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Please provide answers to fill out Form 1040 INDIVIDUAL TAX RETURN PROJECT (75 points) Jose (SSN 150-45-6789) and Rosanna (SSN 123-45-7890) Martinez are a married

Please provide answers to fill out Form 1040

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INDIVIDUAL TAX RETURN PROJECT (75 points) Jose (SSN 150-45-6789) and Rosanna (SSN 123-45-7890) Martinez are a married couple who reside at 1234 University Drive in Coral Gables, FL 33146. They have two children: Carmen, age 19 (SSN 234-65-4321), and Greg, age 10 (SSN 234-65-5432). Carmen is a full-time student at the local university; she lives at home and commutes to school. Jose is an architect for Deco Design Architects and is covered by his employer's defined benefit pension plan. His Form W-2 for 2021 reported the following information: Wages Social Security wages Medicare wages $65,000 Federal income tax withheld 65,000 Social Security tax withheld 65,000 Medicare tax withheld Wages Social Security wages Medicare wages Rosanna was a loan officer at BankOne until October. Her Form W-2 for 2021 reported the following information: $43,000 43,000 43,000 $6,100.00 4,030.00 942.50 Federal income tax withheld Social Security tax withheld Medicare tax withheld $3,000.00 2,666.00 623.50 Rosanna's employer does not provide any retirement plan for its employees. Jose and Rosanna received $3,500 of interest income from BankOne and $130 of qualified dividend income on Microserf stock (reported in boxes la and lb on Form 1099-DIV). On November 10, they sold 1,000 shares of Dotcom stock for $925. They had purchased the Dotcom stock last year on October 2 for $4,900. On September 12, they sold 800 shares of Microserf stock for $3,800. They had purchased the Microserf stock three years ago on April 22 for $3,050. The proceeds from these sales were reported on the Form 1099-B they received from their broker; this statement reported the basis for the Dotcom stock, but basis was not reported for the Microserf stock. Rosanna received $45 in jury duty pay in May. The Martinez family has medical insurance that they purchase through the cafeteria plan offered by Jose's employer (on a pre-tax basis). The annual cost of this medical insurance for the entire family was $3,600. Martinez family also paid $12,300 for qualified medical expenses for which they received no insurance reimbursements. The Martinez family paid $9,400 in interest on their home mortgage acquired in 2017 with a principal balance of $300,000 (which Overnight Mortgage Company reported to them on Form 1098). The Martinez family also owns a vacation home in Breckenridge, Colorado, for which they paid $4,100 of mortgage interest (acquired in 2018 with a principal balance of $82,000. This is qualified mortgage interest for a second home.) Other interest paid by Jose and Rosanna includes $1,100 for a loan on their personal automobile and $400 on credit cards. The Martinez family paid real estate taxes on their principal residence of $3,500, $2,000 of real estate taxes on their vacation home and $3,200 of sales taxes during the year.

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