Question 1:

2022

Fill out the Forms below

Form 1040

Schedule 1

Schedule D

Form 8949

Date: January 3, 2023
Hi! Thanks so much for taking us on as clients. A little background on us: My spouse, Sydney, and I, just moved to Texas January 1, 2022. We want to buy a house, but right now we are just renting. We have two daughters: Rachel and Zora. We've filled out the organizer that you provided us and have included supporting documentation below. Please let us know if you need any additional information from us.
Question: Also, you'll see that we both contributed $6,000 to our traditional IRA plans for 2022. Is there any point where we can contribute more and get a deduction? I guess I just want a refresher on the rules for making contributions to Traditional IRAs. Also, we made some cash contributions. At what point does charitable contributions help for tax purposes? Last, I believe both myself and my spouse will make sig. more money next year. At what point will the child tax credit phase out for us?
	Filing status:	MFJ
	Taxpayer occupation:	Engineer
	Spouse occupation:	Engineer
	DOB
	Taxpayer	1/5/75
	Spouse	6/8/75
	Home address:	123 Rock Rd, Tx, 75001
	Dependents	DOB	SSN
	Rachel	1/6/15	000-00-0009
	Zora	1/25/20	000-00-0010
	W-2.		Not required by retirement plan
	EIN: 00-0000000
	Payer:	Automobile Engineering Co
	Payer Address:	10 Tree Rd, Tx, 87532
	SSN:	000-00-0003
	Payee:	Sydney Jossey
	Payee Address:	11 Tree Rd, Tx, 87532
	Box 1 Wages, tips, other compensation	150,000.00	Box 2 Fed income tax withheld	12,500.00
	Box 3 Social Security wages and tips	147,000.00	Box 4 Social security tax withheld	9,114.00
	Box 5 Medicare wages and tips	150,000.00	Box 6 Medicare tax withheld	2,175.00
	Box 15 State	TX	Box 16	150,000.00
	W-2.		Not covered by retirement plan
	EIN: 00-0000001
	Payer:	Sky Engineering Co
	Payer Address:	10 Tree Rd, Tx, 87532
	SSN:	000-00-0005
	Payee:	Asher Jossey
	Payee Address:	11 Tree Rd, Tx, 87532
	Box 1	100,000.00	Box 2	13,500.00
	Box 3	100,000.00	Box 4	6,200.00
	Box 5	100,000.00	Box 6	1,450.00
	Box 15	TX	Box 16	100,000.00
	1099-INT
	Payer: Wells Fargo
	Box 1	105.00
	1099-DIV
	Payer: Verizon Co
	Box 1a: Ordinary Dividends	500.00
	Box 1b: Qualified Dividends	500.00
	1099-B 2022 Proceeds from Broker & Barter Exchange Transactions
	Long-term capital gains and losses - 1099-B Line 2 - Box 6 Net Proceeds
	Covered Transactions - Cost basis reported to IRS - Form 8949, Part II, D
	Description of property	10 Shares XYB Financial Services
	Date acquired	1/1/00
	Date sold	1/15/22
	Proceeds	100,000.00
	Costs Basis	150,000.00
	Note - we did not have any virtual currency during 2022
	Charitable giving
	**FYZ Organization	500.00		**Any item with ** is a qualified charitable organization
	**JKK Organization	200.00		* Any item with * is a qualified medical expense
	GoFundMe total	700.00
				Given - general sales tax - $1748
	Medical
	Medical premiums	8,000.00
	Real Estate Taxes	-
	Mortgage Interest	-
	Note - (from client) - receipts available upon request
	Contributions to Traditional IRA
	Taxpayer	6,000.00
	Spouse	6,000.00
	Estimated federal tax payments
	Q1	2,500.00
	Q2	2,500.00
	Q3	1,000.00
	Q4	1,000.00
	Last year we received a refund of $50.00 on our tax return.
	We did sell or exchange any digital assets