Complete Problem 7:63 in your text as your Tax Project and submit your completed file in Microsoft Word, Excel, or as a PDF file to the Dropbox.

You may complete the tax return in a number of ways. You may download the required forms from www.irs.gov. The PDF files will allow you to enter the required information directly on the screen and you may save those PDF files. Next, you may print out the forms and fill them in manually. Then, you may scan the documents as PDF files for upload to the Dropbox. Or, another option might be to use any Tax Return preparation software. Be sure it is the correct filing year, and only upload the "Filing Copy" of the return in PDF format.

Problem

I:7-63Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street, Anytown, USA 00000. Peter is a lawyer working for a Native American law firm. Amy works part-time in a genetic research lab. The Jones Social Security numbers and ages are as follows:

Name	S.S. No.	Age
Peter	111-11-1111	32
Amy	222-22-2222	28
Aubrynne	333-33-3333	5
Bryson	444-44-4444	3
Caden	555-55-5555	1

Receipts
Peters salary	$70,000
Amys salary	32,000
Interest income on municipal bonds	2,400
Interest income on certificate of deposit (Universal Savings)	3,100
Dividends on GM stock	1,600
Disbursements
Eyeglasses and exam for Aubrynne	$ 600
Orthodontic work for Bryson to correct a congenital defect	2,500
Medical insurance premiums, after-tax basis	1,800
Withholding for state income taxes	7,200
Withholding for federal income taxes	16,000
State income taxes paid with last years tax return (paid when the return was filed in the current year)	500
Property taxes on home	1,100
Property taxes on automobile	300
Interest on home	9,700
Interest on credit cards	200
Cash contribution to church	3,900

In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc. stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV of the stock on the date of the contribution is $700. Peter and Amy had purchased the stock on November 7, 2003 for $300.Compute Peter and Amys income tax liability for the current year using Form 1040, Schedules A and B, and Form 8283, if necessary.