Accounting Question

Need answers for this entire income tax assignment

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Instructions
Justin Stone was an employee of DataCare Services, Inc. His salary was $45,000 through November 10, 2022, when he was laid off.
DataCare Services provided medical insurance for Justin and his family during his employment and agreed to continue this coverage
through the end of 2022. He received $7,000 of unemployment compensation from November 11, 2022, through December 31, 2022. FICA
withholdings were as follows: Social Security of $2,790 ($45,000 x 6.2%) and Medicare of $653 ($45,000 x 1.45%). Justin lives at 112
Green Road, Crown City, OH 45623. His Social Security number is 111-11-1118.
Justin owned an apartment building until November 22, 2022, when he sold it for $200,000 (the apartment building’s address is 4826
Orange Street, Crown City, OH 45623). For 2022, he had rent revenue of $33,000. He incurred and paid expenses as follows: $4,568 of
repairs, $12,000 of mortgage interest, $10,000 of real estate taxes, and $1,000 of miscellaneous expenses. He purchased the building (not
the land) on January 2, 2016, for $125,000 (the related land was purchased for $10,000). The building generated an operating profit each
year that Justin owned it. Justin received $13,000 in cash as a gift from his mother to help “tide him over” while he was unemployed. He
also withdrew $10,000 from his checking account. He “invested” $300 in lottery tickets during the year but had no winnings.
Other relevant tax information for Justin follows:
On November 22, 2022, Justin sold for $3,500 equipment that had been used for repairing various items in the apartments. The
equipment was purchased for $25,000 on July 10, 2015, and was fully depreciated prior to 2022.
Justin has $3,000 of unrecaptured § 1231 losses from prior years.
Justin is age 38; is single; is divorced; and has custody of his nine-year-old son, Flint. Justin provides more than 50% of Flint’s
support. Flint’s Social Security number is 123-45-6788.
Justin had $1,000 interest income from Blue Corporation bonds.
Justin had $1,500 interest income from a State Bank certificate of deposit.
Justin had a $2,000 0% / 15% / 20% long-term capital gain distribution from the Brown Stock Investment Fund.
Justin had the following itemized deductions: $4,600 real estate taxes on his home; $8,900 mortgage interest on his home; $4,760
charitable contributions (all in cash, all properly documented, and no single contribution exceeding $25); $4,300 state income tax
withholding during 2022; $2,000 state estimated income tax payments during 2022; $2,600 sales taxes paid.
Justin does not own or use any digital assets.
Justin does not want to donate to the Presidential Election Campaign Fund.
Justin had $10,000 of Federal income tax withholding during 2022 and made total Federal estimated income tax payments of
$12,000 during 2022.
Required:
Compute Justin’s 2022 net tax payable or refund due. If you use tax forms for your computations, you will need Form 1040 and its
Schedules 1, A, B, D, and E and Forms 4797, 8812, and 8582. You are not required to complete the Unrecaptured Section 1250 Gain
Worksheet or the Schedule D Tax Worksheet. These two worksheets are provided to assist you in determining the tax liability. Ignore the
§ 199A deduction for qualified business income (if applicable).
Make realistic assumptions about any missing data.
If an amount box does not require an entry or the answer is zero, enter “0”.
Enter all amounts as positive numbers, unless otherwise instructed.
It may be necessary to complete the tax schedules before completing Form 1040.
When computing the tax liability, do not round your immediate calculations. If required round your final answers to the
nearest dollar.
Use the partial Tax Table provided.
Form 1040
Complete Justin’s Form 1040 for 2022.
Form
Department of the Treasury—Internal Revenue Service
1040 U.S. Individual Income Tax Return 2022 OMB No. 1545-0074 IRS Use Only
Filing Status
Single

Your first name and middle initial
Last name
Your social security number
Last name
Spouse’s social security number
Justin Stone
If joint return, spouse’s first name
111-11-1118
and middle initial
Home address (number and street). If you have a P.O. box,
Apt. no.
Presidential Election Campaign
see instructions.
Do you, or your spouse if filing jointly, want $3 to go to this
112 Green Road
fund. Selecting an option below will not change your tax or
refund.
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City, town, or post office. If you have a
State
No
ZIP code

foreign address, also complete spaces
below.
Crown City, OH 45623
Foreign country name
Foreign province/state/county Foreign
postal
code
Digital
At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or

(b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?
Assets (See instructions.)
Standard Deduction Someone can claim:
You:
Age/Blindness
Spouse:
Dependents
(see instructions):
If more
(1) First name Last name
than four
Flint Stone



(2) Social security (3) Relationship (4) Check the box if qualifies for (see instructions):
number
to you
123-45-6788
Child tax credit
Child
see instructions
here . . . . . . . .
◻
Income
Attach Form(s)
1a
b
W-2 here. Also
attach Forms
c
W-2G and
1099-R if tax
d
was withheld.
e
If you did not
get a Form
f
W-2, see
instructions.
g
h
i
z
Attach Sch. B
if required.

◻
◻
◻
dependents,
and check
Credit for other dependents

◻
◻
◻
Total amount from Form(s) W-2, box 1 (see instructions) . . . . . . . . . . . .
………..
Household employee wages not reported on Form(s) W-2 . . . . . . . . . . .
…………
Tip income not reported on line 1a (see instructions) . . . . . . . . . . . . . . .
………..
Medicaid waiver payments not reported on Form(s) W-2 (see instructions)
………..
Taxable dependent care benefits from Form 2441, line 26 . . . . . . . . . . .
………..
Employer-provided adoption benefits from Form 8839, line 29 . . . . . . . .
………..
Wages from Form 8919, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
…………
Other earned income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . .
………..
1a
1b
1c
1d
1e
1f
1g
1h
Nontaxable combat pay election (see
1i
instructions) . . . . . . . .
Add lines 1a through 1h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
……….
2a Tax-exempt interest . .
3a Qualified dividends . . .
4a IRA distributions . . . .
2a
3a
4a
b
b
b
1z
Taxable interest . . . . .
…..
2b
Ordinary dividends . . .
…..
Taxable amount . . . . .
…..
Taxable amount . . . . .
5a Pensions and annuities
5a
b
Single or Married filing separately, $12,950
…..
Married filing jointly or Qualifying surviving spouse,
Taxable amount . . . . .
6a Social security benefits
6a
b
$25,900
…..
Head of household, $19,400
If you elect to use the lump-sum election method, check here (see
If you checked any box under Standard Deduction, c
instructions) . . . . .
see instructions.
Capital gain or (loss). Attach Schedule D if required. If not required,
7
check here . . . . .
Standard Deduction for–
3b
4b
5b
6b
◻
◻
8
7
Other income from Schedule 1, line 10 . . . . . . . . . . . . . . . . . . . . . . . . .
………..
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9
10
11
12
13
14
15
Add lines 1z, 2b, 3b, 4b, 5b, 6b, 7, and 8. This is your total income . . .
9
…………
Adjustments to income from Schedule 1, line 26 . . . . . . . . . . . . . . . . . .
10
………..
Subtract line 10 from line 9. This is your adjusted gross income . . . . .
11
………..
Standard deduction or itemized deductions (from Schedule A) . . . . .
………..
Qualified business income deduction from Form 8995 or Form 8995-A . . .
………..
12
13
Add lines 12 and 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
………..
Subtract line 14 from line 11. If zero or less, enter -0-. This is your
15
taxable income . . .
BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. Form 1040 (2022)
Form 1040 (2022) Justin Stone 111-11-1118 Page 2
Tax and Credits
Payments
16 Tax (see instructions). Check if any from Form(s):
1
◻ 8814 2 ◻ 4972 3 ◻
..
16
17 Amount from Schedule 2, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
18 Add lines 16 and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
19 Child tax credit or credit for other dependents from Schedule 8812 . . . . . . . . . . . . . . . .
19
20 Amount from Schedule 3, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
21 Add lines 19 and 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
22 Subtract line 21 from line 18. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . .
22
23 Other taxes, including self-employment tax, from Schedule 2, line 21 . . . . . . . . . . . . . .
23
24 Add lines 22 and 23. This is your total tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
25 Federal income tax withheld from: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If you have a qualifying
child, attach Sch. EIC.
a Form(s) W-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25a
b Form(s) 1099 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25b
c Other forms (see instructions) . . . . . . . . . . . . . . . . . . . . . .
25c
d Add lines 25a through 25c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25d
26 2022 estimated tax payments and amount applied from 2021 return . . . . . . . . . . . . . .
26
27 Earned income credit (EIC) . . . . . . . . . . . . . . . . . . . . . . . . .
27
28 Additional child tax credit from Schedule 8812 . . . . . . . . . . . .
28
29 American opportunity credit from Form 8863, line 8 . . . . . . . .
29
30 Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
31 Amount from Schedule 3, line 15 . . . . . . . . . . . . . . . . . . . . .
31
32 Add lines 27, 28, 29, and 31. These are your total other payments and refundable credits .
32
…………………………………………………
33 Add lines 25d, 26, and 32. These are your total payments . . . . . . . . . . . . . . . . . . . . .
Refund
34
……………………………………..
35a Amount of line 34 you want refunded to you. If Form 8888 is attached, check here . .
Direct
deposit?
See
instructions.
b Routing number X X X X X X X X X
c Type:
35a
◻ Checking ◻ Savings
Amount of line 34 you want applied to your 2023 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . .
…………..
You Owe
34
◻
d Account number X X X X X X X X X X X X X X X X X
36
Amount
33
If line 33 is more than line 24, subtract line 24 from line 33. This is the amount you overpaid . . . . . . . . . . . .
37
36
Subtract line 33 from line 24. This is the amount you owe.
37
For details on how to pay, go to www.irs.gov/Payments or see instructions . . . . . . . . . . .
38
Estimated tax penalty (see instructions) . . . . . . . . . . . . . . . .
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Third Party
Do you want to allow another person to discuss this return with the IRS?
Designee
See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
▢ Yes. Complete below.
☒
No
Designee’s
Phone
Personal identification
name
no.
number (PIN)
Sign
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and
Here
statements, and to the best of my knowledge and belief, they are true, correct, and complete. Declaration of
Joint return? See
instructions. Keep a copy
for your records.
preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Your signature
Date
Spouse’s signature. If a joint
Date
return, both must sign.
Phone no.
Your occupation
If the IRS sent you an Identity Protection PIN,
Data Processor
enter it here (see inst.)
Spouse’s
If the IRS sent your spouse an Identity
occupation
Protection PIN, enter it here (see inst.)
Email address
Paid Preparer Use Only Preparer’s name Preparer’s signature Date PTIN Check if:
Self-Prepared
◻ Self-employed
Firm’s name
Phone no.
Firm’s address
Firm’s EIN
Go to www.irs.gov/Form1040 for instructions and the latest information. Form 1040 (2022)
Feedback
Check My Work
The calculation of taxable income begins with gross income. Gross income includes all income, unless the tax law provides for a specific
exclusion. Individual taxpayers have two categories of deductions: (1) deductions for adjusted gross income (deductions from gross income
to arrive at adjusted gross income) and (2) deductions from adjusted gross income. As a general rule, personal expenditures are disallowed
as deductions in arriving at taxable income. However, Congress allows specified personal expenses as deductions from AGI (commonly
referred to as itemized deductions). AGI is an important subtotal that serves as the basis for computing percentage limitations on certain
itemized deductions such as medical expenses, charitable contributions, and certain casualty losses.
Schedule 1
Complete Justin’s Schedule 1 below for 2022.
SCHEDULE 1
Additional Income and Adjustments to
Department of the Treasury Internal Revenue
Service
0074
Income
(Form 1040)
OMB No. 1545-
2022
Attach to Form 1040, 1040-SR, or 1040-NR.
Go to www.irs.gov/Form1040 for instructions and the latest
information.
Attachment
Sequence No. 01
Name(s) shown on Form 1040, 1040-SR, or 1040-NR Your social security number
Justin Stone
111-11-1118
Part I Additional Income
Taxable refunds, credits, or offsets of state and local income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2a Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2a
1
b
Date of original divorce or separation agreement (see instructions):
3
Business income or (loss). Attach Schedule C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
4
Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5
Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E . . . . . . . . . . . . . . .
5
6
Farm income or (loss). Attach Schedule F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Unemployment compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8
Other income:
a Net operating loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8a (
b Gambling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8b
c Cancellation of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8c
d Foreign earned income exclusion from Form 2555 . . . . . . . . . . . . . . . . . . . . . . .
8d (
e Income from Form 8853 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8e
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f Income from Form 8889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8f
g Alaska Permanent Fund dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8g
h Jury duty pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8h
i Prizes and awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8i
j Activity not engaged in for profit income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8j
k Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8k
l Income from the rental of personal property if you engaged in the rental for profit but were not in the
business of renting such property . . . . . . . . . . . . . . . . . . . . .
8l
m Olympic and Paralympic medals and USOC prize money (see instructions) . . . . . .
8m
n Section 951(a) inclusion (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8n
o Section 951A(a) inclusion (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . .
8o
p Section 461(l) excess business loss adjustment . . . . . . . . . . . . . . . . . . . . . . . . .
8p
q Taxable distributions from an ABLE account (see instructions) . . . . . . . . . . . . . . .
8q
r Scholarship and fellowship grants not reported on Form W-2 . . . . . . . . . . . . . . .
8r
s Nontaxable amount of Medicaid waiver payments included on Form 1040, line 1a or 1d . . . . . . . . . . . .
………………………………………
8s (
)
t Pension or annuity from a nonqualifed deferred compensation plan or a nongovernmental section 457
plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
u Wages earned while incarcerated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8t
8u
z Other income. List type and amount:
8z
Total other income. Add lines 8a through 8z . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
10 Combine lines 1 through 7 and 9. Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8 . . . . . . . . . . .
10
9
For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 71479F Schedule 1 (Form 1040) 2022
Schedule 1 (Form 1040) 2022 Justin Stone 111-11-1118 Page 2
Part II Adjustments to Income
11
Educator expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Certain business expenses of reservists, performing artists, and fee-basis government officials. Attach Form 2106 . . . . . . . . .
11
………………………………………………………..
12
13
Health savings account deduction. Attach Form 8889 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
14
Moving expenses for members of the Armed Forces. Attach Form 3903 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
15
Deductible part of self-employment tax. Attach Schedule SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
16
Self-employed SEP, SIMPLE, and qualified plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
17
Self-employed health insurance deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
18
Penalty on early withdrawal of savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
19a Alimony paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19a
b Recipient’s SSN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c Date of original divorce or separation agreement (see instructions): . . . . . . . . .
20
IRA deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
21
Student loan interest deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
22
Reserved for future use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
23
Archer MSA deduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
24
Other adjustments:
a Jury duty pay (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24a
b Deductible expenses related to income reported on line 8l from the rental of personal property engaged in for profit . . .
……………………….
