Question: To complete this assignment. read the information below about the hypothetical family and then complete their 2022 1040 without the assistance of tax preparation software.

To complete this assignment. read the informationTo complete this assignment. read the information
To complete this assignment. read the information below about the hypothetical family and then complete their 2022 1040 without the assistance of tax preparation software. This assignment should be completed individually. Be sure to keep a copy because you will be asked questions about this task during the second pait of the nal exam. If you get the answer 'om someone else. the second part of this exam will be difcult to complete. Please do the work yourself. Scenario You have received the following information and are asked to ll out Dakota's and Taylor's 2022 form 1040. Dakota and Taylor are married with two children. Carson is 5 and Jules is 9. Both children are in full-time public school and do not require aercare or other child care expenses during the school year: however. they spent $6.850 for summer camp fees so Taylor could keep her job when the kids were out for summer break. Taylor works part-time as a scheduler for a local medical ofce. Her W2 reports that she has $22,000 in taxable wages and $2.200 was withheld for Federal income taxes and $1.100 was withheld for Oregon income taxes. Dakota works as an electrical engineer. His W-Z reports that he has taxable wages of 115129.100. and that $9.700 was withheld for federal income taxes and $5-900 was withheld for Oregon income taxes. Dakota used his personal vehicle for work more than usual this year. He drove his car a total of 18.000 miles and 4.000 were for work purposes. He provides receipts for the following: car loan interest $840: fuel $3-200: oil changes and maintenance $425: business parking and tolls $250. Taylor's team wears scrubs to the o'ice. so she bought new ones this year. The receipt shows a total cost of $645. On a whim, Taylor purchased a lottery ticket one day this year for $20. She won $5.000! Dakota paid $3.000 and Taylor paid $400 toward student loan interest this year. They own a house in Beaverton. This year. they paid 33 12.200 in mortgage interest. $600 in HOA fees. and $5,900 in property taxes. Carson was diagnosed with an auto-immune disorder this year- which increased their medical deductions significantly. The family spent the following on medical expenses: Physician Ofce Visits. $2.500: Prescriptions. $6-200: Physical Therapy. $1-200: Imaging and Xray tests. $850. For the purpose of this assignment- you will need form 1040 and any necessary schedules. Assume they do not have any other income or expenses. Assrune the couple will file married filing jointly. If they have a refund. please give them the refund rather than apply it to next year. If they are tmdelpaid. please ignore any underpayment penalties or interest

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!