Required: Using the information provided, prepare the 2022 federal tax return Karl and Jillian Cook. If required information is missing, use reasonable assumptions to fill in the gaps. The forms that need to be turned in for Part I are as follows: o Schedule A o Schedule SE for Jillian (You only need to complete Part I of Schedule SE dont worry about part II in Schedule SE.) You also need to submit the summary form, which is available in Canvas. The return should be prepared manually. You are not allowed to use a return software. The tax forms from the IRS allow typing, so you can complete the forms using typing. The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). (The forms and schedules are also available in Canvas.) The instructions for each form will be helpful in completing the return. Facts: Karl and Jillian Cook are married and file a joint return. Karl is a civil engineer and runs his own engineering firm called Karl Cook Engineering, which is conducted as a sole proprietorship with Karl being the sole owner, and Jillian is a flight attendant. Karl and Jillian have two dependent children, Bryan and Anne, who live at home with Karl and Jillian. The Cooks provide you with the following additional information: The Cooks do not want to contribute to the presidential election campaign. The Cooks would like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check. The Cooks live at 3703 Brighton Avenue, Lincoln, Nebraska 68510. Karls birthday is 6/5/1974 and his social security number is 321-11-5700. Jillians birthday is 10/12/1977 and her social security number is 567-11-1268. Bryans birthday is 2/1/2010 and his social security number is 621-11-7592. Annes birthday is 12/12/2013 and her social security number is 621-11-9935. The Cooks do not have any foreign bank account or trusts. During 2022, the Cooks did not receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency. 1) Jillian is a flight attendant for Midwest American Airlines (MAA), where she earned $57,500 in salary. MAA withheld federal income tax of $6,430, state income tax of $1,860, Social Security tax of $3,565, and Medicare tax of $834. 2 2) The Cooks received the following during the year: Interest income from Wells Fargo $250 Interest income from the City of Chicago bonds $220 Interest income from U.S. Treasury Bond $140 Qualified dividend income from Target Corp. $280 Qualified dividend income from CVS Health Corp. $570 Qualified dividend income from Microsoft $330 *In our tax return class, I will show you how to complete Schedule B (Interest and Dividends) using this information. 3) The Cooks filed their 2021 federal and state tax returns on April 2, 2022. They paid the following additional 2021 taxes with their returns: Federal income taxes of $250 and state income taxes of $370. 4) The Cooks made timely estimated federal income tax payments of $6,300 each quarter during 2022. They also made estimated state income taxes of $2,100 each quarter. The Cooks made the federal and state fourth quarter estimated tax payments on December 31, 2022. 5) Jillian received a 2022 K-1 from the Dunphy Partnership interest she purchased two years ago. Jillian materially participates in the partnership. A copy of the K-1 can be found in Canvas. 6) The Cooks have also provided the following information for 2022: *Keep in mind that the items from the Schedule K-1 (from Dunphy Partnership) flow through to the Cooks tax return to the applicable places. Real estate taxes on personal residence 7,450 State income taxes You need to determine this amount Mortgage interest on principal residence mortgage of $325,000 (Reported on Form 1098) 9,350 Home equity interest on $30,000 mortgage used to purchase new car 620 Interest on credit cards (vacation and consumer purchases) 410 Cash contribution to American Cancer Society (qualified charitable organization) 9,000 Cash contribution to a museum (qualified charitable organization) 5,500 Unreimbursed employee business expenses (Jillian) 420