Tax Return #1 Samuel and Sylvia Silvestro Use the following information to complete Samuel and Sylvia Silvestros 2022 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.

Use the following information to complete Samuel and Sylvia Silvestros 2022 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. For this first tax return assignment, you will need the following forms to complete this tax return: Form 1040, Schedule 1, Schedule A and Schedule B. The forms, schedules, and instructions can be found in the Blackboard course under instructor resources or at the IRS web site (www.irs.gov). The instructions for each form can be helpful and can be found on the IRS web site. Samuel and Sylvia are married and have one child, Saul, who is 17, is currently working at Baskin & Robbins and earned $5,040. He lived with his parents all year. The Silvestros also support Sylvias father, Jorge who lives in a small apartment down the street. Jorge earned $3,520 from Family Dollar this year. The Silvestros pay most of Jorges bills (food, rent, etc) for $2,000 per month.

Samuel works as an Manager for X2X Designs, Inc (see W-2 information). Samuel also won $6,500 from the Texas Lottery. Sylvia is a radiation technician and works at Yucca Valley Family Care (see W-2 information). Sylvia collected $1,100 of unemployment income earlier in the year. She was also injured at work and collected $2,332 of Workmans Compensation Income. Samuel and Sylvia own their home and pay interest on their home loan (balance of $98,000, original loan was on 12/2/2015 for $205,000) and a personal loan to pay for two other cars they own for $39,000. Samuel and Sylvia want to file either married filing jointly or married filing separately, whichever is best for tax purposes. Based on this information and the information below, prepare Samuel and Sylvias 2022 Federal tax return.

The Silvestros live at 3323 Palo Verde Ave, El Paso, TX 79922

Samuels birthday is 4/25/1980 and his Social Security number is 453-21-5561

Sylvias birthday is 3/12/1981 and her Social Security number is 455-96-6311

Sauls birthday is 11/11/2005 and his Social Security number is 454-64-9579

Jorge Gomezs birthday is 7/4/1957 and his Social Security #is 532-64-3413

The Silvestros do not have any foreign bank accounts or trusts, nor did they have any transactions with virtual currencies.

Do not consider AMT tax for this tax return.

A $500 credit is available for each dependent claimed on the tax return over 16 years old (line 19 on Form 1040). Do not prepare Form 8812 for this assignment.

The Silvestros have summarized the income and expenses they expect to report this year as follows:

Income

Samuels W2 Information:

Salary $ 75,540

Federal income tax withheld 7,080

State income tax withheld 0

Social Security tax withheld 4,683

Medicare tax withheld 1,095

Sylvias W2 Information $ 55,415

Federal income tax withheld 5,935

State income tax withheld 0

Social Security tax withheld 3,436

Medicare tax withheld 804

Interest income from bank account at Wells Fargo Bank 1,990

Ordinary Dividend income from Goya Stock 3,165

Tax exempt interest income from El Paso municipal bond funds 950

Expenditures: Sales taxes paid in 2022 (Samuel has receipts) $1,287

Real estate taxes paid on residence 3,965

Home mortgage interest paid 17,145

Interest paid on Discover Credit Card 342

Interest paid on loan for autos 3,701

Medical Expenses (unreimbursed) 12,560

Sylvias Medical Prescriptions 987

-Tax Preparation fees 1,350

Cash contributions to the Rescue Mission (Silvestro has receipts) 1,150

Cash contributions to Beto election fund 800