Chuck Weaver (Social Security number 112-11-2111) is 66 years old and was married to Rose Weaver (Social Security number 124-54-6789). Rose died on December 15, 2018. Chuck inherited all of Roses assets. She was 59 years old when she passed away. Chuck continues to live at 999 Irvine Blvd., Newport Beach, CA 92780 with his dependent child. Chuck, Jr, Age 16, and George Age 11. Chucks Social Security number is 123-45-6888 and Georges Social Security Number is 252-65-9523. Chuck had the following transactions in 2022: 1. Chuck received $280,000 included in his W-2 Box 1 from Alfie Corporation (FEIN: 99-2562500), where he is an accountant. Withholding for federal income tax was $30,000. Assume the proper amount of Social Security and Medicare tax has been withheld including the .9% ACA Medicare tax (if any). 2. Chuck also started to collect Social Security in 2022. He received an SSA-1099. The 1099 noted $15,000 in Box 3 and Box 5. The 1099 also noted that $5,000 of Medicare premiums were deducted from his benefit. There was also federal tax withholding of $4,000. 3. Chucks father passed-away in 2021 and in 2022 he received a parcel of Land worth $ 2,950,000. There was also a Life Insurance policy from Lincoln Life Insurance Company (FEIN: 35-0472300) of $1,200.000 where Chuck was the sole beneficiary. The proceeds were paid to him in an annuity of $135,000 per year for 10 years starting January 1, 2022. 4. Chuck received a form W-2G for his gambling winnings at the MGM Resorts International Las Vegas (MGM) (FEIN: 88-0215232) of $7,500 in Box 1. He won this amount on 6/15/2022 with a jackpot in slot machines. There was $1,000 of federal income tax withholding. 5. Chuck received $9,200 interest on Irvine school district bonds. 6. Chuck received $15,000 of interest on Treasury bills. 7. Chuck received $5,000 interest from a CD at Wells Fargo. 8. Chuck has mutual funds with Vanguard. He received a 1099 DIV from the Company noting Capital Gain Distributions of $11,000. 9. Chuck inherited an IRA account of $15,000 from his father. He took $3,500 out of the account to meet living expenses in 2022. 10. Chuck received dividends of $20,000 noted in Box 1a of the 1099-DIV. Of which $12,000 were dividends from Vodafone Group PLC a UK incorporated Company (VOD listed on Nasdaq) that he has owned for 225 days, and the remaining $8,000 dividends were from Alphabet Inc Stock which he has owed for 30 days. 11. Chuck incurred $15,000 of interest expense on a margin loan with Wells Fargo which was used to purchase investments. 25% of the loan was used to purchase the Irvine school district bonds. 12. Chuck received 250 shares of Orange Corporation common stock (purchased in 2017) as a stock dividend. The shares had a fair market value of $12,500 at the time he received them, and he did not have the option of receiving cash. 13. Chuck paid $17,500 alimony to his former wife, Julie Weaver (Social Security number 124-48- 8786). The divorce was finalized in 1/1/2003. 14. Chuck kept the receipts for their 2022 sales taxes paid of $4,100. 15. Chucks other deductions are as follows: Real estate taxes on their principal residence were $10,500. 2022 Mortgage interest expense on their principal residence was. $40,000. Mortgage Balance was $1,000,000 at 12/31/2022 and the same amount at the time of acquisition since the loan is interest only. The entire mortgage was used to purchase or improve his principal residence. The mortgage was obtained on 7/15/2018, The Fair Market Value of the residence is $1,200,000 at the time of purchase. Cash contributions to United Way totaled $12,500. Non-cash contributions of $450 to Goodwill Industries. Medical Expenses paid in 2022 related to Doctors, etc. were $95,000 since George was very ill with COVID in 2022. He recovered 100% but had to be in the hospital for a month. Insurance was maxed out and the amount noted was the out of pocket. Job related unreimbursed expenses of $12,500 related to travel for his job. Tax Preparation Fees of $3,500. Contributions to the Mayor of Irvines campaign of $2,900. State income tax paid and withheld totaled $ 10,500. Gambling Losses in Las Vegas of $10,000 during 2022. Chuck has all the records to support these amounts from the MGM. 16. Chuck contributed $10,000 to each of the kids 529 plans in 2022. Compute the Weavers net federal tax payable (or refund due) 2022. Use the 1040 and applicable other forms that you need to file a return with the IRS for 2022. Do not prepare the California return. You have been provided Intuit in Canvas to complete this assignment. You can also use your own software or prepare by hand if you so desired. In addition to the federal returns for 2022, you need to prepare a narrative explaining all the items in this problem and why income items are taxable or nontaxable and why deduction items are deductible or not deductible. Lastly, you need to discuss the 2022 return and describe in your narrative your observations of the Chuck Weavers tax situation and impacts of the Tax Cuts Job Act of 2017 (tax reform) to their tax situation.