Thank you for all the help ahead of time! This is a subject that I am struggling to learn unfortunately, and I could really use some help! I have already worked on some of the answers, however, I am not confident that I've been doing things correctly. Once again, thank you for all the help!! I am extremely gratefully! For all the hard work and dedication you guys put towards helping students and others! ------------------------------------------------------ Using the following hints and other information, answer the things requested by the criteria. Hints for tax project: 1. This is a 2022 return, not 2023. 2. Do schedules first before the 1040. 3. Rental property information goes on Sch E. 4. Rental business goes on Sch C. 5. Personal (not business/rental) deductions go on Sch A. 6. S Corp info goes on the back of Sch E. 7. One of the charities is not qualified. 8. On the 1040 wages, make sure to subtract nontaxable fringe benefits and add taxable fringebenefits from the salary from being an employee. 9. For qualified business income calculation, use Sch C total minus SE and S Corp income. 10. Use days out of 365 to calculate interest points on the Sch A. 11. In 2022, the standard mileage rate was 58.5 for the first 6 months and 62.5 for the last sixmonths. Assume miles were spread equally over the year. 12. Check figure: AGI 72,658

13. For the tax calculation, use the tax tables in the instructions to the 1040 Using all this info, create their 1. 2022 Schedule A (Form 1040)

2. 2022 Schedule B (Form 1040)

3. 2022 Schedule C (Form 1040)

4. 2022 Schedule D (Form 1040)

5. 2022 Schedule E (Form 1040)

6. 2022 Schedule SE (Form 1040)

7. 2022 Schedule 8812 (Form 1040)

8. 2022 Form 8995

9. 2022 Form 4562

10. 2022 Schedule 2 (Form 1040)

11. 2022 Schedule 1 (Form 1040)

