Question
Matt (27) and Stacy's (26) divorce is finalized 2/13/23. They have a little boy, Joey, who is 3 years old. Matt moved out of the
Matt (27) and Stacy's (26) divorce is finalized 2/13/23. They have a little boy, Joey, who is 3 years old. Matt moved out of the family home on1/1/23 and is living in an apartment on the other side of town. 50/50 custody of the son was decided at the time of the divorce. They have the following income and expenses for 2022. Matt: W-2 for $85,000 with Federal withholdings $10,200 and KY withholdings $5,100, 1099-INT for $250, 1099-DIV for $360, Auto taxes for $165, Contribution $100, Medical $1,200. Stacy W-2 for $24,000 with Federal Withholdings $2,880, and KY withholdings for $1,140, 1099-NEC for her Schedule C business tutoring math and english for $2,500, Business expenses: supplies $300, Software $160, Office Expenses $120, Auto tax for $210, Contributions $150, Medical $850. Both: Joey's medical $500, Property taxes $2,560, Mortgage Interest $9,250. Complete the 2022 tax return and calculate their refund or amount due.
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