacific on 9/5/2022 for $6,000 In May, Joseph was injured in an accident at work. The injury prevented Joseph from working for about a month. During this time, Joseph received $15,000 in workers' compensation payments. The Cohens purchased an annuity in 2014 for $75,000. The annuity pays $6,000 per year for 25 years, starting in 2019. Joseph received several gifts from his parents during the year. They gave him $25,000 in cash on his birthday. Additionally, they gave him 400 shares of TimeWarner stock. The stock was purchased in 2001 for $18,050, and on the date of the gift was valued at $15,000. Joseph has not sold the stock as of December 31, 2023. \begin{tabular}{l} SCHEDULE B \\ (Form 1040) \\ Department of the Treasury \\ Internal Revenue Service \\ \hline \end{tabular} Interest and Ordinary Dividends Attach to Form 1040 or 1040-SR. Name(s) shown on return Go to www.irs.gov/ScheduleB for instructions and the latest information. OMB No. 1545-0074 Part I 1 List name of payer. If any interest is from a seller-financed mortgage and the Interest buyer used the property as a personal residence, see the instructions and list this (See instructions and the interest first. Also, show that buyer's social security number and address: Instructions for Form 1040, line 2b.) Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form. form. For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 17146N Schedule B (Form 1040) 2023Step by Step Solution
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