12. 2022 Form 1040

Required: - Use the following information to complete Paige Turner's 2022 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. - The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Paige Turner is single and has two children from her previous marriage. Ali lives with Paige, and Paige provides more than half of her support. Leif lives with his father, Will (Leif lived with Will for all of 2022). Will provides more than half of Leif's support. Paige provides you with the following additional information: She uses the cash method of accounting and a calendar year for reporting. She wishes to contribute to the presidential election campaign. Paige lives at 523 Essex Street, Bangor, Maine 04401. Paige's birthday is May 31, 1984. Ali's birthday is October 5, 2013. Leif's birthday is December 1, 2011. Paige's Social Security number is 007-11-4727. Ali's Social Security number is 005-11-7232. Leif's Social Security number is 004-22-3419. Will's Social Security number is 006-33-6333. - She does not have any foreign bank accounts or trusts. 2. Paige is employed as a nuclear engineer with Atom Systems Consultants, Inc. (ASCI). ASCl's federal employer identification number is 79-1234466. Paige's pay stubs indicate that she had $4,230 withheld in federal taxes, and $4,987 in state taxes, as well as the appropriate Social Security and Medicare taxes. ASCI has an extensive fringe benefits program for its employees. 3. Paige earned salary of $70,000 before subtracting her 401(k) and flexible spending plan contributions. She contributed $7,000 to her 401(k) account, and she contributed $2,500 to her flexible spending account. 4. ASCl paid $397 of whole life insurance premiums to cover Paige's personal whole life insurance policy. ASCl also paid health club dues of $1,220 to a nearby health club on Paige's behalf. 5. Taking advantage of ASCl's educational assistance program, during the fall Paige enrolled in two graduate engineering classes at a local college. ASCl paid her tuition, fees, and other course-related costs of $2,300. 6. Paige received free parking in the company's security garage that would normally cost $200 per month. 7. Paige manages the safety program for ASCl. In recognition of her superior handling of three potential crises during the year, Paige was awarded the Employee Safety Award on December 15 . The cash award was $500. 8. On January 15, 2022, Paige's father died. From her father's estate, she received stock valued at $30,000 (his basis was $12,000 ) and her father's house valued at $90,000 (his basis in the house was $55,000 ). 9. Paige owns several other investments and in February 2023 received a statement from her brokerage firm reporting the interest and dividends earned on the investments for 2022: EXHIBIT A This is important tax information and is beina furnished to the Internal Revenue tock. tanding (S J0,000 and you that Paige does not materially participate in Grubstake's activities. 11. Paige slipped on a wet spot in front of a computer store last July. She broke her ankle and was unable to work for two weeks. She incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave her $1,000 for pain and suffering resulting from the injury. ASCl continued to pay her salary during the two weeks she missed because of the accident and also paid her $1,200 in disability pay for the time she was unable to work. Under its plan, ASCl pays the premiums for the disability insurance as a nontaxable fringe benefit. 12. Paige received a Form 1099-B from her broker for the sale of the following 13. In addition to the taxes withheld from her salary, Paige also made timely estimated federal tax payments of $175 per quarter and timely estimated state income tax payments of $150 for the first three quarters. The $150 fourth-quarter state payment was made on December 28, 2022. Paige would like to receive a refund for any overpayment. 14. Because of her busy work schedule, Paige was unable to provide her accountant with the tax documents necessary for filing her 2021 state and federal income tax returns by the due date (July 15,2022 ). In filing her extension on July 13,2022 , she made a federal tax payment of $750. Her return was eventually filed on September 25,2022 . In November 2022 , she received a federal refund of $180 and a state tax refund of $60. Her itemized deductions for 2021 were $12,430. 15. Paige found a renter for her father's house on August 1 . The monthly rent is $400, and the lease agreement is for one year. The lease requires the tenant to pay the first and last months' rent and a $400 security deposit. The security deposit is to be returned at the end of the lease if the property is in good condition. On August 1 , Paige received $1,200 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he reduced his rental payment to $100 to compensate for the plumbing repairs. Paige provides you with the following additional information for the rental in 2022: 16. The rental property is located at 35 Harvest Street, Orono, Maine 04473. Local practice is to allocate 12 percent of the fair market value of the property to the land. (See item \#8.) Paige makes all decisions with respect to the property. 17. Paige paid $2,050 in real estate taxes on her principal residence. The real estate tax is used to pay for town schools and other municipal services. 18. Paige drives a 2020 Acura TL. Her car registration fee (based on the car year) is $50 and covers the period 1/1/2022 through 12/31/2022. In addition, she paid $280 in personal property tax to the state based on the fair market value of the car. 19. In addition to the medical costs presented in item \#11, Paige incurred the 20. On March 1, Paige took advantage of low interest rates and refinanced her $75,000 home mortgage with her original lender. Paige purchased the home in 2020 . The new home loan is for 15 years. She paid $215 in closing costs and $1,500 in discount points (prepaid interest) to obtain the loan. The house is worth $155,000 and Paige's basis in the house is $90,000. As part of the refinancing arrangement, she also obtained a $10,000 home-equity loan. She used the proceeds from the home-equity loan to reduce the balance due on her credit cards. Paige received several Form 1098 statements from her bank for interest paid by her in 2022. Details appear below (also see Exhibit A): 21. On May 14, 2022, Paige contributed clothing to the Salvation Army. The original cost of the clothing was $740. She has substantiation valuing the donation at $360. The Salvation Army is located at 350 Stone Ridge Road, Bangor, Maine 04401. In addition, she made the following cash contributions and received a statement from each of the following organizations acknowledging her 22. Paige sells real estate in the evening and on weekends (considered an active trade or business). She runs her business from a rental office she shares with several other realtors (692 River Road, Bangor, Maine 04401). The name of her business is Turner Real Estate and the federal identification number is 05-8799561. Her business code is 531210 . Paige has been operating in a business-like way since 2008 and has always shown a profit. She had the following income and expenses from her hicinose. Cor ExF 23. Paige uses her 2020 Acura TL in her business. During 2022, she properly documented 6,000 business miles. The total mileage on her car (i.e., for both business and personal use) during the year was 15,000 miles (including 200 miles commuting to and from the real estate office). In 2022, Paige elects to use the standard mileage method to calculate her car expenses. Assume the same number of miles were driven each month of 2022 . She also spent $45 on tolls and $135 on parking related to the real estate business. 