Schedule of Gross Income (list all that were included)

Adjustments for AGI

AGI show how you computed it

Schedule C simple show the Income Statement

Itemized Deductions (create a schedule of all items that were included)

Taxable Income show how computed

Non-refundable and refundable credits list and show how much credit did the taxpayer earn.

Tax Liability calculate the taxpayers taxes based upon his taxable income (use 2022 tax table show all computation)

Refund or Taxes Owed show computation.

Folloxing is a list of information for Michael and Diana lapin for the tax year 2022. Withae: and Diana are marvied and buve three childenn, Amara, Bryart, ami Skyla. They lise at 120 Main Street, Flustuing NY 1425 . Wichael is a lawyer working for a Native Amerivin law limm. Native Amevican Justice, Inc. Diane works part-time far Crealtuon, a genetic researeh lab. The Lapins' und their dependerts' intormation is as cullows: Michacl's Previous Marriage: Michael is ubligated to pay Alimuny of Sfi,n00 and child supput of 12,nno snmualy to Evelyn hased upon their dixnsec dewrex dateil i.01:20 8. However, bs of December 31,2022 , he had only paid S13.000. Micbaei and Evelyn butat agreed that the outstancing balarlee will be paid in lenuary 2023. The Lapin W-2 information is us follows: Interest and Dividends earned by the Lapin are us follows: Other: During 2022, Diana received u debt forgiveness of $2.500 from American Express. Besides working for the Native Armericu Law Fimm, Michuel ul so has his own private consulting practice (L apin Legal Consultuncy, LLC. BIN: 55-5687541, Business code: 541110 , Accounting method: Cash Basis). located at 195 Chambers strect, New York, NY 10007 . Lhe incume arh expenses ussociated with his practicc arc as follows: Note 1 - the eategory uffice equipment includes printers, computers, fax machines, percolators, phones, micrnwave, and office refrigerutur. The items werc placed in service during 2022 . Michael is unfamiliar with the tax treatment and therefore requires your help. He is greatly concem with the tax benefits available for the costs ineurred for oftice eguipment. Hint: should the capitalized and depreciate the equipment cost, or is there another available tax treatment? Note 2 - Michael visited Miami on a conference that was specilic to his business. He spent u tutd of three days in Miami. However the conference was only two days, but since Michacl loved the beach; he decided to stay annther day. The total expenses incurred in the crip were 6,000 . Note 3 - Lapin Legal Consultancy, LLC, was sued by the US government, reguniing a criminal violation of antitrust lams. He entered a no-contest plea and paid the tine of 90,000 to settle the wase. Dnrcimbursed Job Related Expenses Diana attended a Gencties conference in Boston, MA during 2022. Her employer's praetice is to reimburse their employees for these conterences. Her total expenses incurted were 3.000 . However. shis was only reimbursed 1.5(0) as of Derember 31,2022. Michacl had no unreimbursed expenses for 2022. Giroup Term Life Insurance Native American Justice. Inc. peovides $100,000 of group term life insurance for Michacl, who is nat a key employee. (Hint: don't forget to consider its effect on gross income). Retircment Contributions During 2022. Mr. \& Mrs. Lapin each cuntributed 6,000 to theie Truditional IRA accounts. Assume no AGI limitation prevents the deductions. NYS Tax Refund Mr. \&t Mrs. Lapin rcceived a 10%y for 55,000 representine u 2021 NYS Tax Retund which was reveived in 2022 . The lapin itemized their deductions in 2021 . Capital Stock Tramsactions Michael sold the followine securitics durine 2022: Note 4 - Eale of Residenec. Mr. \& Sies, Lapin lived in thits house tor mary years. II wis acquirod in 2010 at a cost of $850,600 and it wis thei- mcincipa residence. Oher the years they made major improvenents to their home and al capitil iriprovenents are doeumented. Mr. \& Mrs, Lapin wish to avail themselves of the S500, 000 gain exchusion under IRE SeE 121 . Note 5 -Mecical Expense: Micheel has weuk muscles in his back. His persona physidin prestribed a Nike rowitge mastine lo iry ow illevale his wwer back pxia. Vote 6 - Miss. l.anin tonk a trip in Miami after heen diagnosed hy her medical doem with extreme stress and tarigue. She believes that the trip will elesate her