Question
Hi I really want to thank you for helping me with my assignments. Can you please help to complete Heather and Nick Johnson TAX Returns
Hi
I really want to thank you for helping me with my assignments. Can you please help to complete Heather and Nick Johnson TAX Returns for 2022, 1040 form, Schedules A, C, D and any forms applicable to this case. Please provide me the lines for each form and the correct amounts. Thank you again for all your help. Here is the information.
Heather owned the KLN stock and sold it to her brother, Jack. Heather and Nick used the motorcycle for personal recreation.
Complete Heather and Nick's Form 1040 for tax year 2022, Schedules A, C, D, and any forms applicable. For purposes of this tax problem, disregard the alternative minimum tax and any credits.
Tax Return 2: Heather and Nick Johnson Heather and Nick Johnson are married and file a joint income tax return. Their address is 3847 Indian Trail, Madison, WI 58493. Nick's Social Security number is 527-01-1115 and birthdate 10/15/1968. Heather's social security number is 655-10-2224 and birthdate 6/12/1970. Nick is an electrical engineer, and Heather is a speech therapist. She is self-employed. They report all their income and expenses on the cash method. For 2022, they report the following items of income and expense. \begin{tabular}{|l|l|l|l|l|} \hline Asset & Aquired & Sold & Sales Price & Cost \\ \hline AEN Stock & 3/2/2019 & 7/17/2022 & $20,000 & $22,000 \\ \hline KLN Stock & 6/8/2011 & 4/10/2022 & $13,000 & $17,000 \\ \hline Motorcycle & 5/3/2008 & 9/12/2022 & $2,500 & $6,000 \\ \hline \end{tabular} Forms: Tax Year: 2022 Form W-2 Employer FEIN/SSN: 86-029546 State WH ID Number: 86-029546 Employee Name Nick Johnson Employer Name: We Fix It Employer Street Address: 7025 W Monroe City: Madison State: WI Zip Code: 58493 W-2 Box Total (1) Wages, Tips, Other - $72,000.00 (2) Fed. Income Tax Withheld - $1,300.00 (3) Social Security Wages - $72,000.00 (4) Social Security Tax Withheld - \$4,464.00 (5) Medicare Wages and Tips - $72,000.00 (6) Medicare Tax Withheld - $1,044.00 (16) State Wages, Tips, etc. - $72,000.00 (17) State Income Tax - \$4,500.00 Form 1098 Lender's TIN: 67-123456 Borrower's TIN: 527-01-1115 Lender's address: PO Box 8068 Virginia Beach, VA 23450 Box 1: 5,000 - Gross receipts from Heather's business $136,000 - Rent on Heather's office $15,500 - Receivables written off during the year (received in Heather's business) $1,200 - Subscriptions to linguistic journals for Heather $250 - Salary for Heather's secretary-receptionist $35,000 - Qualified medical expenses $12,750 - Property taxes on their personal residence $11,000 - State income tax refund received this year (the tax benefit was received in the prior year from the state income tax deduction) $700 - Heather's estimated tax payments $17,000 - Income tax preparation fee for the prior year's return paid this year $950 Heather and Nick sold the following assetsStep by Step Solution
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