Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beths birthday is July 4, 1976, and her Social Security number is 123-45-6785. She did not engage in any digital asset transactions during the year, and she wants to contribute $3 to the Presidential Election Campaign Fund.
The following information is shown on Beth's Wage and Tax Statement (Form W2) for 2022.
Line | Description | Amount |
1 | Wages, tips, other compensation | $65,000.00 |
2 | Federal income tax withheld | 9,500.00 |
3 | Social Security wages | 65,000.00 |
4 | Social Security tax withheld | 4,030.00 |
5 | Medicare wages and tips | 65,000.00 |
6 | Medicare tax withheld | 942.50 |
15 | State | Arizona |
16 | State wages, tips, etc. | 65,000.00 |
17 | State income tax withheld | 1,954.00 |
During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099INT. She received qualified dividends of $800 from Blue Corporation, $750 from Green Corporation, and $650 from Orange Corporation. Each corporation reported Beth's dividend payments on a Form 1099DIV.
Beth received a $1,100 income tax refund from the state of Arizona on April 29, 2022. On her 2021 Federal income tax return, she used the standard deduction.
Fees earned from her part-time tax practice in 2022 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service.
On February 8, 2022, Beth bought 500 shares of Gray Corporation common stock for $17.60 a share. On September 12, 2022, she sold the stock for $14 a share.
On January 2, 2022, Beth acquired 100 shares of Blue Corporation common stock for $30 a share. She sold the stock on December 19, 2022, for $55 a share. Both stock transactions were reported to Beth on Form 1099B; basis was not reported to the IRS.
Beth bought a used sports utility vehicle for $6,000 on June 5, 2022. She purchased the vehicle from her brother-in-law, who was unemployed and was in need of cash. On November 2, 2022, she sold the vehicle to a friend for $6,500.
During the year, Beth records revenues of $16,000 from the sale of a software program she developed. She incurred the following expenditures in connection with her software development business.
Beth elected to expense the maximum portion of the cost of the computer, printer, and furniture allowed under the provisions of 179. These items were placed in service on January 15, 2022, and used 100% in her business.
Although her employer suggested that Beth attend an in-person conference on current developments in corporate taxation, Beth was not reimbursed for the travel expenses of $1,420 she incurred in attending. The $1,420 included $200 for the cost of meals.
During the year, Beth paid $300 for prescription medicines and $2,875 for medical bills. Medical insurance premiums were paid for her by her employer. Beth paid real property taxes of $1,766 on her home. Interest on her home mortgage (Valley National Bank) was $3,845, and credit card interest was $320. Beth contributed $2,080 in cash to various qualifying charities during the year. Professional dues and subscriptions totaled $350. Beth paid estimated Federal income taxes of $1,000.
Form 1040 | Department of the TreasuryInternal Revenue Service U.S. Individual Income Tax Return | 2022 | OMB No. 1545-0074 | IRS Use Only | Filing Status SingleMarried filing jointlyMarried filing separately (MFS)Head of household (with qualifying person) (HOH)Qualifying surviving spouse (QSS)Single | Your first name and middle initial Beth R. Jordan | Last name | Your social security number 123-45-6785 | If joint return, spouse's first name and middle initial | Last name | Spouse's social security number | Home address (number and street). If you have a P.O. box, see instructions. 