I need a completed 2022 Income Tax Return including 1040, schedule A and schedule 1. If any other forms are needed as well that you can get from this information will do.

Tax time, tax time, we all love tax time!! Your clients, Hugo and Julia Spencer, brought in bags of documents and receipts -that's good, right?

Hugo and Julia are a married couple with 2 wonderful kids, Ryan and Gabby. Hugo is self-employed and owns a sports equipment business while Julia is employed as a registered nurse for a medical center.

The birthdates and social security #s are as follows:

Hugo

111-22-3333 09/27/78

Julia

999-88-7777

06/06/78

Ryan

444-55-6666

03/01/03

Gabby 777-66-5555 12/25/11

Items you should know about the family:

1s- they like to donate to charity, or at least they believe all of them are charities:

American Cancer Society - $1,000

Memhet Oz for Senate - $1,500

Dickinson College - $800

Lutheran Church - $1,750

Make A Wish - $1,250

Hugo's needy friend - $15,000

Also, they donated a painting to the Museum of Modern Art, which displayed the portrait for its educational purposes. The painting was purchased by Julia 3 years ago for $2,800.

The FMV is $3,980. An appraisal was done.

2nd-During the year, Hugo and Julia decided to move. They bought their first house on July 4, 2015 for $235,000 and were able to sell it for $350,000 on July 31, 2022 - a good return for selling their home.

After selling, they decided to rent an apartment rather than buying another home.

3rd- Hugo inherited stock from his deceased aunt on August 3, 2022. The stock is Nesiah, Inc. that the aunt had purchased on May 1, 2005 for $25/share and totaled 500 shares of stock. The value at the time of the aunt's death was $48/share. Hugo sold all the shares of Nesiah, Inc. stock on October 15, 2022 for $57/share.

Also, Hugo inherited $30,000 in cash from the estate of the deceased aunt.

4th - Julia bought 150 share of Soccer, Inc. stock on May 15, 2012 (cost of $28/share) and sold it June 6, 2022 (sale was $60/share)

Julia bought 12,000 share of a penny stock named Lehman Brothers, Inc. on October 15, 2021 (cost was $.45/share). On September 27, 2022 that stock was determined to be worthless.

5* - medical expenses for the family - prescriptions - $3,750; doctors - $8,200; cost of rhinoplastyose job for Julia (she simply didn't like the size of her nose) - $4,725; eyeglasses - $2,000; and braces for little Gabby - $3,250.

6th - House expenses - real estate taxes on the old home was $7,435 and the mortgage interest was

$9,454. This amount is attributed to the Spencers for the time in that old home (ultimately they sold the home in 2022), not to be prorated.

7th- Interest Income:

Savings account interest at M& T Bank - $1,275

Pennsylvania municipal bond interest - $3,900

US savings bond interest - $3,750

8th- the Spencers own a rental property in which they rent (they do not live in it) at 666 Suburban Circle in York. Rent received for the year was $12,860. The expenses for the property are as follows: depreciation of $4,850, utilities of $4,248, repairs of $2,650, and real estate taxes of $6,300.

9th-Ryan is a junior at Coastal Carolina University. For the year, Hugo and Julia paid $15,750 to Coastal Carolina for Ryan's tuition, fees, and books. Also, room and board of $7,500 was paid.

10th - Hugo contributed $6,000 to a Traditional IRA for the year 2022. Julia contributed $6,000 to a Roth

IRA for the year 2022.

11th- Now for the Hugo's business - which is a Lacrosse equipment manufacturing company. Hugo has no employees, just himself.

Sales for year - $535,000

Expenses

Materials - $395,000

Office Expenses - $21,650

Repairs & Maintenance - $13,000

Insurance (non-health) - 544.792

Assets on the books for the business are - equipment purchased on 10/15/20 for $17,750 and office furniture & fixtures in 03/15/21 for $22,500. In addition, Hugo purchased a new sports pad binder (equipment) this year on August 22, 2022 for $6,325. For the assets from 2020 and 2021, no section 179

nor bonus depreciation was elected in either vear and the assets were the only items purchased for each of those years.

**** Should you wish to accept it, your assignment is to prepare a 2022 US Income Tax return - Form 1040 and any supporting schedules (such as Schedule A and number schedules like Schedule 1). Truly,

YOU have no choice, it's worth a bunch of your final grade!

OMB No. 1545-0008

' me file

Form 1Y=2 Wage and Tax Statement Department of the Treasury-Intemal Revenue Sorvice Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service. Form 1Y=2 Wage and Tax Statement Department of the Treasury-Intemal Revenue Sorvice Copy B-To Be Filed With Employee's FEDERAL Tax Return. This information is being furnished to the Internal Revenue Service