24b
c Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m . . . . . .
…………………………….
24c
d Reforestation amortization and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24d
e Repayment of supplemental unemployment benefits under the Trade Act of 1974 . .
24e
f Contributions to section 501(c)(18)(D) pension plans . . . . . . . . . . . . . . . . . . . . . .
24f
g Contributions by certain chaplains to section 403(b) plans . . . . . . . . . . . . . . . . . .
24g
h Attorney fees and court costs for actions involving certain unlawful discrimination claims (see instructions) . . . . . . . . . .
………………………….
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i Attorney fees and court costs you paid in connection with an award from the IRS for information you provided that
24i
helped the IRS detect tax law violations . . . . . . . . .
j Housing deduction from Form 2555 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24j
k Excess deductions of section 67(e) expenses from Schedule K-1 (Form 1041) . . . . .
24k
z Other adjustments. List type and amount:
24z
25
25
Total other adjustments. Add lines 24a through 24z . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Add lines 11 through 23 and 25. These are your adjustments to income. Enter here and on Form 1040 or 1040-SR, line 10,
or Form 1040-NR, line 10a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Schedule 1 (Form 1040) 2022
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Schedule A
Complete Justin’s Schedule A for 2022.
OMB No. 1545-
Itemized Deductions
SCHEDULE A
(Form 1040)
0074
Go to www.irs.gov/ScheduleA for instructions and the latest
Department of the Treasury Internal
information.
2022
Attach to Form 1040 or 1040-SR.
Attachment
Caution: If you are claiming a net qualified disaster loss on Form 4684, see
Sequence No.
Revenue Service
the instructions for line 16.
07
Name(s) shown on Form 1040 or 1040-SR Your social security number
Justin Stone
111-11-1118
Caution: Do not include expenses reimbursed or paid by others.
Medical and Dental
Expenses
1
1 Medical and dental expenses (see instructions) . . . . . . . . . .
2 Enter amount from Form 1040 or 1040-SR, line 11 . . . . . . . . . . . . . . . . . . . . . .
2
3 Multiply line 2 by 7.5% (0.075) . . . . . . . . . . . . . . . . . . . . . .
3
4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . . . . . . . . . . . . . . . . .
Taxes You Paid
4
5 State and local taxes.
a State and local income taxes or general sales taxes. You may include either income taxes
or general sales taxes on line 5a, but not both. If you elect to include general sales taxes
instead of income taxes, check this box . . . . . . . . . . . . . . . . . . . . .
◻
b State and local real estate taxes (see instructions) . . . . . . . . .
5a
5b
c State and local personal property taxes . . . . . . . . . . . . . . . .
5c
d Add lines 5a through 5c . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5d
e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately) . . . . . . . . . .
………………
5e
6 Other taxes. List type and amount: _ _ _ _ _ _ _ _ _ _ _ _ _ _
________________________________
6
7 Add lines 5e and 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest You Paid
7
8 Home mortgage interest and points. If you didn’t use all of your home mortgage loan(s)
to buy, build, or improve your home, see instructions and check this box . . . . . . . . . . . .
Caution:
Your mortgage interest
deduction may be limited. See
instructions.
………
◻
a Home mortgage interest and points reported to you on Form 1098. See instructions if
limited . . . . . . . . . . . . . . . . . . . . . . . . . .
8a
b Home mortgage interest not reported to you on Form 1098. See
instructions if limited. If paid to the person from whom you
bought the home, see instructions and show that person’s name,
identifying no., and address _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
________________________________
8b
c Points not reported to you on Form 1098. See instructions for special rules . . . . . . . . . . .
…………………….
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d Reserved for future use . . . . . . . . . . . . . . . . . .
8d
e Add lines 8a through 8c . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8e
9 Investment interest. Attach Form 4952 if required. See instructions.
9
10 Add lines 8e and 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Gifts to Charity
11 Gifts by cash or check. If you made any gift of $250 or more,
Caution:
12 Other than by cash or check. If you made any gift of $250 or more, see instructions. You
see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If you made a gift and got a
benefit for it, see instructions.
11
12
must attach Form 8283 if over $500
13
13 Carryover from prior year . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Add lines 11 through 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Casualty and Theft Losses
14
15 Casualty and theft loss(es) from a federally declared disaster (other than net qualified disaster
losses). Attach Form 4684 and enter the amount from line 18 of that form. See instructions.
15
16 Other—from list in instructions. List type and amount: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Other Itemized Deductions
____________________________________________
16
Total Itemized
Deductions
17 Add the amounts in the far right column for lines 4 through 16. Also, enter this amount on Form
1040 or 1040-SR, line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
18 If you elect to itemize deductions even though they are less than your standard deduction,
check this box . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
◻
BAA For Paperwork Reduction Act Notice, see the Instructions for Form 1040. Schedule A (Form 1040) 2022
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Schedule B
Complete Justin’s Schedule B for 2022.
Interest and Ordinary Dividends
SCHEDULE B
OMB No. 15450074
(Form 1040)
2022
Go to www.irs.gov/ScheduleB for instructions and the latest
Department of the Treasury Internal Revenue
information.
Service
Attach to Form 1040 or 1040-SR.
Attachment
Sequence No. 08
Name(s) shown on return Your social security number
Justin Stone
111-11-1118
Part I
1 List name of payer. If any interest is from a seller-financed mortgage
Amount
and the buyer used the property as a personal residence, see the
Interest
instructions and list this interest first. Also, show that buyer’s social
security number and address:
(See instructions and the instructions for Form

1040, line 2b.)

1
Note: If you received a Form 1099-INT, Form 1099OID, or substitute statement from a brokerage firm, 2
list the firm’s name as the payer and enter the total
interest shown on that form.
Add the amounts on line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
……..
2
3 Excludable interest on series EE and I U.S. savings bonds issued after
1989. Attach Form 8815 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
………………
3
4 Subtract line 3 from line 2. Enter the result here and on Form 1040 or
1040-SR,
line 2b . . .
4
Note: If line 4 is over $1,500, you must complete Part III.
Part II
Amount
5 List name of payer: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
______
Ordinary
5
Dividends
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(See instructions and the instructions for Form
1040, line 3b.)
Note: If you received a Form 1099-DIV or substitute 6 Add the amounts on line 5. Enter the total here and on Form 1040 or
1040-SR,
statement from a brokerage firm, list the firm’s
name as the payer and enter the ordinary dividends
line 3b . . .
6
shown on that form.
Note: If line 6 is over $1,500, you must complete Part III.
Part III
You must complete this part if you (a) had over $1,500 of taxable interest or
Foreign
ordinary dividends; (b) had a foreign account; or (c) received a distribution from,
Accounts
or were a grantor of, or a transferor to, a foreign trust.
and Trusts
Yes No
Caution: If required, failure to file FinCEN Form 114 7a At any time during 2022, did you have a financial interest in or
may result in substantial penalties. Additionally, you
signature authority over a financial account (such as a bank account,
may be required to file Form 8938, Statement of
securities account, or brokerage account) located in a foreign country?
Specified Foreign Financial Assets. See instructions.
See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
X
………..
If ‘Yes,’ are you required to file FinCEN Form 114, Report of Foreign
Bank and Financial Accounts (FBAR), to report that financial interest or
signature authority? See FinCEN Form 114 and its instructions for filing
requirements and exceptions to those requirements . . . . . . . . . . . . . .
