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Requirements - Complete the 2022 Form 1040 for the taxpayer described below: Rick and Jessica are a married couple with one child, Margaret. Margaret is

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Requirements - Complete the 2022 Form 1040 for the taxpayer described below: Rick and Jessica are a married couple with one child, Margaret. Margaret is 11 years old and lives at home with Rick and Jessica. It is best for Rick and Jessica to use the "married filing jointly" filing status. Rick is still paying off some debt from when he went to college. He received a tax form in the mail stating that he paid 2,100 of student loan interest in 2022 . Jessica does not have student loans, however, she is currently taking bakery classes at a local community college. Her employer paid for all of her tuition in the tax year, which totaled $4,000. Rick's W-2 reported 101,000 of federal taxable income and 8,300 of federal tax withheld. Rick's W-2 also reported 1,000 of state tax withheld, and 600 of local tax withheld. Jessica's W-2 reported 91,000 of federal taxable income, 9,500 of federal tax withheld, 1,420 of state tax withheld, and 800 of local tax withheld. Rick and Jessica own their own home. They paid 2,500 of home mortgage interest in 2022. They made 4,400 of qualified charitable contributions in 2022. Rick and Jessica purchased some bitcoin in 2018. They sold all of it in 2022. Their cost basis in the bitcoin was 3,000 . They sold it for 35,000 . Jessica owns a side business in which she makes cupcakes that are sold at a few local grocery stores. Her business is called "Jessica's Fabulous Cupcakes". In 2022, Jessica's Fabulous Cupcakes brought in 5,800 of revenue and incurred 2,700 of expenses. Notes for the return: - You will need to assess whether to the standard deduction or itemized deductions for Rick and Jessica

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