eonsition, and that I did. Wenatrons at Froperty: Pairtitgs \& Sculplure: (see Note 7 ) - Cast S 12,000 - FMV 22,000 Vote 7 - Contribution of Propertye The paintine and seulptuve were appraised by a reputable company, Miclae] believes that the etimated TMN shouid be S411,100) and not $22.000 as deelared by the appraisal company. L.cgul fces - Fstate Planning SafeDepositBoxatChaseusedtosafeguardstockcertificetes.OtherExpenses4,000300 Gembling losses (sec Note 8 ) $24,000 Note 8 - Gambling Losses: Mrs. Lapin cnjoys gambling in Las Vegas and she considers herself to be the "Black-lack Doctor", During 2022 she won 14,000 and ineurred lusses of 38,000 . Her net gambling losses were 24,000. After her spring winnings, she has been on a consistent losing streak! Other fact: - Michael did not muke any puyments that requires him to iile a 1099 and he did materially participated in his business. - The business was started July 15.2018. - Michael made additional withhalding through tiis W-4 to help oftset his cstimate taxes. - Amara is pursuing her first degree in Business Administration. She purchased courserelated books from the campus bnokstore for $1,500. Amara does not have a felony drue conviction. - Amara II received a 1099 for $2,400 af interest issued hy Wells Farga Bark, P.O, BOX 3908 Des Moines IA 50306 - 3411, EIN 94-100000il, The interest was firm money she. bad inherited from ler grand parents and kept in \& CD at MCL. - Michael und Diana's PIN are 21008 and 54210 tespetively. Thcir home telcphone number is 347-248-0000. - The entire family reccives health care bencfits trom his cmployer. - Michacl and Diana mould like to contribute $3 to the presidential election campaign. - Michael dnes not have any linencial accounts located nutside the US . He would like to authorize you the tax- preparer to discuss his laxes with the IRS. II would like his refund if any, to be deposited in his chocking uwount at MCU - rouling nunber 226078036, account number 12568541235784. Beware Notice: - Wher examining what to include in your Schedule A, take into account all necessary information provided. That is to say, not bocause most of Schedule A items are found together, means that all. - Make sure all relevant forms are properly filled out. - Read carefully before making any judement on the situation - Disregard any calculations for AMT (1046 - line 45) - Prepare the Lapin 2022 tux return using the inforitation available for 2022. - The tax return at minimum must include forms: 1040, Sch, A, Sch. C, Sch, R, Sch. D, Font 8949, und Sch. SE (Long), and uccompunying Tax Notes. You may also include any other relevant tux forms and worksheets. When calculating the Lapin's tex liability. use the tax rate schedule at the front of your text book and the knowledge you have geined over the semester. - Notes are required for cach omission or limitation. For Example 1 - if the gains trom the sale of Lapin properly is included or omitted from gruss incume, your note should state the amount realized, the property's busis. the gains recognized, and why its included or excluded. Example 2 - if one of Lupin dependents was excluded, you must siate in the note, why holshe failed the depencency test. Support your docisions by the stating the source (the sext is a great source). Notes must he trped! At minimum, you should have notes for Dependents (who were excluded and why), Gross Inenme (any exclusions ar limitations). Schedule C, Itemized doductions (medical, charitable contributions, etc.), Unreimbursed Job-Kelared expenses, (imup Life Insurance, Capital Stock Transactions, Sule of Residence, any applicable credit(s) taken, and Cambling winnings. - The Lapin's fould like to contribute s0\% of their refund (if any) to their 2023 estimate taxes. Submitting your project results: Creats a wod or excel documents with the lollowing irLiormation ihher compleling the preject: - List your groug members - List of dependents - Schodule of Cimss Inenme (list all that were incloded) - Adjustments fur ABI - AGil-show how yau computed it - Schedule C-simple show the Income Statement - [temizsd Deductions (ereate a schedule af all items that wers included) - Taxable Income-show how computed - Non-refundable and refundable crodits - list and slaw how much credit dio the texpuyer earm. - Tax Liability - calculate the taxpayer's taxes based upou