.
b If you are required to file FinCEN Form 114, list the name(s) of the
foreign country(-ies) where the financial account(s) are located: _ _ _ _
__________________________
8 During 2022, did you receive a distribution from, or were you the
grantor of, or transferor to, a foreign trust? If ‘Yes,’ you may have to file
X
Form 3520. See instructions . . . . . . . . . . . . . . .
BAA For Paperwork Reduction Act Notice, see your tax return instructions. Schedule B (Form 1040) 2022
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Schedule D
Complete Justin’s Schedule D for 2022.
Hint: Complete Form 4797 before completing Schedule D.
Capital Gains and Losses
OMB No. 15450074
SCHEDULE D
(Form 1040)
Attach to Form 1040, 1040-SR, or 1040-NR.
Go to www.irs.gov/ScheduleD for instructions and the latest
information.
Department of the Treasury Internal Revenue
Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9,
Service
Name(s) shown on return
and 10.
2022
Attachment
Sequence No. 12
Your social security number
Justin Stone
111-11-1118
Did you dispose of any investment(s) in a qualified opportunity fund during the tax year?
◻ Yes ☒ No
If “Yes,” attach Form 8949 and see its instructions for additional requirements for reporting your gain or loss.
Part I Short-Term Capital Gains and Losses – Generally Assets Held One Year or Less (see instructions)
(g)
See instructions for how to figure the amounts to enter on the
lines below.
This form may be easier to complete if you round off cents to
whole dollars.
(d)
(e)
Adjustments to gain or
Proceeds
Cost (or
loss from Form(s)
(sales
other
8949, Part I, line 2,
price)
basis)
column (g)
(h) Gain or (loss)
Subtract column (e) from
column (d) and combine
the result with column (g)
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1a Totals for all short-term transactions reported on Form 1099B for which basis was reported to the IRS and for which you
have no adjustments (see instructions). However, if you
choose to report all these transactions on Form 8949, leave
this line blank and go to line 1b . . . . . .
1b Totals for all transactions reported on Form(s) 8949 with
Box A checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Totals for all transactions reported on Form(s) 8949 with
Box B checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Totals for all transactions reported on Form(s) 8949 with
Box C checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5
Short-term gain from Form 6252 and short-term gain or (loss) from Forms 4684, 6781,
4
and 8824 . . . . . . . . .
Net short-term gain or (loss) from partnerships, S corporations, estates, and trusts from
5
Schedule(s) K-1 . . . .
6 Short-term capital loss carryover. Enter the amount, if any, from line 8 of your Capital
Loss Carryover Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
……………………….
(
)
7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If
you have any long-term capital gains or losses, go to Part II below. Otherwise, go to Part
III on the back . . . . . . . . . . . . . . . . . . . . . .
7
Part II Long-Term Capital Gains and Losses – Generally Assets Held More Than One Year (see instructions)
(g)
See instructions for how to figure the amounts to enter on the
lines below.
This form may be easier to complete if you round off cents to
whole dollars.
(d)
(e)
Adjustments to gain or
Proceeds
Cost (or
loss from Form(s)
(sales
other
8949, Part II, line 2,
price)
basis)
column (g)
(h) Gain or (loss)
Subtract column (e) from
column (d) and combine
the result with column (g)
8a Totals for all long-term transactions reported on Form 1099B for which basis was reported to the IRS and for which you
have no adjustments (see instructions). However, if you
choose to report all these transactions on Form 8949, leave
this line blank and go to line 8b . . . . . .
8b Totals for all transactions reported on Form(s) 8949 with
Box D checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 Totals for all transactions reported on Form(s) 8949 with
Box E checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 Totals for all transactions reported on Form(s) 8949 with
Box F checked . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and longterm gain or (loss) from Forms 4684, 6781, and 8824 . . . . . . . . . . . . . . . . . . . . . . .
……………………………..
12
13
Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts
from Schedule(s) K-1 . . . . .
Capital gain distributions. See the instrs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
……………..
11
12
13
14 Long-term capital loss carryover. Enter the amount, if any, from line 13 of your
Capital Loss Carryover Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . .
………………………………
14
(
)
15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h).
Then go to Part III on the back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
………………………………
15
BAA For Paperwork Reduction Act Notice, see your tax return instructions. Schedule D (Form 1040) 2022
Schedule D (Form 1040) 2022 Justin Stone 111-11-1118 Page 2
Part III Summary
16 Combine lines 7 and 15 and enter the result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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If line 16 is a gain, enter the amount from line 16 on Form 1040, 1040-SR, or 1040-NR, line 7. Then, go to
line 17 below.
If line 16 is a loss, skip lines 17 through 20 below. Then, go to line 21. Also be sure to complete line 22.
If line 16 is zero, skip lines 17 through 21 below and enter -0- on Form 1040, 1040-SR, or 1040-NR, line
7. Then, go to line 22.
17 Are lines 15 and 16 both gains?
☒ Yes. Go to line 18.
◻ No. Skip lines 18 through 21, and go to line 22.
18 If you are required to complete the 28% Rate Gain Worksheet (see instructions), enter the amount, if any,
from line 7 of that worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
19 If you are required to complete the Unrecaptured Section 1250 Gain Worksheet (see instructions), enter the
amount, if any, from line 18 of that worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
20 Are lines 18 and 19 both zero or blank and you are not filing Form 4952?
◻ Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form
1040, line 16. Don’t complete lines 21 and 22 below.
☒ No. Complete the Schedule D Tax Worksheet in the instructions. Don’t complete lines 21 and 22 below.
21 If line 16 is a loss, enter here and on Form 1040, 1040-SR, or 1040-NR, line 7, the smaller of:
The loss on line 16; or
($3,000), or if married filing separately, ($1,500)
} ……………………………..
21 (
)
Note: When figuring which amount is smaller, treat both amounts as positive numbers.
22 Do you have qualified dividends on Form 1040, 1040-SR, or 1040-NR, line 3a?
◻ Yes. Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form
1040, line 16.
◻ No. Complete the rest of Form 1040, 1040-SR, or 1040-NR.
Schedule D (Form 1040) 2022
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Schedule E
Complete Justin’s Schedule E for 2022.
You are not required to complete Form 4562. To help you compute the depreciation expense, click here to access the depreciation table to
use for this problem.
Hint: Consider the disposal date when computing the depreciation expense.
Supplemental Income and Loss
SCHEDULE E
(From rental real estate, royalties, partnerships, S corporations,
(Form 1040)
estates, trusts, REMICs, etc.)
Department of the Treasury Internal
OMB No. 15450074
2022
Attach to Form 1040, 1040-SR, 1040-NR, or 1041.
Attachment
Go to www.irs.gov/ScheduleE for instructions and the latest
Sequence No.
Revenue Service
information.
13
Name(s) shown on return Your social security number
Justin Stone
111-11-1118
Part Income or Loss From Rental Real Estate and Royalties
I
Note: If you are in the business of renting personal property, use Schedule C. See instructions. If you are an individual, report
farm rental income or loss from Form 4835 on page 2, line 40.
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A Did you make any payments in 2022 that would require you to file Form(s) 1099? (see instructions) . . . . . . . . . . . . . . .
B If “Yes,” did you or will you file required Form(s) 1099? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
▢ Yes ☒ No
▢ Yes ▢ No
1a Physical address of each property (street, city, state, ZIP code)
A 4826 Orange Street
B
C
1b
Type of Property
(from list below)
2
Fair
For each rental real estate property listed above, report the number of fair rental
QJV
A
file as a qualified joint venture. See instructions.