24. Paige did not buy, sell, exchange, or otherwise dispose of any financial interest in any virtual currency. Required: - Use the following information to complete Paige Turner's 2022 federal income tax return. If any information is missing, use reasonable assumptions to fill in the gaps. - The forms, schedules, and instructions can be found at the IRS website (www.irs.gov). The instructions can be helpful in completing the forms. Facts: 1. Paige Turner is single and has two children from her previous marriage. Ali lives with Paige, and Paige provides more than half of her support. Leif lives with his father, Will (Leif lived with Will for all of 2022). Will provides more than half of Leif's support. Paige provides you with the following additional information: She uses the cash method of accounting and a calendar year for reporting. She wishes to contribute to the presidential election campaign. Paige lives at 523 Essex Street, Bangor, Maine 04401. Paige's birthday is May 31, 1984. Ali's birthday is October 5, 2013. Leif's birthday is December 1, 2011. Paige's Social Security number is 007-11-4727. Ali's Social Security number is 005-11-7232. Leif's Social Security number is 004-22-3419. Will's Social Security number is 006-33-6333. - She does not have any foreign bank accounts or trusts. 2. Paige is employed as a nuclear engineer with Atom Systems Consultants, Inc. (ASCI). ASCl's federal employer identification number is 79-1234466. Paige's pay stubs indicate that she had $4,230 withheld in federal taxes, and $4,987 in state taxes, as well as the appropriate Social Security and Medicare taxes. ASCI has an extensive fringe benefits program for its employees. 3. Paige earned salary of $70,000 before subtracting her 401(k) and flexible spending plan contributions. She contributed $7,000 to her 401(k) account, and she contributed $2,500 to her flexible spending account. 4. ASCl paid $397 of whole life insurance premiums to cover Paige's personal whole life insurance policy. ASCl also paid health club dues of $1,220 to a nearby health club on Paige's behalf. 5. Taking advantage of ASCl's educational assistance program, during the fall Paige enrolled in two graduate engineering classes at a local college. ASCl paid her tuition, fees, and other course-related costs of $2,300. 6. Paige received free parking in the company's security garage that would normally cost $200 per month. 7. Paige manages the safety program for ASCl. In recognition of her superior handling of three potential crises during the year, Paige was awarded the Employee Safety Award on December 15 . The cash award was $500. 8. On January 15, 2022, Paige's father died. From her father's estate, she received stock valued at $30,000 (his basis was $12,000 ) and her father's house valued at $90,000 (his basis in the house was $55,000 ). 9. Paige owns several other investments and in February 2023 received a statement from her brokerage firm reporting the interest and dividends earned on the investments for 2022: EXHIBIT A This is important tax information and is beina furnished to the Internal Revenue tock. tanding (S J0,000 and you that Paige does not materially participate in Grubstake's activities. 11. Paige slipped on a wet spot in front of a computer store last July. She broke her ankle and was unable to work for two weeks. She incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave her $1,000 for pain and suffering resulting from the injury. ASCl continued to pay her salary during the two weeks she missed because of the accident and also paid her $1,200 in disability pay for the time she was unable to work. Under its plan, ASCl pays the premiums for the disability insurance as a nontaxable fringe benefit. 12. Paige received a Form 1099-B from her broker for the sale of the following 13. In addition to the taxes withheld from her salary, Paige also made timely estimated federal tax payments of $175 per quarter and timely estimated state income tax payments of $150 for the first three quarters. The $150 fourth-quarter state payment was made on December 28, 2022. Paige would like to receive a refund for any overpayment. 14. Because of her busy work schedule, Paige was unable to provide her accountant with the tax documents necessary for filing her 2021 state and federal income tax returns by the due date (July 15,2022 ). In filing her extension on July 13,2022 , she made a federal tax payment of $750. Her return was eventually filed on September 25,2022 . In November 2022 , she received a federal refund of $180 and a state tax refund of $60. Her itemized deductions for 2021 were $12,430. 15. Paige found a renter for her father's house on August 1 . The monthly rent is $400, and the lease agreement is for one year. The lease requires the tenant to pay the first and last months' rent and a $400 security deposit. The security deposit is to be returned at the end of the lease if the property is in good condition. On August 1 , Paige received $1,200 from the tenant per the terms of the lease agreement. In November, the plumbing froze and several pipes burst. The tenant had the repairs made and paid the $300 bill. In December, he reduced his rental payment to $100 to compensate for the plumbing repairs. Paige provides you with the following additional information for the rental in 2022: 16. The rental property is located at 35 Harvest Street, Orono, Maine 04473. Local practice is to allocate 12 percent of the fair market value of the property to the land. (See item \#8.) Paige makes all decisions with respect to the property. 17. Paige paid $2,050 in real estate taxes on her principal residence. The real estate tax is used to pay for town schools and other municipal services. 18. Paige drives a 2020 Acura TL. Her car registration fee (based on the car year) is $50 and covers the period 1/1/2022 through 12/31/2022. In addition, she paid $280 in personal property tax to the state based on the fair market value of the car. 19. In addition to the medical costs presented in item \#11, Paige incurred the 20. On March 1, Paige took advantage of low interest rates and refinanced her $75,000 home mortgage with her original lender. Paige purchased the home in 2020 . The new home loan is for 15 years. She paid $215 in closing costs and $1,500 in discount points (prepaid interest) to obtain the loan. The house is worth $155,000 and Paige's basis in the house is $90,000. As part of the refinancing arrangement, she also obtained a $10,000 home-equity loan. She used the proceeds from the home-equity loan to reduce the balance due on her credit cards. Paige received several Form 1098 statements from her bank for interest paid by her in 2022. Details appear below (also see Exhibit A): 21. On May 14, 2022, Paige contributed clothing to the Salvation Army. The original cost of the clothing was $740. She has substantiation valuing the donation at $360. The Salvation Army is located at 350 Stone Ridge Road, Bangor, Maine 04401. In addition, she made the following cash contributions and received a statement from each of the following organizations acknowledging her 22. Paige sells real estate in the evening and on weekends (considered an active trade or business). She runs her business from a rental office she shares with several other realtors (692 River Road, Bangor, Maine 04401). The name of her business is Turner Real Estate and the federal identification number is 05-8799561. Her business code is 531210 . Paige has been operating in a business-like way since 2008 and has always shown a profit. She had the following income and expenses from her hicinose. Cor ExF 23. Paige uses her 2020 Acura TL in her business. During 2022, she properly documented 6,000 business miles. The total mileage on her car (i.e., for both business and personal use) during the year was 15,000 miles (including 200 miles commuting to and from the real estate office). In 2022, Paige elects to use the standard mileage method to calculate her car expenses. Assume the same number of miles were driven each month of 2022 . She also spent $45 on tolls and $135 on parking related to the real estate business. 24. Paige did not buy, sell, exchange, or otherwise dispose of any financial interest in any virtual currency