To complete this assignment, read the information below and then complete the 2021 individual Federal income tax return for Kevin and Jim by hand (this means hand written numbers in the forms). You will need the following forms: 1040, Schedules A and B and Form 8283, if necessary. You should use 2021 tax forms and rates (you must use the tax rate tables to nd the tax due). Last year they led as married ling jointly This assignment may be completed individually, or with one other student. If completed with another student, please put both students' names on the assignment and turn in one document. If you have extenuating circumstances, please let me know with ample time before the deadline so we can make alternate arrangements. This assignment must be scanned and submitted to the class dropbox on D2L prior to the due date. Outside of extenuating circumstances, late projects will have 5% deducted om the grade for each day beyond the due date, up to a maximum of 20% deduction. Projects will not be accepted after the nal exam, at which point nal grades will be calculated. In addition to the tax forms, also include a formal memo (typed) to the taxpayers in which you explain very generally how you computed their tax, any assumptions you made or questions you would have liked to know the answers to, and any planning advice you would recommend going forward. The memo can be in any format and should be less than a page long, but more than a few sentences. This is the type of email or letter that would accompany your nal deliverable to the client. You will also need to include some statements that link any calculated amounts in the tax forms to a statement showing what went into the calculation. An example of statements will be provided with the solutions to Assignment 4. FACTS This is information relating to Kevin and Jim Jones for 2021. Kevin and Jim are married and have 2 adopted children, Aubrynne (a girl) and Bryson (a boy). They live at 236 9th Ave, New York, NY 10011 Kevin is a lawyer who works for a law rm. Jim works part time in a genetic research lab. The Jones' Social Security numbers and ages are as follows: Kevin lll-ll-llll 32 Jim 222-22-2222 28 Aubrynne 333-33-3333 5 Bryson 444-44-4444 3 Receipts Kevin's salary $100,000 Jim's salary 37,000 Municipal bond interest 2,850 Interest on C.D.s at Universal Savings 3,700 *Qualied dividend on GM stock 1,800 *Qualied dividends should be reported as both qualied and ordinary on the tax forms