B
Use Days
Days
and personal use days. Check the QJV box only if you meet the requirements to
A
Personal
Rental
B
C
C
Type of Property:
1 Single Family Residence 3 Vacation/Short-Term Rental 5 Land
2 Multi-Family Residence 4 Commercial
7 Self-Rental
6 Royalties 8 Other (describe)
Properties:
Income:
A
3
Rents received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
4
Royalties received . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
B
C
Expenses:
5
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
6
Auto and travel (see instructions) . . . . . . . . . . . . . . . .
6
7
Cleaning and maintenance . . . . . . . . . . . . . . . . . . . . .
7
8
Commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
10
Legal and other professional fees . . . . . . . . . . . . . . . . .
10
11
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
12
Mortgage interest paid to banks, etc. (see instructions) . .
12
13
Other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
14
Repairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
15
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
16
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
17
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
18
Depreciation expense or depletion . . . . . . . . . . . . . . . .
18
19
Other (list) See Stm 1
19
20
Total expenses. Add lines 5 through 19 . . . . . . . . . . . . . .
20
21
Subtract line 20 from line 3 (rents) and/or 4 (royalties). If result is a
(loss), see instructions to find out if you must file Form 6198 . . . . .
……………………
22
8582 (see instructions) . . . . . . . . . . . . . . . . . . . .
23a
b
c
d
e
24
25
26
21
Deductible rental real estate loss after limitation, if any, on Form
22
Total of all amounts reported on line 3 for all rental properties . . . . . . . . . .
.
Total of all amounts reported on line 4 for all royalty properties . . . . . . . . .
..
Total of all amounts reported on line 12 for all properties . . . . . . . . . . . . .
..
Total of all amounts reported on line 18 for all properties . . . . . . . . . . . . .
…
Total of all amounts reported on line 20 for all properties . . . . . . . . . . . . .
…
(
) (
)
(
)
(
)
23a
23b
23c
23d
23e
Income. Add positive amounts shown on line 21. Do not include any losses . . . . . . . . . . . . . .
…..
24
Losses. Add royalty losses from line 21 and rental real estate losses from line 22. Enter total
losses here
25
Total rental real estate and royalty income or (loss). Combine lines 24 and 25. Enter the
26
result here. If Parts II, III, IV, and line 40 on page 2 do not apply to you, also enter this amount
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on Schedule 1 (Form 1040), line 5. Otherwise, include this amount in the total on line 41 on
page 2 . . . . . . . . . . . . . .
BAA For Paperwork Reduction Act Notice, see the separate instructions. Schedule E (Form 1040) 2022
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Form 4797
Complete Justin’s Form 4797.
Form
Sales of Business Property
4797
OMB No. 15450184
(Also Involuntary Conversions and Recapture Amounts
2022
Under Sections 179 and 280F(b)(2))
Attach to your tax return.
Department of the Treasury Internal Revenue
Go to www.irs.gov/Form4797 for instructions and the latest
Service
Attachment
Sequence No. 27
information.
Name(s) shown on return Identifying number
Justin Stone
111-11-1118
1a Enter the gross proceeds from sales or exchanges reported to you for 2022 on Form(s) 1099-B or 1099-S (or substitute
1a
statement) that you are including on line 2, 10, or 20. See instructions . . . . . . . . . . . . . . . . . . . .
Enter the total amount of gain that you are including on lines 2, 10, and 24 due to the partial dispositions of MACRS assets . . . . .
1b
b ………………………………………………………
c Enter the total amount of loss that you are including on lines 2 and 10 due to the partial dispositions of MACRS assets . . . . . . . .
………………………………………………………..
Part
I
1c
Sales or Exchanges of Property Used in a Trade or Business and Involuntary Conversions From Other Than Casualty or
Theft — Most Property Held More Than 1 Year (see instructions)
2 (a) Description
(b) Date
(c) Date
of property
acquired (mo.,
sold (mo.,
(d) Gross (e) Depreciation allowed (f) Cost or other basis, plus
sales
or allowable since
improvements and expense
Subtract (f) from the
(g) Gain or (loss)
day, yr.)
day, yr.)
price
acquisition
of sale
sum of (d) and (e)
3 Gain, if any, from Form 4684, line 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
4 Section 1231 gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5 Section 1231 gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
6 Gain, if any, from line 32, from other than casualty or theft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7 Combine lines 2 through 6. Enter the gain or (loss) here and on the appropriate line as follows: . . . . . . . . . . . .
7
Partnerships and S corporations. Report the gain or (loss) following the instructions for Form 1065, Schedule K, line 10, or Form
1120-S, Schedule K, line 9. Skip lines 8, 9, 11, and 12 below.
Individuals, partners, S corporation shareholders, and all others. If line 7 is zero or a loss, enter the amount from line 7 on
line 11 below and skip lines 8 and 9. If line 7 is a gain and you didn’t have any prior year section 1231 losses, or they were
recaptured in an earlier year, enter the gain from line 7 as a long-term capital gain on the Schedule D filed with your return and skip
lines 8, 9, 11, and 12 below.
8 Nonrecaptured net section 1231 losses from prior years. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9 Subtract line 8 from line 7. If zero or less, enter -0-. If line 9 is zero, enter the gain from line 7 on line 12 below. If line 9 is more
than zero, enter the amount from line 8 on line 12 below and enter the gain from line 9 as a long-term capital gain on the Schedule
D filed with your return. See instructions . . . . . . . . . . . . . . . . . . . . . .
9
Part II Ordinary Gains and Losses (see instructions)
10 Ordinary gains and losses not included on lines 11 through 16 (include property held 1 year or less):
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11
12
13
14
15
16
17
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Loss, if any, from line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 (
.
Gain, if any, from line 7 or amount from line 8, if applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
)
12
.
Gain, if any, from line 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
.
Net gain or (loss) from Form 4684, lines 31 and 38a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
.
Ordinary gain from installment sales from Form 6252, line 25 or 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
.
Ordinary gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
.
Combine lines 10 through 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
.
18 For all except individual returns, enter the amount from line 17 on the appropriate line of your return and skip
lines a and b below. For individual returns, complete lines a and b below.
a If the loss on line 11 includes a loss from Form 4684, line 35, column (b)(ii), enter that part of the loss here.
Enter the loss from income-producing property on Schedule A (Form 1040), line 16. (Do not include any loss
18a
on property used as an employee.) Identify as from “Form 4797, line 18a.” See instructions . . . . . . . . . . . . .
…
b Redetermine the gain or (loss) on line 17 excluding the loss, if any, on line 18a. Enter here and on Schedule 1
(Form 1040), Part I, line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
18b
BAA For Paperwork Reduction Act Notice, see separate instructions. Form 4797 (2022)
Form 4797 (2022) Justin Stone 111-11-1118 Page 2
Part III Gain From Disposition of Property Under Sections 1245, 1250, 1252, 1254, and 1255
(see instructions)
19 (a) Description of section 1245, 1250, 1252, 1254, or 1255 property:
(b) Date acquired
(c) Date sold
(mo., day, yr.)
(mo., day, yr.)
A



B



C
D
These columns relate to the properties on lines 19A through
19D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Property
A
B
Property C
Property D
20 Gross sales price (Note: See line 1a before completing.) . . . . .
………………….
20
21 Cost or other basis plus expense of sale . . . . . . . .
21
22 Depreciation (or depletion) allowed or allowable . .
22
23 Adjusted basis. Subtract line 22 from line 21 . . . . .
23
24 Total gain. Subtract line 23 from line 20 . . . . . . . . .
24
25 If section 1245 property:
a Depreciation allowed or allowable from line 22 . . . .
25a
b Enter the smaller of line 24 or 25a . . . . . . . . . . . .
