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Document Review Simulation - Jeff and Claire Pickens - FALL 2023 Answer the 15 items below on Canvas in the Document Review Simulation Fall 2023 tab under Assignments. See your syllabus for the due date and time. Based on the interview notes and the documents below, answer the following items relative to their 2022 Form 1040. If the amount is negative, put a minus (-) before the number. If the amount is zero, write 0. The parenthetical reference for each item below is to the 2022 forms and schedules. 1. Wages, salaries, tips, etc. (Form 1040, line 1z) 2. Taxable dividends (Form 1040, line 3b) 3. Taxable pension distribution (Form 1040, line 5b) 4. Taxable social security benefits (Form 1040, line 6b) 5. Business income or deductible loss (Schedule 1, line 3) 6. Rental income or deductible loss (Schedule 1, line 5) 7. Taxable other income (Schedule 1, line 9) 8. Qualified business income deduction (1040, line 13) 9. Credit for other dependents (Form 1040, line 19) 10. Federal income tax withheld (Form 1040, line 25d) 11. 2022 estimated tax payments (Form 1040, line 26) 12. Education credit (Schedule 3, line 3), nonrefundable amount 13. American opportunity credit (Form 1040, line 29) refundable $ 14. Form required in order to split refund between accounts 15. Tax rate on qualified dividends (from Form 1040, line 16) % Jeff Pickens (DOB 07/15/1954, SSN 127-15-1515) is married to Claire Pickens (DOB 01/30/1959, SSN 128-16-6666), and they elect to file married filing jointly. Jeff is legally blind; he is retired and received Social Security benefits and a pension. Claire works full-time as a store clerk and is also self-employed as a massage therapist. They have a daughter, Shelby Pickens, (DOB 09/03/2003, SSN 129-11-2222) who is a full-time college student in her second year of study. She is pursuing a degree in sociology and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of her tuition and course-related books in 2022 not covered by the scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. They are all US citizens and have valid social security numbers (SSNs) and lived in the US the entire year. The couple paid more than half the cost of keeping up a home and support for Shelby. The couple has provided you with documentation for their income and expenses - - see below. You also have obtained the following information from interviewing her: INTERVIEW NOTES 1. In addition to being a store clerk at Cave Street Market, Claire is a self-employed massage therapist, giving massages to clients from both her home and at clients' homes and hotels. For the current year, she has documents to prove the following income and expenses: Fees received for massage services $28,300 Business entertainment of clients (took them to Astros game) 1,400 Supplies expense 2,700 Advertising expense 1,800 Professional dues and subscriptions 1,100 Business gifts to 20 clients ($100 Lalique vase to each) 2,000 Food/drinks consumed by Claire in between massage sessions 200 Business computer purchased and put into service December 1 3,150 Simplified method home office: 280 square foot office (1,800 square foot home) 2 Total mileage on her car for 2022 = 11,214 miles, of which 8,556 were personal miles and the rest were business miles in going from client to client (1,380 business miles in the first half of 2022 and the rest in the second half). She has one vehicle, a 2020 Ford F-150, in service on 10/15/2021. Claire will take the standard mileage rate. She would like to take the maximum allowable deduction for her expenses in the current year. 2. Jeff and Claire purchased a rent house on January 2 of the current year for $200,000 ($140,000 allocated to the structure and $60,000 allocated to the land). The address is 100 Drew Street, Houston, TX 77006. She immediately rented it and has the following income and expenses for the current year: Rental income received ($800 x 12) $ 9,600 Mortgage payments (interest = $6,500, principal reduction = $1,300) 7,800 Real estate taxes 2,820 Maintenance expense 996 Homeowner's insurance 2,750 Repair expense 1, 420 Jeff and Claire actively participated in the management of the rent house but they do not qualify as real estate professionals. The rental activity is not a qualified trade/business for the QBI deduction. 