2322 Skyview Road | Apt. no. | Presidential Election Campaign Check here if you, or your spouse if filing jointly, want $3 to go to this fund. Checking a box below will not change your tax or refund. YouSpouseNoneYou | City, town, or post office. If you have a foreign address, also complete spaces below. Mesa, AZ 85201 | State | ZIP code | Foreign country name | Foreign province/state/county | Foreign postal code | | | | | | | Digital Assets | At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? (See instructions.) | YesNoNo | Standard Deduction | Someone can claim: You as a dependentYour spouse as a dependentSpouse itemizes on a separate return or you were a dual-status alienNoneNone | Age/Blindness | You: Were born before January 2, 1958Are blindWere born before January 2, 1958, Are blindNoneNone Spouse: Was born before January 2, 1958Is blindWas born before January 2, 1958, Is blindNoneNone | Dependents If more than four dependents, see instructions and check here . . . . . . . . | (see instructions): | (2) Social security number | (3) Relationship to you | (4) Check the box if qualifies for (see instructions): | (1) First name | Last name | Child tax credit | Credit for other dependents | | | | | | | | | | | | | | | | | | | | | | | Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a Form W-2, see instructions. | 1a | Total amount from Form(s) W-2, box 1 (see instructions) . . . . . . . . . . . . . . . . . . . . . . . | 1a | fill in the blank 10cfb502cfc5fc2_7 | b | Household employee wages not reported on Form(s) W-2 . . . . . . . . . . . . . . . . . . . . . . . | 1b | | c | Tip income not reported on line 1a (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . | 1c | | d | Medicaid waiver payments not reported on Form(s) W-2 (see instructions) . . . . . . . . . . . | 1d | | e | Taxable dependent care benefits from Form 2441, line 26 . . . . . . . . . . . . . . . . . . . . . . | 1e | | f | Employer-provided adoption benefits from Form 8839, line 29 . . . . . . . . . . . . . . . . . . . | 1f | | g | Wages from Form 8919, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1g | | h | Other earned income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1h | | i | Nontaxable combat pay election (see instructions) . . . . . . . . | 1i | | | | z | Add lines 1a through 1h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1z | fill in the blank 10cfb502cfc5fc2_8 | Attach Sch. B if required. | 2a | Tax-exempt interest . . | 2a | | b | Taxable interest . . . . . . . . . . | 2b | fill in the blank 10cfb502cfc5fc2_9 | 3a | Qualified dividends . . . | 3a | fill in the blank 10cfb502cfc5fc2_10 | b | Ordinary dividends . . . . . . . . | 3b | fill in the blank 10cfb502cfc5fc2_11 | | 4a | IRA distributions . . . . | 4a | | b | Taxable amount . . . . . . . . . . | 4b | | Standard Deduction for - Single or Married filing separately, $12,950
- Married filing jointly or Qualifying surviving spouse, $25,900
- Head of household, $19,400
- If you checked any box under Standard Deduction, see instructions.
| 5a | Pensions and annuities | 5a | | b | Taxable amount . . . . . . . . . . | 5b | | 6a | Social security benefits | 6a | | b | Taxable amount . . . . . . . . . . | 6b | | c | If you elect to use the lump-sum election method, check here (see instructions) . . . . . | | | 7 | Capital gain or (loss). Attach Schedule D if required. If not required, check here . . . . . | 7 | fill in the blank 10cfb502cfc5fc2_12 | 8 | Other income from Schedule 1, line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 8 | fill in the blank 10cfb502cfc5fc2_13 | 9 | Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income . . . . . . . . . . . . . . . | 9 | fill in the blank 10cfb502cfc5fc2_14 | 10 | Adjustments to income from Schedule 1, line 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10 | fill in the blank 10cfb502cfc5fc2_15 | 11 | Subtract line 10 from line 9. This is your adjusted gross income . . . . . . . . . . . . . . . . | 11 | fill in the blank 10cfb502cfc5fc2_16 | 12 | Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . . . . . . . . | 12 | fill in the blank 10cfb502cfc5fc2_17 | 13 | Qualified business income deduction from Form 8995 or Form 8995-A . . . . . . . . . . . . . . | 13 | fill in the blank 10cfb502cfc5fc2_18 | 14 | Add lines 12 and 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 14 | fill in the blank 10cfb502cfc5fc2_19 | 15 | Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income . . . | 15 | fill in the blank 10cfb502cfc5fc2_20 | | | | | | | BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. | Form 1040 (2022) | |
Only the boxes that say fill in the blank.