25b
26 If section 1250 property: If straight line depreciation was
used, enter -0- on line 26g, except for a corporation subject to
section 291.
a Additional depreciation after 1975. See instrs . . . . .
26a
b Applicable percentage multiplied by the smaller of line 24 or
line 26a. See instructions . . . . . . . . . . .
26b
c Subtract line 26a from line 24. If residential rental property or
line 24 isn’t more than line 26a, skip lines 26d and 26e . . . . . .
………………
26c
d Additional depreciation after 1969 and before 1976.
26d
e Enter the smaller of line 26c or 26d . . . . . . . . . . .
26e
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f Section 291 amount (corporations only) . . . . . . . . .
26f
g Add lines 26b, 26e, and 26f . . . . . . . . . . . . . . . . .
26g
27 If section 1252 property: Skip this section if you didn’t
dispose of farmland or if this form is being completed for a
partnership.
a Soil, water, and land clearing expenses . . . . . . . . .
27a
b Line 27a multiplied by applicable percentage (see instructions) .
27b
………………………
c Enter the smaller of line 24 or 27b . . . . . . . . . . . .
27c
28 If section 1254 property:
a Intangible drilling and development costs, expenditures for
development of mines and other natural deposits, mining
exploration costs, and depletion. See instructions . . . . . . . . . . .
28a
…….
b Enter the smaller of line 24 or 28a . . . . . . . . . . . .
28b
29 If section 1255 property:
a Applicable percentage of payments excluded from income under
29a
section 126. See instructions . . . . .
b Enter the smaller of line 24 or 29a. See instrs. . . .
29b
Summary of Part III Gains. Complete property columns A through D through line 29b before going to line 30.
30 Total gains for all properties. Add property columns A through D, line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
31 Add property columns A through D, lines 25b, 26g, 27c, 28b, and 29b. Enter here and on line 13 . . . . . . . . . .
31
32 Subtract line 31 from line 30. Enter the portion from casualty or theft on Form 4684, line 33. Enter the portion from other than
casualty or theft on Form 4797, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32
Part IV Recapture Amounts Under Sections 179 and 280F(b)(2) When Business Use Drops to 50% or Less
(see instructions)
(a)
Section
(b) Section 280F(b)
179
(2)
33 Section 179 expense deduction or depreciation allowable in prior years . . . . . . . . . . . . . . . 33
34
35
Recomputed depreciation. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.
Recapture amount. Subtract line 34 from line 33. See the instructions for where to report .
.
34
35
BAA Form 4797 (2022)
Feedback
Check My Work
Incorrect
Schedule 8812
Complete Justin’s Schedule 8812.
SCHEDULE 8812
Credits for Qualifying Children
OMB No. 1545-
and Other Dependents
2022
(Form 1040)
Department of the Treasury Internal
Revenue Service
0074
Attach to Form 1040, 1040-SR, or 1040-NR.
Attachment
Go to www.irs.gov/Schedule8812 for instructions and the latest
Sequence No.
information.
47
Name(s) shown on return Your social security number
Justin Stone
111-11-1118
Part I Child Tax Credit and Credit for Other Dependents
1
2a
Enter the amount from line 11 of your Form 1040, 1040-SR, or 1040-NR . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter income from Puerto Rico that you excluded . . . . . . . . . . . . . . . . . . . . . . . .
1
2a
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b
Enter the amounts from lines 45 and 50 of your Form 2555 . . . . . . . . . . . . . . . . .
2b
c
Enter the amount from line 15 of your Form 4563 . . . . . . . . . . . . . . . . . . . . . . . .
2c
d
Add lines 2a through 2c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2d
3
Add lines 1 and 2d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
4
Number of qualifying children under age 17 with the required social security number
5
Multiply line 4 by $2,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
Number of other dependents, including any qualifying children who are not under age 17 or
4
5
6
who do not have the required social security number . . . . . . . . . . . . . .
Caution: Do not include yourself, your spouse, or anyone who is not a U.S. citizen, U.S. national, or U.S. resident alien. Also, do
not include anyone you included on line 4.
7
Multiply line 6 by $500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8
Add lines 5 and 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
9
Enter the amount shown below for your filing status.
• Married filing jointly−$400,000
}
• All other filing statuses−$200,000
……………………
………………….
9
10 Subtract line 9 from line 3.
• If zero or less, enter -0-.
• If more than zero and not a multiple of $1,000, enter the next multiple of $1,000. For
example, if the result is $425, enter $1,000; if the result is $1,025, enter $2,000, etc.
}
…………..
10
11 Multiply line 10 by 5% (0.05) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
12 Is the amount on line 8 more than the amount on line 11? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
◻ No. STOP. You cannot take the child tax credit, credit for other dependents, or additional child tax credit. Skip Parts II-A and
II-B. Enter -0- on lines 14 and 27.
☒ Yes. Subtract line 11 from line 8. Enter the result.
13 Enter the amount from the Credit Limit Worksheet A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13
14 Enter the smaller of line 12 or 13. This is your child tax credit and credit for other dependents . . . . . .
14
Enter this amount on Form 1040, 1040-SR, or 1040-NR, line 19.
If the amount on line 12 is more than the amount on line 14, you may be able to take the additional child tax credit on Form 1040,
1040-SR, or 1040-NR, line 28. Complete your Form 1040, 1040-SR, or 1040-NR through line 27 (also complete Schedule 3, line 11)
before completing Part II-A.
BAA For Paperwork Reduction Act Notice, see your tax return instructions. Schedule 8812 (Form 1040) 2022
Schedule 8812 (Form 1040) (2022) Justin Stone 111-11-1118 Page 2
Part II-A Additional Child Tax Credit for All Filers
Caution: If you file Form 2555, you cannot claim the additional child tax credit.
15
Check this box if you do not want to claim the additional child tax credit. Skip Parts II-A and II-B. Enter -0- on line 27 . . . . . . . . . . .
.
◻
16 Subtract line 14 from line 12. If zero, stop here; you cannot take the additional child tax credit. Skip Parts II-A and II-B.
16a
Enter -0- on line 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Number of qualifying children under 17 with the required social security number:
× $1,500.
Enter the result. If zero, stop here; you cannot claim the additional child tax credit. Skip Parts II-A and II-B. Enter -0- on line
16b
27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TIP: The number of children you use for this line is the same as the number of children you used for line 4.
17 Enter the smaller of line 16a or line 16b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b Nontaxable combat pay (see instructions). . . . . . . . . . .
17
18a
18a Earned income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18b
19 Is the amount on line 18a more than $2,500?
◻ No. Leave line 19 blank and enter -0- on line 20
◻ Yes. Subtract $2,500 from the amount on line 18a. Enter the result . . . . . . . . .
19
20 Multiply the amount on line 19 by 15% (0.15) and enter the result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
Next. On line 16b, is the amount $4,500 or more?
◻ No. If you are a bona fide resident of Puerto Rico, go to line 21. Otherwise, skip Part II-B and enter the smaller of line 17
or line 20 on line 27.
◻ Yes. If line 20 is equal to or more than line 17, skip Part II-B and enter the amount from line 17 on line 27. Otherwise, go
to line 21.
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Part II-B Certain Filers Who Have Three or More Qualifying Children and Bona Fide Residents of Puerto Rico
21 Withheld social security, Medicare, and Additional Medicare taxes from Form(s) W-2, boxes 4 and 6. If married filing jointly,
include your spouse’s amounts with yours. If your employer withheld or you paid Additional Medicare Tax or tier 1 RRTA
21
taxes, see instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22 Enter the total of the amounts from Schedule 1 (Form 1040), line 15; Schedule 2 (Form 1040), line 5; Schedule 2 (Form
1040), line 6; and Schedule 2 (Form 1040), line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
..
