Prepare a U.S. 1040 Individual Income Tax Return and any required supporting schedules.

Barry and Mary Roosevelt, ages 33 and 31, are married and live at 430 South Michigan Avenue, Chicago IL 60605. Barrys social security number is 123-45-6789 and Marys numbers is 987-65-4321.

Barry and Mary have 2 children: Ann age 7 and Marie age 5. Social security numbers 321-44-7788 and 321-55-9966. Barry also has another child, Timmy age 10, from a previous relationship. Timmy lives with his mom in Arizona during the school year and Barry pays child support of $500 per month. Take the Child Tax Credit for all applicable children.

Mary is a CPA for a local firm. For the year she earned a salary of $90,000 with $20,000 in Federal withholding and $5,000 in State withholding. During the year Mary paid $6,000 in health insurance premiums for family healthcare coverage.

Barry owns some rental property in Tennessee. During the year, the rental property had gross revenues of $50,000 and incurred the following expenses:

Taxes $10,000

Insurance $5,000

Advertising.$4,000

Utilities $3,000

Repairs & maintenance $5,000

Barry was able to collect unemployment compensation for a portion of the year. He collected $10,000 in total benefits (assume ALL TAXABLE) for the year and no withholding. Barry injured himself while cooking and needed to see a physical therapist throughout the year. The total out-of-pocket medical expenses for Barry were $3,000.

Barry and Mary sold 100 shares of XYZ, Inc. for $10,000 on 12/31 of the current year. They originally purchased 200 shares of XYZ, Inc. on July 31, 2014 for $12,000. They also sold 50 shares of ABC, Inc. for $8,000 on 12/31 of the current year. They originally purchased 100 shares of ABC, Inc. for $10,000 in 2016.

Mary received $10,000 as a gift from a rich ex-boyfriend. Mary also received $50,000 as the beneficiary of her fathers life insurance policy. (Mary was the sole beneficiary of the policy.)

Barry and Mary went to Las Vegas for a romantic getaway. During their trip Mary won $5,000 playing the slots (gambling winnings), while Barry lost $1,000 playing cards.

Barry and Mary received the following items applicable for the current tax year:

Interest from savings account $1,500

Interest from City of Chicago bonds $1,000

Qualified dividend from IBM. $7,000

Barry and Mary paid the following items applicable for the current tax year:

Charitable contributions (cash) $8,000

Real estate taxes $10,000

Home mortgage interest $8,000

Credit Card finance (interest) charges $2,000

Student loan interes t$1,500