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see more info below for tax form questions thank you! Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise
see more info below for tax form questions thank you!
Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. Kathy and Rob Alvarez obtained a divorce effective May 1.2018, and there have been no revisions to the original agreement since that time in accordance with the divorce decree, Kathy was required to pay $2,450 per month until their only child turns 18 , then the payments would be reduced to $1,500 per month. Rob has full custody of the child and appropriately takes the child tax credit Furthermore. Kathy was to transfer titie of their house, which had a cost of $250,000 and a fair value of $510,000 on the date of transfer, to Rob and was to continue making the monthly mortgage payments of $1,525 on behaif of Rob, Kathy works for a large oil distributor in Santa Fe. NM, and after the divorce lives at 1132 Northgate Avenue, Santa Fe. NM 87501 . Kathy's social security number is 412.34.5671 (date of birth 11/4/1988), and Rob's social security number is 412.34.5670 (date of birth 8/14/1986). Her W-2 contained the following information wages(box1)=$35,100,25FederalW/H(box2)=$4,671.35Soctalsecuritywages(box3)=s15,100.25SocialsecurityH/H(box4)-$5,276.22Medicarewages(b05)=585,160.25MedicareBiH(box6)=$1,233.95 She also recelved a Form 1099.INT from First New Mexico Bank with $256 of interest income in box 1 . In addition, Kathy made a timely $2.500 contribution to her new HSA account. Required: Prepare a 2022 Form 1040 and a Schedule 1, as well as a Form 8889, for Kathy Use the appropriate Tax Tobles. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Input all the values as positive numbers. Instructions can be found on certain cells within the forms. 1 Tacatile relunds gedte or offsetr ef stike and local income taves 2a Alimany recerived b Date of onginal dvorce se separtich agreeneat (ver insuctions) 4 Cotier gant or (lonsen) Amach Fam 47y? 6 Fanm income or ilosi: Artach Schedule f 7 Unerployment comoensaton 0. Other incorne: - Net operiatng less t) Gantilas c. Cancelation of debt a forovn earned ncome traletion from fame 2555 e theome hors Form tess t iecome tue Fam sebo - Alata Permanent fund didenos h. Jury duh pary 1 frent and awaris I Actubly not engaged an for brutt noome 1. Stack eplians 1 Cher ineone Lat fioe and anount: Before you begin: Complete Form BaSs Archer MSAs and Long-Term Care insurance Conltacts if requed HSA Contributions and Deduction. See the instructions cefore completing this part if you are fillog pinty and both you and your apoune each have separate HSAs complete a separate Part I for esch spouse 1 Check the bax to mdicate your coverage under a high-oeductible heath plan (MOHP) during 2022 . See instructions 2 HSA contribstions you made for 2022 (or thone made on your behain including those made in 2023 by the untudended due date of your tax. 3 If you were under age 55 at the end o 2022 and on the frat day of every month during 2022 you were, or were considered, an eligele 5 Subtract ine 4 from line 3 ir zero or less enter - a. 6 Enter the amount fiom ine 5 Buft you and your upouse each have separate HSAs and had family coverage under an HDHP at any time during 2022 see the instructions for the amount is entet 9 Add thes 6 and ? 9 Emplojer contrbutions made to your Hisat for 2022 10 Oualited HSA Randing distribubons 11 had ines 9 and 10 13 HSA deduction. Enter the smatier of line 2 or ine 12 Nere and on Schedve 1 from 1040 . Part li ine 13 HSA Distributions. If yeu are ting isety and boen you and year spouse each have separale HSAs complete a separate Pan il for esch spouse c Sobtact ine tob tam ine 140 1040) Patil ine at intructionas check here \begin{tabular}{|c|c|} \hline 14a & \\ \hline 14b & \\ \hline 14c & 0 \\ \hline 15 & \\ \hline 15 & \\ \hline & \\ \hline 17b & \\ \hline \end{tabular} Part III Income and Additional Tax for Failure To Maintain HDHP Coverage. See the inainuctions bofore completing this part if you are filing jointy and both you and your spouse each have separate HSAs, complete a separate Part III for each spouse 18 Last-month nue \begin{tabular}{|l|l|} \hline 10 & \\ \hline 10 & \\ \hline 20 & \\ \hline \end{tabular} Page 1 of Form 1040. Use provided information and follow instructions on form. 11 Edocalor expenaes 12. Certain business eipenses of resenats pertorning antsts, and fee-basis gevernment offocis Alrach Form 2106 13 Heath savings account onduction Allach Form 6589 14 Moving expenses for members of the Armee Forcet Aftach Form 3903 Is Deductiole part of sell-employment tax. Altach Schedule SE 96 Sell employed SEP SMMPL, and qualified pian 17 Self-employed heath insurance deduction 18 Penatiy on oary withdrawat of savings 15 a Alimocy paid c. Date ef oniginal fivorce or separation agreement (Mee inatructions 20 iRLideduction 21 Student loas interst deduction n Reserved for suture use 23 Aroher MSA onduction 24 Oener adpatments a Jury Guly pay (nee nutructions: mpaged in tor priat Ieported on ine sm d Reforestation smontzation and expenses - Repayment of supciemectal unemployment benetis under the Trade Act of 1974 D Controutions by cetan chaplains to secton 403(b) plans provided that beved Be ifs selied ter iner wolatons I Howing debucton tom form asss x Oiner adoubrents use tree and anowet Step by Step Solution
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