23 Add lines 21 and 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
24 1040 and
1040-SR filers:
Enter the total of the amounts from Form 1040 or 1040-SR, line 27, and Schedule 3 (Form 1040),
line 11.
1040-NR filers: Enter the amount from Schedule 3 (Form 1040), line 11.
}
24
25 Subtract line 24 from line 23. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25
26 Enter the larger of line 20 or line 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Next, enter the smaller of line 17 or line 26 on line 27.
Part II-C Additional Child Tax Credit
27 This is your additional child tax credit. Enter this amount on Form 1040, 1040-SR, or 1040-NR, line 28 . . . . . . . . . . .
………………………………………………………..
27
Schedule 8812 (Form 1040) 2022
Feedback
Check My Work
Incorrect
Form 8582
Complete page 1 of Justin’s Form 8582 for 2022. Assume the amount from Worksheet 1, column (a) is $1,455.
OMB No. 1545Form
8582
1008
Passive Activity Loss Limitations
2022
See separate instructions.
Department of the Treasury Internal Revenue
Service
Attach to Form 1040, 1040-SR, or 1041.
Attachment
Go to www.irs.gov/Form8582 for instructions and the latest
Sequence No.
information.
858
Name(s) shown on return Identifying number
Justin Stone
111-11-1118
Part I 2022 Passive Activity Loss
Caution: Complete Parts IV and V before completing Part I.
Rental Real Estate Activities With Active Participation (For the definition of active participation, see
Special Allowance for Rental Real Estate Activities in the instructions.)
1a Activities with net income (enter the amount from Part IV, column (a)) . . . . . . .
1a
Activities with net loss (enter the amount from Part IV, column (b)) . . . . . . . . .
1b
(
)
c Prior years’ unallowed losses (enter the amount from Part IV, column (c)) . . . .
1c
(
)
b
d
Combine lines 1a, 1b, and 1c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1d
All Other Passive Activities
2a Activities with net income (enter the amount from Part V, column (a)) . . . . . . . .
2a
Activities with net loss (enter the amount from Part V, column (b)) . . . . . . . . . .
2b
(
)
c Prior years’ unallowed losses (enter the amount from Part V, column (c)) . . . . . .
2c
(
)
b
d
Combine lines 2a, 2b, and 2c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Combine lines 1d and 2d. If this line is zero or more, stop here and include this form with your return; all losses are allowed,
2d
3
including any prior year unallowed losses entered on line 1c or 2c. Report the losses on the forms and schedules normally used . .
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…………………………………
If line 3 is a loss and:
• Line 1d is a loss, go to Part II.
• Line 2d is a loss (and line 1d is zero or
more), skip Part II and go to line 10.
Caution: If your filing status is married filing separately and you lived with your spouse at any time during the year, do not complete Part
II. Instead, go to line 10.
Part II Special Allowance for Rental Real Estate Activities With Active Participation
Note: Enter all numbers in Part II as positive amounts. See instructions for an example.
4
4 Enter the smaller of the loss on line 1d or the loss on line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Enter $150,000. If married filing separately, see instructions . . . . . . . . . . . . . . .
5
6 Enter modified adjusted gross income, but not less than zero. See instructions .
6
Note: If line 6 is greater than or equal to line 5, skip lines 7 and 8 and enter -0- on line 9. Otherwise, go to line 7.
7 Subtract line 6 from line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
8 Multiply line 7 by 50% (0.50). Do not enter more than $25,000. If married filing separately, see instructions
8
9 Enter the smaller of line 4 or line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
Part III Total Losses Allowed
10
10 Add the income, if any, on lines 1a and 2a and enter the total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Total losses allowed from all passive activities for 2022. Add lines 9 and 10. See instructions to find out how to report the
losses on your tax return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Part IV Complete This Part Before Part I, Lines 1a, 1b, and 1c. See instructions.
Current year
Name of activity
(a) Net income (line 1a)
Prior years
(b) Net loss (c) Unallowed loss
(line 1b)
(line 1c)
Overall gain or loss
(d) Gain (e) Loss

Total. Enter on Part I, lines 1a, 1b, and 1c . . .
BAA For Paperwork Reduction Act Notice, see instructions. Form 8582 (2022)
Feedback
Check My Work
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Schedule D Tax Worksheet
You are not required to complete the Schedule D Tax Worksheet. It has been provided to assist you in determining the tax liability.
2022 2022 Schedule D Tax Worksheet
Justin Stone
111-11-1118
Complete this worksheet only if line 18 or line 19 of Schedule D is more than zero and lines 15 and 16 of Schedule D are
gains. Otherwise, complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line
16(or in the instructions for Form 1040NR, line 16) to figure your tax. Before completing this worksheet, complete Form
1040 through line 15 (or Form 1040NR through line 15).
Exception: Don’t use the Qualified Dividends and Capital Gain Tax Worksheet or this worksheet to figure your tax if:
Line 15 or line 16 of Schedule D is zero or less and you have no qualified dividends on Form 1040, line 3a (or Form 1040NR, line
3a); or
Form 1040, line 15 (or Form 1040NR, line 15) is zero or less.
Instead, see the instructions for Form 1040, line 16 (or Form 1040NR, line 16).
1. Enter your taxable income from Form 1040, 1040-SR, or 1040-NR, line 15. (However, if you are filing Form 2555 (relating to
foreign earned income), enter instead the amount from line 3 of the Foreign Earned Income Tax Worksheet in the instructions
for Forms 1040 and 1040-SR, line 16) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Enter your qualified dividends from Form 1040, 1040-SR, or 1040-NR, line 3a . . . . .
1.
2.
3. Enter the amount from Form 4952 (used to figure investment interest
expense deduction), line 4g.
4. Enter the amount from Form 4952, line 4e* . . . . . . . .
3.
4.
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5. Subtract line 4 from line 3. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Subtract line 5 from line 2. If zero or less, enter -0-** . . . . . . . . .
6.
7. Enter the smaller of line 15 or line 16 of Schedule D . . . . . . . . . . . . . . . . . . . . . .
7.
8. Enter the smaller of line 3 or line 4 . . . . .
8.
9. Subtract line 8 from line 7. If zero or less, enter -0-** . . . . . . . . .
9.
10. Add lines 6 and 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11. Add lines 18 and 19 of Schedule D** . . . . . . . . . . . . . . . . . . . . .
11.
12. Enter the smaller of line 9 or line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13. Subtract line 12 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
14. Subtract line 13 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.
15. Enter:
• $41,675 if single or married filing separately;
}
• $83,350 if married filing jointly or qualifying widow(er); or
• $55,800 if head of household
…….
…
15.
16. Enter the smaller of line 1 or line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
17. Enter the smaller of line 14 or line 16 . . . . . . . . . . . . . . . . . . . .
17.
18. Subtract line 10 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . .
18.
19. Enter the smaller of of line 1 or:
• $170,050 if single or married filing separately;
• $340,100 if married filing jointly or qualifying widow(er)
}
…….
…
19.
• $170,050 if head of household
20. Enter the smaller of line 14 or line 19
20.
21. Enter the larger of line 18 or line 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21.
22. Subtract line 17 from line 16. This amount is taxed at 0% . . . . . . . . . . . . . . . . . . . . . . .
22.
