you do not have to do all Im just stuck on the main 1040 lines 8-10. Will like. Here are the check number:

1. AGI= $181,690

2. Line 7: Capital Gain= $23,875

3. Self-employment tax= $11,440

4. Qualified Business Income Deduction = $15,049

Amount owed: $15,066

Paul and Tina Ryan live at 3131 Ridge Street, Platteville, CO 53818, and their Social Security numbers are 233-22-2222 and 233-11-1111, respectively. Pauls and Tinas D.O.B are 06/15,1980 and 11/30/1982, respectively.

Paul is an engineer and also owns a rental property in Wisconsin Dells. His 2022 salary was $88,000 and the employer withheld $10,500 of federal and $4,500 of Wisconsin income tax.

Tina contributed $6,500 to her IRA account on 2/18/22.

Tina made the following estimated tax payments during the current year (the year for which you are preparing the tax return):

April 15: Federal $2,500, WI $850

June 15: Federal $2,000, WI $850

September 15: Federal $1,900, WI $850

Tina operates a restaurant Istanbul Cafe. Revenue and expenses for the year are presented below:

Revenue $415,000

Beginning inventory of merchandise inventory 7,500

Ending inventory of merchandise inventory 6,000

Merchandise supplied purchased 112,,000

Wages 120,500

Utilities 22,500

Telephone & Internet 3,850

Rent expenses 32,800

Legal & Professional Fees 4,000

Advertisement expenses 2,000

Payroll taxes 11,150

Subcontractor 4,500

Depreciation (on Equipment) 4,000

Other expenses 500

Total business miles (10,000 after June 30, 2022) 24,500

Paul owns a house in Wisconsin Dells. He received total rents of $16,200 in 2022. Here are other details:

Real estate taxes $7,700

Mortgage interest (Form 1098-Int) 13,500

Repairs 1,400

Travel 1,520

Home Association Fees 2,400.

The townhouse was purchased in 2018 for $355,000: Lands cost was $65,000. He added the following properties in 2022:

1. Refrigerator, 3/25/22 for $2,950

2. Washer and dryer, 8/19/22, $3,220

3. New furniture, 10/10/22, $2,800

He would opt out Of the Bonus depreciation and does not want to use section 179.

During the year, they donated the following:

Donated $9,500 to Doctors Without Border

Donated 10 shares of Target Corporation to the Platteville Public Library Foundation (a not-for-profit organization); on the date of the gift, the shares were trading @ $170/shares; they had purchased them in 2015 for $60/share.

Used clothes to Goodwill: FMV $400; cost $6,000.

In July & August of the current year, they had major medical expenses; after the reimbursement from the insurance company, they ended paying $16,000 to the providers.

Investment Income/Activities:

Interest income from Bank Cherokee $68.00

Interest income from City of Platteville-Bonds 200

Interest income from General Mills corporate bond 500

The Ryans had the following activity in their brokerage account during the year (all transactions were reported on a Form 1099-B. Basis information on each stock sale was reported to the IRS):

Sold 50 shares of Microsoft 7/1/2022 $12,575

Sold 40 shares of Target, Inc. 4/15/2022 $7,200

Sold 1,000 shares of Cardinal Health 9/3/22 $35,000

Relevant tax basis/holding period information related to sales of securities in the current year:

Purchased 300 shares of Microsoft on 5/1/18 for $39,000

Purchased 200 shares of Target on 3/8/2015 for $12,000

Purchased 200 shares of Cooper Tire on 6/28/18 for $4,500.

Received 1,000 shares of Cardinal Health from Tinas father as a gift on 10/10/99. Her fathers basis in the stock at the time of the gift was $7,000. Fair market value of the stock at the date of the gift was $41,000

They have a $15,000 long-term capital loss carryover from their prior tax year.

Directions:

Prepare form 1040 for the most current year (2022); complete forms 1, 2, & 3 for Ryans along with Schedules A, C, D and E: Submit the tax return to your instructor for evaluation.

CHECK NUMBERS (To be Provided)

AGI:

SCH A:

QBI DEDUCTION: $8,506, SELF-EMPLOYMENT TAX (ON SCH C INCOME)