Fill out all those forms found on
www.irs.gov
.Form 1040
Form 6251
Form 8283
Form 8949
Form 8995
Schedule 1
Schedule 2
Schedule 8812
Schedule A
Schedule B
Schedule C
Schedule D
Schedule E
Schedule SE
Gross income
For AGI
AGI/MGAI
From AGI
Taxable income
tax rate
credits
prepayments
due taxes or refund
Please show. all the steps.
Tax Return Problem TAX RETURN PROJECT: Each group should submit a “Plan of Action/Team Contract” by April 12. Each member will be graded on their level of participation and performance on the tasks that they are responsible for. Discussion of the project with members of another group will be considered a violation of the honor code. The final project and peer evaluations are due May 12. Tax Return Project Rich and Laura Jones It was a story book marriage. Rich and Laura Jones were married at the Bellagio in Las Vegas on New Year's Day, January 1, 2022. They said their vows before sunset and celebrated into the night. Laura and Rich welcomed a baby girl, Breck (SSN 422-76-2468), into the world on December 15, 2022. Rich and Laura live at 577 Beach Rd., Seaside, VA 32459 telephone 850-999-1234. The Jones requested that you prepare their 2022 federal tax return, including all necessary forms and schedules. The forms are available on the IRS website www.irs.gov. Any additional calculations should be submitted and kept in their file. The following information was provided by the couple. Do not complete state tax return(s). Laura (SSN 234-87-6523) Jones is an accountant for Seaside Tax, Inc.. In 2022, she received a base salary of $95,000 from which Seaside Tax withheld $19,000 for federal income tax; $5,890 in social security tax; and $1,377.5 in Medicare tax. Seaside's federal ID number is 68-4528536 and address of record is 1212 Palm Drive, Seaside, VA 32459. Seaside Tax provides health insurance for Laura. Rich is allowed to participate in the plan but chooses not to. Laura adds Breck to her insurance plan. Her W-2 is included in the tax package. Rich (SSN 432-43-2534) Jones works as a charter fisherman in Seaside. In 2022 he collected $200,000 from customers for charter fees. He paid 100,000 for his boat three years ago (1/15/2019) and has depreciated it using the MACRS 200% method. Expenses he incurred operating his fishing boat were: Gas $40,000 Crew Salary $35,000 Boat Maintenance $15,000 Bait $5,000 Boat Insurance $5,000 Beer and ice for customers $1,000 Beer for captain and crew $2,500 Business Tax and License $1,000 Rich also received $20,000 in tips from happy customers, which he split evenly with his crewmember Mack. Sometimes customers could not take all of the fish they caught home, in which case Rich sold the fish to local restaurants. Sales of the fish totaled $16,000. Rich was not sure how much tax he owed on his income and was even more confused by the self-employment tax. He decided to make a payment of $30,000 on June 15, 2022 for the entire year and hoped it was enough. A copy of Form 1040-ES is included in the tax package. Since gambling is legal in Vegas, and it was Rich and Laura's wedding celebration, they tried their hand at poker. Before the night of gambling was over, Rich had lost $14,000 and Laura had won $12,000. The casino gave her a check for her winnings less 20% withholding; Laura's check was for $9,600 (withholding for federal income tax was $2,400). Laura’s W-2G is included in the files. Rich pays 100% of the cost of his mother’s retirement home. Mindy Jones (SS#234-12-5678) has social security income of $2,000 each year. All meals and entertainment are included in the cost of the home. Rich purchased stock in Apple on May 22, 2021. He purchased 20 shares at $132.54 per share. They held that stock until December 12, 2022, when they sold 20 shares at $113.30 per share. On June 10, 2022 Rich sold 100 shares of IBM stock, at $152.37 per share that he originally purchased in 2019 for $7,500 (100 shares at $75). Rich did not receive a 1099-B for the stock transactions. Rich received $500 in qualified dividends prior to the sale of his stock. A 1099-DIV is included in the tax package. Rich also received $400 in interest from his Publix bonds. Laura sold 10 shares at $108.97 per share of Facebook stock on June 27, 2022 that she purchased at the IPO on May 17, 2014 for $38 per share. Laura did not receive a 1099-B for the stock transactions. Laura also owned stock that appreciated in value by $13,000 during the year, but she did not sell any of this stock. Laura received $1,200 in qualified dividends on the stock she owns. A 1099-DIV is included in the tax package. Laura also received $600 in interest from her Town of Seaside bonds. Laura immediately moved in with Rich after the wedding. Her moving expenses were $1,345. She had previously lived down the street from Rich in a condo overlooking the beach. She decided to keep the condo and rent it out. She collected $2,500 a month in rent for March through December. At the time she started renting her condo, her basis in the condo was $250,000. Her expenses associated with the condo were: Maintenance fees $700 Homeowner association dues $600 Mortgage Interest $6,700 Property Tax $5,500 Other itemized expenses they incurred are as follows: a. Cash contributions to their church, $1,000 b. Cash contribution to Virginia Tech, $8,000, of this amount $5,000 was for the right to purchase tickets for the 2022 football season c. Student loan interest of $4,000 related to their student loan indebtedness from attending Virginia Tech University from 2013-2017. The loan proceeds were used for tuition and fees. d. Contribution of Google stock to Seaside Animal Shelter, cost of $500, FMV of $2,500 e. Contribution to the Seaside Animal Shelter of used furniture that cost $3,500 and had a FMV of $800 according to the Appraisal Company. The shelter home is a 501(c)(3) corporation. f. Rich computes that they have paid $6,800 in general sales taxes during the year. g. Mortgage interest on their Beach Rd. home, $14,000 h. Property taxes on their Beach Rd. home, $8,800 i. Medical expenses not reimbursed by insurance, $16,700 Form 1040 Form 6251 Form 8283 Form 8949 Form 8995 Schedule 1 Schedule 2 Schedule 8812 Schedule A Schedule B Schedule C Schedule D Schedule E Schedule SE How to. Fill out those forms