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Tax Return Project Acct 604 - Tax Planning for Individuals 2022 IRS forms and the information below, prepare the federal income t n (SSN: 150-52-0546) and Joyce (SSN 471-42-5207) Jones. You are we return preparation software. But you must include with the completed form ing your reasoning for the treatment of your entries (1-21 below) on the ret payers live at 1040 Connecticut Avenue in Washington, D.C. 20016. Will 51 as of the end of the taxable year. William is a manager for ABC Corpo nufactures and distributes widgets. Joyce is a self-employed author of chil les have two children, Will, 21 (SSN 372-46-2611) and Tom, 16 (SSN 3 e students who have no income. Tom lives at home while Will is a s an University(EIN: 54-345678) residing in a $1,000 per month apartment th The Jones also pay Will's tuition of $25,000. The Jones are on the ca ing and they filed an extension for 2022 with which they paid $1,000. their tax by deferring income, accelerating deductions and taking adv on you have in preparing the return. he taxpayers do not wish to contribute to the presidential election campai he family has health insurance coverage from William's employer. hey claimed the standard deduction on their 2020 return. illiam's W-2 consists of the following: taxpayers recelved the following interest payments: Ford Motor Co. Bonds 75 Joyce and her brother are co-owners of a furniture-restoration business. Joyce owns 3 percent but does not work in the business relying on her brother who owns 70 percent the business. The business was formed as an S corporation. Joyce purchased the stoc for $31,000, her share of the corporation's loss for the year is $5,000. The Jones's received a federal income tax refund of $1,200 on May 12,2022, and on M 15,2022 , received a refund from the District of Columbia for $900. Joyce is the lucky caller to a local radio station and wins a tablet. She has not receive a 1099-MISC, but in announcing the prize, the radio station host said that th manufacturer's suggested retail price for the tablet is $500. However, Joyce has catalog from Best Buy that advertises the tablet for $400. The Jones' receive a Form W-2G from a local casino showing gross winnings of $5,0 and $1,500 of federal withholding tax. Joyce's best recollection is that she lost $6,0 gambling during the year. On June 26 , William receives a check for $17,000 (face value of $16,500 plus $5 interest) from the United Insurance Corporation, as a result of being the designat beneficiary of an insurance policy on the life of his uncle. His uncle had paid a premil on the policy of $4,000. Joyce makes 4 business trips, each 3 days long, flying to meet with various publishe She also made 2 one day trips that are close to home taking the train and returning In January, Joyce purchases a new car for $15,000 to use in her business. Joyce pays $5,000 in cash and finances the balance through the dealer, paying $200 of interest on the loan for the year. During the year she drives 4,000 miles for business and 6,000 for other purposes. Total expenses for operating the car for the year are: repairs and maintenance $100, insurance, $200 and gasoline, $1,000. At the beginning of the year Joyce set aside a separate room of the house which she use exclusively for business. The room is 100 square feet of the total 5,000 square feet o the house. The taxpayers purchased the home several years ago for $70,000 with 20 percent of the purchase price attributable to the land. The total household expenses fo the year are as follows: On June 1 , Joyce sold her old computer system for $400. She had acquired the compute in 2010 , for $2,000. When the taxpayers prepared their 2010 tax return they elected to expense the computer using Section 179. The computer was used exclusively in he business. William began work on his MS in accounting at American University in order to becom a CPA. He paid $4,000 in tuition. William and Joyce each contribute the maximum to their respective IRA accounts for th year. The IRA account is Joyce's only retirement vehicle. In addition, William an Joyce contributed $2,000 to a Coverdell Education Savings Account for Tom. In June the taxpayers' 2012 personal use station wagon is totaled during a hurricane. Th car was purchased for $28,700. The taxpayers received a check for $5,000 fro Insurance Company that represents the fair market value of the car minus a $7 : deductible. They replaced the car with a new car costing $31,400. The taxpayers incurred the following medical expenses before receiving \$7 reimbursement from their health insurance policy: Medical Premiums $4,000 The taxpayers pay the following property taxes: The taxpayers paid the following amounts of interest. Bank of America (4400 Mass Ave.) $5,000 (Mortgage of $50,000) The taxpayers made a cash contribution to American University of $100. T donated property to the Salvation Army at High Street in Washington, D.C. on . The taxpayers incur the following expenses: 20. In Jenuary, Willism inderited his faber's summer home that had a fair market value 075,000 worth of cepital improvensente is it. William decildes to rent the property and wetersiy participates in finding a tenant and managing the property. The property is first advertised for rent on January 1 , but is sot rented until June 1 . William provides. the following income and expense information for the property. 