his taxable income (use 2022 tax table-shuw all computation - Refund or Taxes Owed show computation. Submit the above arrswer sheet, alung with the typed notes to me via emai]. The return will be discussed periodically over the remaiming weeks for class! Folloxing is a list of information for Michael and Diana lapin for the tax year 2022. Withae: and Diana are marvied and buve three childenn, Amara, Bryart, ami Skyla. They lise at 120 Main Street, Flustuing NY 1425 . Wichael is a lawyer working for a Native Amerivin law limm. Native Amevican Justice, Inc. Diane works part-time far Crealtuon, a genetic researeh lab. The Lapins' und their dependerts' intormation is as cullows: Michacl's Previous Marriage: Michael is ubligated to pay Alimuny of Sfi,n00 and child supput of 12,nno snmualy to Evelyn hased upon their dixnsec dewrex dateil i.01:20 8. However, bs of December 31,2022 , he had only paid S13.000. Micbaei and Evelyn butat agreed that the outstancing balarlee will be paid in lenuary 2023. The Lapin W-2 information is us follows: Interest and Dividends earned by the Lapin are us follows: Other: During 2022, Diana received u debt forgiveness of $2.500 from American Express. Besides working for the Native Armericu Law Fimm, Michuel ul so has his own private consulting practice (L apin Legal Consultuncy, LLC. BIN: 55-5687541, Business code: 541110 , Accounting method: Cash Basis). located at 195 Chambers strect, New York, NY 10007 . Lhe incume arh expenses ussociated with his practicc arc as follows: Note 1 - the eategory uffice equipment includes printers, computers, fax machines, percolators, phones, micrnwave, and office refrigerutur. The items werc placed in service during 2022 . Michael is unfamiliar with the tax treatment and therefore requires your help. He is greatly concem with the tax benefits available for the costs ineurred for oftice eguipment. Hint: should the capitalized and depreciate the equipment cost, or is there another available tax treatment? Note 2 - Michael visited Miami on a conference that was specilic to his business. He spent u tutd of three days in Miami. However the conference was only two days, but since Michacl loved the beach; he decided to stay annther day. The total expenses incurred in the crip were 6,000 . Note 3 - Lapin Legal Consultancy, LLC, was sued by the US government, reguniing a criminal violation of antitrust lams. He entered a no-contest plea and paid the tine of 90,000 to settle the wase. Dnrcimbursed Job Related Expenses Diana attended a Gencties conference in Boston, MA during 2022. Her employer's praetice is to reimburse their employees for these conterences. Her total expenses incurted were 3.000 . However. shis was only reimbursed 1.5(0) as of Derember 31,2022. Michacl had no unreimbursed expenses for 2022. Giroup Term Life Insurance Native American Justice. Inc. peovides $100,000 of group term life insurance for Michacl, who is nat a key employee. (Hint: don't forget to consider its effect on gross income). Retircment Contributions During 2022. Mr. \& Mrs. Lapin each cuntributed 6,000 to theie Truditional IRA accounts. Assume no AGI limitation prevents the deductions. NYS Tax Refund Mr. \&t Mrs. Lapin rcceived a 10%y for 55,000 representine u 2021 NYS Tax Retund which was reveived in 2022 . The lapin itemized their deductions in 2021 . Capital Stock Tramsactions Michael sold the followine securitics durine 2022: Note 4 - Eale of Residenec. Mr. \& Sies, Lapin lived in thits house tor mary years. II wis acquirod in 2010 at a cost of $850,600 and it wis thei- mcincipa residence. Oher the years they made major improvenents to their home and al capitil iriprovenents are doeumented. Mr. \& Mrs, Lapin wish to avail themselves of the S500, 000 gain exchusion under IRE SeE 121 . Note 5 -Mecical Expense: Micheel has weuk muscles in his back. His persona physidin prestribed a Nike rowitge mastine lo iry ow illevale his wwer back pxia. Vote 6 - Miss. l.anin tonk a trip in Miami after heen diagnosed hy her medical doem with extreme stress and tarigue. She believes that the trip will elesate her eonsition, and that I did. Wenatrons at Froperty: Pairtitgs \& Sculplure: (see Note 7 ) - Cast S 12,000 - FMV 22,000 Vote 7 - Contribution of Propertye The paintine and seulptuve were appraised by a reputable company, Miclae] believes that the etimated TMN