If lines 1 and 16 are the same, skip lines 23 through 43 and go to line 44. Otherwise, go to line 23.
23. Enter the smaller of line 1 or line 13 . . . . . . . . . . . . . . . . . . . . .
23.
24. Enter the amount from line 22 (if line 22 is blank, enter -0-) . . . . .
24.
25. Subtract line 24 from line 23. If zero or less, enter -0- . . . . . . . . .
25.
26. Enter:
• $459,750 if single;
• $258,600 if married filing separately;
}
• $517,200 if married filing jointly or qualifying widow(er); or
…….
…
26.
• $488,500 if head of household
27. Enter the smaller of line 1 or line 26 . . . . . . . . . . . . . . . . . . . . . .
27.
28. Add lines 21 and 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28.
29. Subtract line 28 from line 27. If zero or less, enter -0- . . . . . . . . .
29.
30. Enter the smaller of line 25 or line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30.
2022 2022 Schedule D Tax Worksheet—Continued
Justin Stone
111-11-1118
31. Multiply line 30 by 15% (0.15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
32. Add lines 24 and 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.
32.
33. Subtract line 32 from line 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33.
34. Multiply line 33 by 20% (0.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34.
If Schedule D, line 19, is zero or blank, skip lines 35 through 40 and go to line 41. Otherwise, go to line 35.
35. Enter the smaller of line 9 above or Schedule D, line 19 . . . . . . .
35.
36. Add lines 10 and 21 . . . . . . . . . . . . .
36.
37. Enter the amount from line 1 above . .
37.
38. Subtract line 37 from line 36. If zero or less, enter -0- . . . . . . . .
38.
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39. Subtract line 38 from line 35. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . .
39.
40. Multiply line 39 by 25% (0.25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
40.
If Schedule D, line 18, is zero or blank, skip lines 41 through 43 and go to line 44. Otherwise, go to line 41.
41. Add lines 21, 22, 30, 33, and 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41.
42. Subtract line 41 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42.
43. Multiply line 40 by 28% (0.28) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43.
44. Figure the tax on the amount on line 21. If the amount on line 21 is less than $100,000, use the Tax Table to figure the tax. If
the amount on line 21 is $100,000 or more, use the Tax Computation Worksheet . . . . . . . . . . . . . . . . .
44.
45. Add lines 31, 34, 40, 43, and 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45.
46. Figure the tax on the amount on line 1. If the amount on line 1 is less than $100,000, use the Tax Table to figure the tax. If
the amount on line 1 is $100,000 or more, use the Tax Computation Worksheet . . . . . . . . . . . . . . . . . .
46.
47. Tax on all taxable income (including capital gains and qualified dividends). Enter the smaller of line 45 or line 46.
Also include this amount on Form 1040, line 16 (or Form 1040NR, line 16). (If you are filing Form 2555 or 2555-EZ, don’t
enter this amount on Form 1040, line 16. Instead, enter it on line 4 of the Foreign Earned Income Tax Worksheet in the Form
1040 instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47.
*If applicable, enter instead the smaller amount you entered on the dotted line next to line 4e of Form 4952.
**If you are filing Form 2555 or 2555-EZ, see the footnote in the Foreign Earned Income Tax Worksheet in the instructions for
Form 1040, line 12a, before completing this line.
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Incorrect
Unrecaptured Section 1250 Gain Worksheet
You are not required to complete the Unrecaptured Section 1250 Gain Worksheet. It has been provided to assist you in determining the tax
liability.
Unrecaptured Section 1250 Gain Worksheet—Line 19 Keep for Your Records
✎
If you aren’t reporting a gain on Form 4797, line 7, skip lines 1 through 9 and go to line 10.
1. If you have a section 1250 property in Part III of Form 4797 for which you made an entry in Part I of Form 4797 (but not on
Form 6252), enter the smaller of line 22 or line 24 of Form 4797 for that property. If you didn’t have any such property, go to
line 4. If you had more than one such property, see instructions . . . . . . . . . . . . . . . . . .
1.
2. Enter the amount from Form 4797, line 26g, for the property for which you made an entry on line 1 . . . . . . . . . . .
2.
3. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Enter the total unrecaptured section 1250 gain included on line 26 or line 37 of Form(s) 6252 from installment sales of trade or
business property held more than 1 year (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Enter the total of any amounts reported to you on a Schedule K-1 from a partnership or an S corporation as “unrecaptured
section 1250 gain” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
6. Add lines 3 through 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7. Enter the smaller of line 6 or the gain from Form 4797, line 7 . . . . . . . . . . . . . . . . . . . .
7.
8. Enter the amount, if any, from Form 4797, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Subtract line 8 from line 7. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
9.
Enter the amount of any gain from the sale or exchange of an interest in a partnership attributable to unrecaptured section
10. 1250 gain (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
Enter the total of any amounts reported to you as “unrecaptured section 1250 gain” on a Schedule K-1, Form 1099-DIV, or
11. Form 2439 from an estate, trust, real estate investment trust, or mutual fund (or other regulated investment company) or in
connection with a Form 1099-R . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
Enter the total of any unrecaptured section 1250 gain from sales (including installment sales) or other dispositions of section
12. 1250 property held more than 1 year for which you didn’t make an entry in Part I of Form 4797 for the year of sale (see
instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
Add lines 9 through 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
13.
If you had any section 1202 gain or collectibles gain or (loss), enter the total of lines 1 through 4 of the
14. 28% Rate Gain Worksheet. Otherwise, enter -0- . . . . . . . . . . . . . . . .
14.
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15.
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Enter the (loss), if any, from Schedule D, line 7. If Schedule D, line 7, is zero or a gain, enter -0-
15.
(
)
16.
(
)
Enter your long-term capital loss carryovers from Schedule D, line 14, and Schedule K-1 (Form 1041),
16. box 11, code C* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Combine lines 14 through 16. If the result is a (loss), enter it as a positive amount. If the result is zero or a gain, enter -0- . . .
17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17.
Unrecaptured section 1250 gain. Subtract line 17 from line 13. If zero or less, enter -0-. If more than zero, enter the result
18. here and on Schedule D, line 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18.
* If you are filing Form 2555 or 2555-EZ (relating to foreign earned income), see the footnote in the Foreign Earned Income Tax
Worksheet in the Form 1040 instructions before completing this line.
2022 Partial Tax Table
The tax table, which is published by the Internal Revenue Service, is used to calculate the tax owed based on a number of variables. To use
the tax table, you need to know the taxpayer’s taxable income and filing status. Scroll down through the columns for the taxpayer’s taxable
income (the ranges listed are in increments of $50). Locate the range that includes the taxpayer’s taxable income. Locate the tax figure
that corresponds to the taxpayer’s filing status.
Click here to access the 2022 partial tax table
In addition, the following are the income tax brackets for head of household:
$0 – $14,650: 10% bracket
$14,651 – $55,900: 12% bracket
$55,901 – $89,050: 22% bracket
$89,051 – $170,050: 24% bracket
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The calculation of taxable income begins with gross income. Gross income includes all income, unless the tax law provides for a specific
exclusion. Individual taxpayers have two categories of deductions: (1) deductions for adjusted gross income (deductions from gross
1
income to arrive at adjusted gross income) and (2) deductions from adjusted gross income. As a general rule, personal expenditures are
disallowed as deductions in arriving at taxable income. However, Congress allows specified personal expenses as deductions from AGI
(commonly referred to as itemized deductions). AGI is an important subtotal that serves as the basis for computing percentage
limitations on certain itemized deductions such as medical expenses, charitable contributions, and certain casualty losses.
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