21. The taxpyen wold the following securities during the year. The selling price listed is fat of brokerage commissions and represents the amount the taxpayen receive from the sale, All inforination is reported on form 10993 . Tax Return Project Acct 604 - Tax Planning for Individuals 2022 IRS forms and the information below, prepare the federal income t n (SSN: 150-52-0546) and Joyce (SSN 471-42-5207) Jones. You are we return preparation software. But you must include with the completed form ing your reasoning for the treatment of your entries (1-21 below) on the ret payers live at 1040 Connecticut Avenue in Washington, D.C. 20016. Will 51 as of the end of the taxable year. William is a manager for ABC Corpo nufactures and distributes widgets. Joyce is a self-employed author of chil les have two children, Will, 21 (SSN 372-46-2611) and Tom, 16 (SSN 3 e students who have no income. Tom lives at home while Will is a s an University(EIN: 54-345678) residing in a $1,000 per month apartment th The Jones also pay Will's tuition of $25,000. The Jones are on the ca ing and they filed an extension for 2022 with which they paid $1,000. their tax by deferring income, accelerating deductions and taking adv on you have in preparing the return. he taxpayers do not wish to contribute to the presidential election campai he family has health insurance coverage from William's employer. hey claimed the standard deduction on their 2020 return. illiam's W-2 consists of the following: taxpayers recelved the following interest payments: Ford Motor Co. Bonds 75 Joyce and her brother are co-owners of a furniture-restoration business. Joyce owns 3 percent but does not work in the business relying on her brother who owns 70 percent the business. The business was formed as an S corporation. Joyce purchased the stoc for $31,000, her share of the corporation's loss for the year is $5,000. The Jones's received a federal income tax refund of $1,200 on May 12,2022, and on M 15,2022 , received a refund from the District of Columbia for $900. Joyce is the lucky caller to a local radio station and wins a tablet. She has not receive a 1099-MISC, but in announcing the prize, the radio station host said that th manufacturer's suggested retail price for the tablet is $500. However, Joyce has catalog from Best Buy that advertises the tablet for $400. The Jones' receive a Form W-2G from a local casino showing gross winnings of $5,0 and $1,500 of federal withholding tax. Joyce's best recollection is that she lost $6,0 gambling during the year. On June 26 , William receives a check for $17,000 (face value of $16,500 plus $5 interest) from the United Insurance Corporation, as a result of being the designat beneficiary of an insurance policy on the life of his uncle. His uncle had paid a premil on the policy of $4,000. Joyce makes 4 business trips, each 3 days long, flying to meet with various publishe She also made 2 one day trips that are close to home taking the train and returning In January, Joyce purchases a new car for $15,000 to use in her business. Joyce pays $5,000 in cash and finances the balance through the dealer, paying $200 of interest on the loan for the year. During the year she drives 4,000 miles for business and 6,000 for other purposes. Total expenses for operating the car for the year are: repairs and maintenance $100, insurance, $200 and gasoline, $1,000. At the beginning of the year Joyce set aside a separate room of the house which she use exclusively for business. The room is 100 square feet of the total 5,000 square feet o the house. The taxpayers purchased the home several years ago for $70,000 with 20 percent of the purchase price attributable to the land. The total household expenses fo the year are as follows: On June 1 , Joyce sold her old computer system for $400. She had acquired the compute in 2010 , for $2,000. When the taxpayers prepared their 2010 tax return they elected to expense the computer using Section 179. The computer was used exclusively in he business. William began work on his MS in accounting at American University in order to becom a CPA. He paid $4,000 in tuition. William and Joyce each contribute the maximum to their respective IRA accounts for th year. The IRA account is Joyce's only retirement vehicle. In addition, William an Joyce contributed $2,000 to a Coverdell Education Savings Account for Tom. In June the taxpayers' 2012 personal use station wagon is totaled during a hurricane. Th car was purchased for $28,700. The taxpayers received a check for $5,000 fro Insurance Company that represents the fair market value of the car minus a $7 : deductible. They replaced the car with a new car costing $31,400. The taxpayers incurred the following medical expenses before receiving \$7 reimbursement from their health insurance policy: Medical Premiums $4,000 The taxpayers pay the following property taxes: The taxpayers paid the following amounts of interest. Bank of America (4400 Mass Ave.) $5,000 (Mortgage of $50,000) The taxpayers made a cash contribution to American University of $100. T donated property to the Salvation Army at High Street in Washington, D.C. on . The taxpayers incur the following expenses: 20. In Jenuary, Willism inderited his faber's summer home that had a fair market value 075,000 worth of cepital improvensente is it. William decildes to rent the property and wetersiy participates in finding a tenant and managing the property. The property is first advertised for rent on January 1 , but is sot rented until June 1 . William provides. the following income and expense information for the property. 21. The taxpyen wold the following securities during the year. The selling price listed is fat of brokerage commissions and represents the amount the taxpayen receive from the sale, All inforination is reported on form 10993

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