It is March $2024.$ You have a new client: Mr$.$ and Mrs$.$ Rico. They are age $35,$ healthy, and have no

children. Although they have fairly high incomes, they are not sophisticated about money, and they are

concerned about starting to save for retirement.

$2023$ Info:

Their gross income is $$346,000($Both have wages of $$170,000+$ they have taxable interest income from

savings of $$6,000)$

Mr$.$ Rico is considered an active participant in his employer's $401($k$)$ plan, although Mr$.$ Rico does not

contribute to the plan. The employer has $3\%$ matching.

Mrs$.$ Rico is not an active participant in an employer retirement plan.

They have no IRAs or Roth accounts.

Both employers offer health insurance as a fringe benefit, which the Rico's take advantage of$.$ The plans

are high deductible plans.

Their itemized deductions total $$16,000.$

They have no financial assets other than $$150,000$ that they inherited, on which they earn the taxable

interest of $$6,000$ already mentioned above $($$$150,000$ x $4\mathrm{.}0\%$ interest $=$ $$6,000)$

They had a total of $$70,000$ withheld from their paychecks for income tax.

Instructions:

Based on the course so far, complete the $2023$ form $1040$ for your clients. The form is found on IRS.gov.