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Complete a Form 1040 for 2022 along with schedules 1,2,3,A,D The $382 from First Bank was an original issue discount. Dan and Freida collected $16,000
Complete a Form 1040 for 2022 along with schedules 1,2,3,A,D
The $382 from First Bank was an original issue discount. Dan and Freida collected $16,000 on the First Bank CD that matured on September 30,2022 . The CD was purchased on October 1,2019 , for $14,995, and the yield to maturity was 3.3%. Dan participated on a game show and won a cash prize of $7,000. In addition to the above information, Dan and Freida's itemized deductions included the following: Sales tax from the sales tax table is $1,860. Dan and Freida made Federal estimated tax payments of $6,000. They have never owned or used any digital assets, and they do not wish to contribute to the Presidential Elction Campaign. The Kentucky income tax rate is 4%. Compute Dan and Freida's 2022 Federal income tax payable (or refund due), and complete their 2022 tax return using the appropriate forms and schedules. Freida sold a house on December 30,2022, and will be paid a commission of $3,100 (not included in the $86,000 reported on the W-2) on the January 10,2023 , closing date. Other income (as reported on 1099 forms) for 2022 consisted of the following: leap year and will not begin college until 2023. He had gross income of $6,300 in 2022. Willie's Social Security number is 123456787. c. Ben, their oldest son, age 26 , is a full-time graduate student with gross income of $5,200. Ben's Social Security number is 123456786. Dan was employed as a manager by WJJJ, Inc. (employer identification number 111111111, 604 Franklin Street, Corbin, KY 40702), and Freida was employed as a salesperson for Corbin Realty, Inc. (employer identification number 98-7654321, 899 Central Street, Corbin, KY 40701). Selected information from the W-2 forms provided by the employers is presented below. Dan and Freida use the cash method. 56. Daniel B. Butler and his spouse Freida C. Butler file a joint return. The Butlers live at 625 Oak Street in Corbin, KY Communicati 40701. Dan's Social Security number is 111-11-1112, and ons Freida's is 123-45-6780. Dan was born on January 15 , Decision 1971, and Freida was born on August 20, 1971. Making During 2022, Dan and Freida furnished over half of the Tax Forms total support of each of the following individuals, all of Problem whom still live at home: a. Gina, their daughter, age 22 , a full-time student, ProConnect" Tax who married on December 21, has no income of her own and did not file a joint return with her husband, Casey, who earned $10,600 during 2022. Gina's Social Security number is 123-45-6788. b. Willie, their son, age 19, graduated high school in May 2022. He is taking a Step by Step Solution
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