Please help.

Read the instructions at the end before starting the problem.

Michael, age 55, and Jessica Winslow, age 44, are married and file a joint return. Michael is an IT specialist, and Jessica

is a nurse. The Winslows have 3 children. The oldest, Dahlia, age 30, is married to Tim and earns $85,000. The

Winslows second oldest child, Chris, age 19, is a full-time student at Howard University. His parents pay all his

educational expenses. Amy, age 11, the third oldest child, lives at home with her parents. Amy attends after-school care

which costs $15,000 for the year. Michael had another child, Steve, outside his marriage in 2015. Steve lives with his

mother. The court ordered him to pay child support to Steves mother, Brittany in the amount of $700 per month.

The Winslows live at 12500 London Lane, Fairfax, VA 20121.

Jessica earned $50,000. Her federal and state income tax withholdings were $7,000 and $2,000 respectively. During the

first half of the year, Jessica had been unemployed and received unemployment compensation of $8,500.

The Winslows received $250 of interest income from Midas Savings Bank on a joint account. They also earned interest

of $3,000 on Fairfax County municipal bonds. They received qualified dividend income of $3,500 and ordinary dividends

of $2,800.

Michael and Jessica provided the following information related to their taxes:

Mortgage interest on their home 12,225

Interest on Jessicas personal credit card 550

2021 state income tax refund received in 2022 1,300

Cosmetic face-lift for Jessica 6,800

Prescription drugs for Chris 2,100

Over the counter vitamins for Chris and Amy 275

Real property taxes 3,075

Medical bills for Michael 3,960

Hospital bills for Jessica after she fell 6,200

Insurance reimbursement for Jessicas hospital bills 3,000

Interest on Jessicas student loan 6,000

Michael has his own IT firm Winslow IT Specialists. Michaels revenues for the year were $90,000. The business

expenses are:

Advertising 1,200

Professional journals 1,490

Contributions to employee benefits program 2,600

Malpractice insurance 3,200

Accounting services 600

Office expense 388

Office rent 12,000

Supplies 3,000

Utilities and telephone 3,360

Employee wages 5,000

Payroll taxes 2,400

IT certifications 1,500

Depreciation on computer equipment 4,800

In December 2022, Michael gives each of his 20 biggest customers an Apple Watch. Each watch costs $699.

Jessica visited Las Vegas and felt that she should try her luck in the casino. However, she told herself that she would

spend only $1,500 playing poker and won $800. In August 2019, Michael loaned his best friend, David, $55,000 to start

his own IT firm. In October 2022, David declared bankruptcy.

Michael inherited property after his father died in June 2022 valued at $500,000 located in Jersey City, NJ. On September

1, 2022, Michael started renting the condo for the remainder of the year. The rental income was $8,000 per month. The

related monthly rental expenses were: taxes - $1,500; insurance - $1,700; trash removal - $200; depreciation - $5,000;

other expenses - $900. His uncle also left $75,000 cash for Michael.

Instructions:

Prepare the Winslows Form 1040, Schedules 1, A, C, D and E for tax year 2022.

For any line that requires a separate form to be completed, show all computations on a separate sheet and clearly labeled.

For any line that includes more than one amount, show all computations and totals on a separate sheet - by line number.

Round all numbers to the closest dollar.

If there is Schedule C income, calculate the self-employment tax on a separate sheet of paper and insert on the appropriate

form and schedule.

Show your income tax computation on a separate sheet.

Ignore all AGI phaseouts for calculating tax credits.

Use AGI as required on Sch A when calculating medical expenses