3. The couple made timely quarterly tax payments for the current year to IRS of $1,000 each quarter ($4,000 total). 4. Claire tells you in the interview that she won $800 playing bingo (no W-2G was required to be issued) but she also has $550 of bingo losses. 5. If the couple is entitled to a refund, they would like to deposit half into their checking account and half into their savings account, both at Adelphi Bank and Trust. The routing number for both accounts is 111000025. Her checking account number is 113355779 and her savings account number is 224466880. Note 1: Manually or using tax software, complete the 2022 tax return, including Form 1040 and all appropriate forms, schedules, and worksheets. With that return, answer the 15 questions above. When entering social security numbers ($5Ns) or employer. identification numbers (EINs), replace any Xs with digits of your choice to create valid 55Ns and EINs. Form W2 a Employee's social security number Safe, accurate, 128-00-XXXX DMB No. 1545-0008 FASTI Use use+ file Mgit the IAS website at Www.irs gowrong b Employer identification number (EIN) 1 Wages, tips, other compensation 2 Fedders income lax withheld 25-7XXXXXX $45,000.00 $3,000,00 c Employer's name, address, and ZIP code 3 Social security wages 4 Social security fax withheld $45,000.09 $2,790 00 CAVE STREET MARKET 5 Medicare wages and tips 6 Medicare tax withheld 200 ROCK ROAD $45,000.00 $652 50 YOUR CITY, YOUR STATE, ZIP 7 Social security tips ! Allocated tips d Control number 10 Dependent care benefits e Employee's first name and initial Last name Suff. 11 Nonqualified plans 12a See instructions for box 12 DO $2,300.00 CLAIRE PICKENS 13 Third party 5 PEBBLE LANE X YOUR CITY, YOUR STATE, ZIP 14 Other f Employee's address and ZIP code 15 State Employer's state ID number 16 State wages, tips, etc. 17 State income tax 18 Local wages. tips, etc. 19 Local Income tax 20 Locality name YS 25-7XXXXXX $45,000.00 W-2 Wage and Tax Statement 2022 Department of the Treasury-Internal Revenue Service Form Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. Forms 1099-R & SSA 1099 CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, 1 Gross distribution OMB No. 1545-0119 Distributions From country. ZIP or foreign postal code, and telephone no. Pensions, Annuities, $16,000 Retirement or BRADFORD INC. 2605 STATE STREET 2a Taxable amount 2022 Profit-Sharing Plans, IRAS, Insurance YOUR CITY, YOUR STATE, ZIP Contracts, etc. $ $16,000 Form 1099-R 2b Taxable amount Total Copy B not determined distribution Report this PAYER'S TIN RECIPIENT'S TIN 3 Capital gain (included in |4 Federal income tax Income on your box 2a) withheld federal tax return. If this 40-100XXXX 127-00-XXXX $ $4,000 form shows RECIPIENT'S name 5 Employee contributions/ 6 Nel unrealized federal income Designated Roth appreciation in tax withheld in contributions or employer's securities JEFF PICKENS insurance premiums box 4, attach $ S this copy to your return. Street address (including apt. no.) 7 Distribution IRAV 8 Other code(s SEP SIMPLE 5 PEBBLE LANE This information is 7 being furnished to City or town, state or province, country, and ZIP or foreign postal code 9a Your percentage of total 9b Total employee contributions the IRS YOUR CITY, YOUR STATE, ZIP dialnbution 10 Amount alocable to IRR 11 1st year of desig 12 FATCA fling 14 State tax withheld 15 SlaterPayer's state no. |16 State distribution within 5 years Roth contrib requirement Account number (see instructions) 13 Date of 17 Local tax withheld 18 Name of locality 19 Local distribution payment Form 1099-R www.irs.gow/Form1089R Department of the Treasury - Internal Revenue Service. FORM SSA-1099 - SOCIAL SECURITY BENEFIT STATEMENT 2022 . PART OF YOUR SOCIAL SECURITY BENEFITS SHOWN IN BOX 5 MAY BE TAXABLE INCOME. . SEE THE REVERSE FOR MORE INFORMATION. Box 1. Name Box 2. Beneficiary's Social Security Number JEFF PICKENS 127-00-XXXX Box 3. Benelite Paid in 2022 Box 4, Benefits Repaid to SSA in 2022 Box 5. Net Benefits for 2023 (Box 3 mirais Box 4) $12,000.00 $12,000.00 DESCRIPTION OF AMOUNT IN BOX S DESCRIPTION OF AMOUNT IN BOX 4 Paid by check or direct deposit: $12,000.00 Box 6. Voluntary Federal Income Tax Withholding $1,200.00 Box 7. Address 5 PEBBLE LANE YOUR CITY, YOUR STATE, ZIP Box B. Claim Number (Use this number if you need to contact S84) Prall as of June 21. 