shouid be S411,100) and not $22.000 as deelared by the appraisal company. L.cgul fces - Fstate Planning SafeDepositBoxatChaseusedtosafeguardstockcertificetes.OtherExpenses4,000300 Gembling losses (sec Note 8 ) $24,000 Note 8 - Gambling Losses: Mrs. Lapin cnjoys gambling in Las Vegas and she considers herself to be the "Black-lack Doctor", During 2022 she won 14,000 and ineurred lusses of 38,000 . Her net gambling losses were 24,000. After her spring winnings, she has been on a consistent losing streak! Other fact: - Michael did not muke any puyments that requires him to iile a 1099 and he did materially participated in his business. - The business was started July 15.2018. - Michael made additional withhalding through tiis W-4 to help oftset his cstimate taxes. - Amara is pursuing her first degree in Business Administration. She purchased courserelated books from the campus bnokstore for $1,500. Amara does not have a felony drue conviction. - Amara II received a 1099 for $2,400 af interest issued hy Wells Farga Bark, P.O, BOX 3908 Des Moines IA 50306 - 3411, EIN 94-100000il, The interest was firm money she. bad inherited from ler grand parents and kept in \& CD at MCL. - Michael und Diana's PIN are 21008 and 54210 tespetively. Thcir home telcphone number is 347-248-0000. - The entire family reccives health care bencfits trom his cmployer. - Michacl and Diana mould like to contribute $3 to the presidential election campaign. - Michael dnes not have any linencial accounts located nutside the US . He would like to authorize you the tax- preparer to discuss his laxes with the IRS. II would like his refund if any, to be deposited in his chocking uwount at MCU - rouling nunber 226078036, account number 12568541235784. Beware Notice: - Wher examining what to include in your Schedule A, take into account all necessary information provided. That is to say, not bocause most of Schedule A items are found together, means that all. - Make sure all relevant forms are properly filled out. - Read carefully before making any judement on the situation - Disregard any calculations for AMT (1046 - line 45) - Prepare the Lapin 2022 tux return using the inforitation available for 2022. - The tax return at minimum must include forms: 1040, Sch, A, Sch. C, Sch, R, Sch. D, Font 8949, und Sch. SE (Long), and uccompunying Tax Notes. You may also include any other relevant tux forms and worksheets. When calculating the Lapin's tex liability. use the tax rate schedule at the front of your text book and the knowledge you have geined over the semester. - Notes are required for cach omission or limitation. For Example 1 - if the gains trom the sale of Lapin properly is included or omitted from gruss incume, your note should state the amount realized, the property's busis. the gains recognized, and why its included or excluded. Example 2 - if one of Lupin dependents was excluded, you must siate in the note, why holshe failed the depencency test. Support your docisions by the stating the source (the sext is a great source). Notes must he trped! At minimum, you should have notes for Dependents (who were excluded and why), Gross Inenme (any exclusions ar limitations). Schedule C, Itemized doductions (medical, charitable contributions, etc.), Unreimbursed Job-Kelared expenses, (imup Life Insurance, Capital Stock Transactions, Sule of Residence, any applicable credit(s) taken, and Cambling winnings. - The Lapin's fould like to contribute s0\% of their refund (if any) to their 2023 estimate taxes. Submitting your project results: Creats a wod or excel documents with the lollowing irLiormation ihher compleling the preject: - List your groug members - List of dependents - Schodule of Cimss Inenme (list all that were incloded) - Adjustments fur ABI - AGil-show how yau computed it - Schedule C-simple show the Income Statement - [temizsd Deductions (ereate a schedule af all items that wers included) - Taxable Income-show how computed - Non-refundable and refundable crodits - list and slaw how much credit dio the texpuyer earm. - Tax Liability - calculate the taxpayer's taxes based upou his taxable income (use 2022 tax table-shuw all computation - Refund or Taxes Owed show computation. Submit the above arrswer sheet, alung with the typed notes to me via emai]. The return will be discussed periodically over the remaiming weeks for class