Jered Bryant $($Social Security number $112-11-2111)$ is $56$ years old and was married to Rose Bryant $($Social Security number $124-54-6789).$ Rose died on December $15,2022.$ She was $52$ years old when she passed away. Jered continues to live at $125$ Redhill Ave.., Tustin, CA $92782.$ He has dependent children. Jered, Jr$,$ Age $19($he is a full$-$time student at UCLA$),$ and George Age $9($student at Olita elementary school$).$ Jerad Jr$.\text{'}$s Social Security number is $123-45-6888$ and George's Social Security Number is $252-659523.$ Jered had the following transactions in $2023$:

Jered received $$260,000$ included in his W$-2$ Box $1$ from Angus Engineering Corporation $($FEIN: $81-2562500),$ where he is an engineer. Withholding for federal income tax was $$25,000.$ Assume the proper amount of Social Security and Medicare tax has been withheld including the $\mathrm{.}9\%$ ACA Medicare tax $($if any$).$ There are no retirement plan options to contribute to at Angus Engineering Corporation. W$-2$ box retirement plan box in section $13$ is not checked.

Jered won $$5,000$ as the $2023$ Engineer of the Year. This was awarded in $2023$ based on the merits of the person. It was given at the Irvine Engineering association banquet with a plague.

Jered's father Samuel passed$-$away in $2022$ and in $2023$ he received a parcel of Land worth $ $2,950,000.$ There was also a Life Insurance policy from AIG Insurance Company $($FEIN: $132592361)$ of $$750\mathrm{.}000$ where Jered was the sole beneficiary. The proceeds were paid to him in an annuity of $$80,000$ per year for $10$ years starting January $1,2023.$

Jered received a form W$-2$G for his gambling winnings at the Caesars Resorts International Las Vegas $("$Caesars$")($FEIN: $88-0097966)$ of $$7,500$ in Box $1.$ He won this amount on $6/15/2023$ with a jackpot in slot machines. There was $$2,000$ of federal income tax withholding.

Jered received $$9,200$ interest on Tustin school district bonds.

Jered received death benefits in $2023$ for his wife passing of $$7,500$ for funeral expenses from her employer Cooper Industries' benefit plan. She was also owned $$1,000$ in salary before she died, and this was also paid in $2023.$

Jered opened a one$-$year Certificate of Deposit at Bank of America in $2023$ on $7/1/2023$ with $$300,000$ earning $5\%,$ Half the interest income accrued at $\frac{12}{31}\frac{?}{2023}$ of $$7\mathrm{.}500$ and the total interest income earned was $$15,000,$ and the interest income will be paid in $2024$ upon maturity of the CD on $\frac{7}{1}\frac{?}{2024}.$

Jered sold his $2021$ Porsche $911$ Targa $4S$ for $$75,000$ on $\frac{2}{2}\frac{?}{2023}$ and paid $$70,000$ for the car on $\frac{12}{31}\frac{?}{2020},$ The car was used for personal purposes.

Jered received dividends of $$30,000$ noted in Box $1$ a of the $1099-$DIV. Of which $$20,000$ were dividends from LVMH Moet Hennessy Louis Vuitton$($LVMH Euronext Paris Euro list$)$ that he has owned for $2$ years, and the remaining $$10,000$ dividends were from Apple stock which he has owned for $60$ days.

Jered incurred $$6,000$ of interest expense on a margin loan with Bank of America which was used to purchase investments. Thirty$-$five of the loan was used to purchase the Tustin school district bonds.

Jered kept the receipts for their $2023$ sales taxes paid of $$1,000.$

Jered's other deductions are as follows:

Real estate taxes on their principal residence were $$4\mathrm{.}000.$

DMV fees were $$1,000$ of which $$750$ is related to the value of the car. The remaining $$250$ is the license fee recurring every year.

$2023$ Mortgage interest expense on their principal residence was.

$$80,000.$ Mortgage Balance was $$2,000,000$ at $\frac{12}{31}\frac{?}{2023}$ and the same amount at the time of acquisition since the loan is interest only. The entire mortgage was used to purchase or improve his principal residence. The mortgage was obtained on $7/15/2017,$ The Fair Market Value of the residence was $$1,500,000$ at the time of purchase.

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