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Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, CA 92805. They are both retired. Their SSNs

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Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, CA 92805. They are both retired. Their SSNs are Warren, 412-34-5670; and Young, 412-34-5671. Their birth dates are as follows: Warren, January 8, 1952; and Young, August 21, 1952. They own their home, which they paid off in 2013, and another home that they paid for in cash as an investment (Warren considers it his pension). Their investment home was rented for the entire year and is located just one block over at 9021 Jasmine Way. The following income and expense information relates to the rental activity. For the purpose of this return problem, do not consider passive activity rules or limitations. Rental income Real estate taxes Utilities Mortgage interest Repairs and maintenance Depreciation $ 27,600 7,952 1,603 -0- 3,616 See following information They placed the rental home into service on March 1, 2016, and of the $515,000 purchase price, $426,000 was allocated to the land. In addition to the rental, they received interest of $1,086 from American Credit Union and $2,200 from Bank of California. Social Security benefits were $13,910 for Warren and $8,822 for Young, respectively. Required: Prepare the Kims' federal tax return for 2022. Use Form 1040, Schedule 1, Schedule B, Schedule E, Form 4562, and Form 8995. Assume they do not qualify for any credits (although they may). For any missing Information, make reasonable assumptions. Use the appropriate Tax Tables or Tax Rate Schedules and Table 6A-6. Note: List the names of the taxpayers and any income they receive in the order in which they appear in the problem. Input all the values as positive numbers. Instructions can be found on certain cells within the forms. Round your final answers to the nearest whole dollar amount. Do not skip rows, while entering in Interest section of Schedule B. Enter zero where applicable. 1040 for a couple Married Filing Jointly with no dependents. 1040 PG 1 1040 PG 2 Schedule 1 Schedule B Schedule E Form 4562 Form 8995

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