2022 - Subject to Change Form SSA-1099-SM [W/2020] DO NOT RETURN THIS FORM TO SSA OR IRS. Forms 1099-DIV & 1098-T CORRECTED (if checked) PAYER'S name, street address, city or town, state or province, country, ZIP 1a Total ordinary dividends OMB No. 1545-0110 or foreign postal code, and telephone no. Form 1099-DIV BALDWIN BANK $ 32,200.00 Dividends and 123 BALDWIN AVENUE 1b Qualified dividends "Rov, January 20221 Distributions YOUR CITY, YOUR STATE, ZIP For calendar year $ $2,200.00 20 22 2a Total capital gain distro 20 Unrocap. Soc, 1250 gain Copy B For Recipient PAYER'S TIN RECIPIENT'S TIN 20 Section 1202 gain 2d Collectibles (289%) gain S 38-4XXXXXX 127-00-XXXX Ze Section 897 ordinary dividends 21 Section 897 capital gain S RECIPIENT'S name 3 Nondividend distributions Federal income tax withhold This is important tax JEFF PICKENS S $330.00 information and is 5 Section 159A dividenda 6 Investment expenses being fumished to the IRS, If you are Street address (including apt. no.] required to fle a 7 Foreign lax paid B Foreign country or U.5. possession retum, a negligence 5 PEBBLE LANE penally of other sanction may be City of town, state or province, country, and ZIP or foreign postal code S imposed on you if this income is taxable YOUR CITY, YOUR STATE, ZIP Cash liquidation distributions| 10 Noncash liquidation distributions and the IAS $ determines that it has not been reported. 11 FATCA filing 12 Exempt-interest dividends 13 Specified private activity requirement bond interest dividends $ Account number (see instructions) 14 State 16 State tax withheld Form 1099-DIV (Rev. 1-2023) (keep for your records) www.irs.gow/Form1089DIV Department of the Treasury - Internal Revenue Service. CORRECTED FILER'S name, street address, city or town, state or province, country, ZIP or | 1 Payments received for OMB No. 1545-1574 foreign postal code, and telephone number qualified tuition and related expenses BALDWIN UNIVERSITY 9 500.00 2022 Tuition 3700 BALDWIN AVENUE Statement YOUR CITY, YOUR STATE, ZIP Form 1098-T FILER'S employer identification no. STUDENT'S TIN 3 Copy B 80-7XXXXXX 129-00-XXXX For Student STUDENT'S name 4 Adjustments made for a 5 Scholarships or grants prior year This is important SHELBY PICKENS tax information $ S 7,500.00 and is being Street address (including apt, no.] 6 Adjustments to 7 Checked if the amount furnished to the IAS. This form 5 PEBBLE LANE scholarships or grants in box 1 includes amounts for an must be used to for a prior year City of town, state or province, country, and ZIP of foreign postal code academic period complete Form 8863 beginning January- to claim education YOUR CITY, YOUR STATE, ZIP S March 2023 credits. Give it to the Service Provider/Accl. No. (see instr.) 8 Checked if at least 9 Checked if a graduate 10 Ins. contract reimbrefund tax preparer or use it to prepare the tax return. half-time student student O $ Form 1098-T (keep for your records) www.irs.gowFor1098T Department of the Treasury - Internal Revenue Service 7. Receipts TOI Baldwin University College Books Meal Plan 3710 Baldwin Avenue Your City, State, ZIP Baldwin College Student Housing Receipt: 3700 Baldwin Avenue 3 Textbooks: $750.00 Your City, Your State, ZIP Parking Sticker: $120.00 Received from: Payment for books is Shelby Pickens also on the college $5,500.00 website. Baldwin University 3700 Baldwin Avenue Date To Ship To August 12, 2022 Shelby Pickens Same as recipient 5 Pebble Lane Invoice #05684 Quantity Description Unit Price Total Online Textbook Fee $100 $100 Subtotal $100 Sales Tax Shipping & Handling Total $100 Thank you for your business!