Kathy and Rob Alvarez obtained a divorce effective May 1, 2018, and there have been...
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Kathy and Rob Alvarez obtained a divorce effective May 1, 2018, and there have been no revisions to the original agreement since that time. In accordance with the divorce decree, Kathy was required to pay $2,450 per month until their only child turns 18 ; then the payments would be reduced to $1,500 per month. Rob has full custody of the child and appropriately takes the child tax credit. Furthermore, Kathy was to transfer title of their house, which had a cost of $250,000 and a fair value of $510,000 on the date of transfer, to Rob and was to continue making the monthly mortgage payments of $1,525 on behalf of Rob. Kathy works for a large oil distributor in Santa Fe, NM, and after the divorce lives at 1132 Northgate Avenue, Santa Fe, NM 87501. Kathy's social security number is 412-34-5671 (date of birth 11/4/1988 ), and Rob's social security number is 412-34-5670 (date of birth 8/14/1986). Her W-2 contained the following information: Wages(box1)FederalW/H(box2)Socialsecuritywages(box3)SocialsecurityW/H(box4)Medicarewages(box5)MedicareW/H(box6)=$85,100.25=$4,671.35=$85,100.25=$5,276.22=$85,100.25=$1,233.95 She also received a Form 1099-INT from First New Mexico Bank with \$256 of interest income in box 1. In addition, Kathy made a timely $2,500 contribution to her new HSA account. Prepare a 2022 Form 1040 and a Schedule 1, as well as a Form 8889, for Kathy
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Kathy and Rob Alvarez obtained a divorce effective May 1, 2018, and there have been no revisions to the original agreement since that time. In accordance with the divorce decree, Kathy was required to pay $2,450 per month until their only child turns 18 ; then the payments would be reduced to $1,500 per month. Rob has full custody of the child and appropriately takes the child tax credit. Furthermore, Kathy was to transfer title of their house, which had a cost of $250,000 and a fair value of $510,000 on the date of transfer, to Rob and was to continue making the monthly mortgage payments of $1,525 on behalf of Rob. Kathy works for a large oil distributor in Santa Fe, NM, and after the divorce lives at 1132 Northgate Avenue, Santa Fe, NM 87501. Kathy's social security number is 412-34-5671 (date of birth 11/4/1988 ), and Rob's social security number is 412-34-5670 (date of birth 8/14/1986). Her W-2 contained the following information: Wages(box1)FederalW/H(box2)Socialsecuritywages(box3)SocialsecurityW/H(box4)Medicarewages(box5)MedicareW/H(box6)=$85,100.25=$4,671.35=$85,100.25=$5,276.22=$85,100.25=$1,233.95 She also received a Form 1099-INT from First New Mexico Bank with \$256 of interest income in box 1. In addition, Kathy made a timely $2,500 contribution to her new HSA account. Prepare a 2022 Form 1040 and a Schedule 1, as well as a Form 8889, for Kathy 