Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jamie and Cecilia Reyes are husband and wife and file a joint return. They live at 5677 Apple Cove Road, Boise, ID 83722. Jamies social

Jamie and Cecilia Reyes are husband and wife and file a joint return. They live at 5677 Apple Cove Road, Boise, ID 83722. Jamies social security number is 412-34-5670 (date of birth 6/15/1973) and Cecilias is 412-34-5671 (date of birth 4/12/1975). They provide more than half of the support of their daughter, Carmen (age 23), social security number 412-34-5672 (date of birth 9/1/1999), who is a full-time veterinarian school student. Carmen received a $3,200 scholarship covering some of her tuition at college. She was not required to perform any services to receive the scholarship. Jamie and Cecilia furnish all of the support of Maria (Jamies mother), social security number 412-34-5673 (date of birth 11/6/1952), who is age 70 and lives in a nursing home. They also have a son, Gustavo (age 4), social security number 412-34-5674 (date of birth 3/14/2018). The Reyes and all of their dependents had qualifying health care coverage at all times during the tax year. Jamie's W-2 contained the following information: Federal Wages (box 1) = $ 149,625.00 Federal W/H (box 2) = $ 17,235.56 Social Security wages (box 3) = $ 147,000.00 Social Security W/H (box 4) = $ 9,114.00 Medicare Wages (box 5) = $ 149,625.00 Medicare W/H (box 6) = $ 2,169.56 State Wages (box 16) = $ 149,625.00 State W/H (box 17) = $ 5,435.00 Other receipts for the couple were as follows: Dividends (all qualified dividends) $ 2,922 Interest income: Union Bank $ 1,320 State of Idahointerest on tax refund 22 City of Boise school bonds 1,250 Interest from U.S. savings bonds (not used for educational purposes) 410 2021 federal income tax refund received in 2022 2,007 2021 state income tax refund received in 2022 298 Idaho lottery winnings 1,380 Casino slot machine winnings 2,250 Gambling losses at casino 6,500 Other information that the Reyeses provided for the 2022 tax year: Mortgage interest on personal residence $ 10,081 Loan interest on fully equipped motor home 2,810 Doctors fee for a face-lift for Mrs. Reyes 8,800 Dentists fee for a new dental bridge for Mr. Reyes 3,250 Vitamins for the entire family 110 Real estate property taxes paid 5,025 DMV fees on motor home (tax portion) 1,044 DMV fees on family autos (tax portion) 436 Doctors bills for mother 2,960 Nursing home for mother 12,176 Wheelchair for mother 1,030 Property taxes on boat 134 Interest on personal credit card 550 Interest on loan to buy public school district bonds 270 Cash contributions to church (all the contributions were in cash and none more than $250 at any one time) 5,100 Cash contribution to man at bottom of freeway off-ramp 25 Contribution of furniture to Goodwillcost basis 4,000 Contribution of same furniture listed above to Goodwillfair market value 410 Tax return preparation fee for 2021 taxes 625 Required: Prepare a Form 1040 and appropriate schedules for the completion of the Reyess tax return. They do not want to contribute to the presidential election campaign and do not want anyone to be a third-party designee. The Reyes have not acquired any financial interest in virtual currency last year. For any missing information, make reasonable assumptions. Use the appropriate Tax Tables and Tax Rate Schedules. Note: List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Enter the required information in the Dependents section in a chronological order of "Dependent's social security number". Input all the values as positive numbers unless otherwise stated in the forms. Instructions can be found on certain cells within the forms. Round your final answers to the nearest whole dollar amount. Do not skip rows while entering in Deductions section of Form 1040 PG1 and in Interest section of Schedule B. We must use 2022 Tax table. We must fill on all this forms: 1040 for a couple Married Filing Jointly with three dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule A Schedule B Schedule 8812 Schedule 8812 Worksheet A Qualified Dividend Please help me, please provide attached forms with answers. Thank you.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions