Posted: February 11th, 2023

Catherine Owens Only

Prepare an income tax return by hand in blue pen (no tax software) with provided schedules that were obtained from the IRS website (irs.gov) for the Martinez’s for 2015.  In doing this, use the following guidelines:·        You may complete assignment individually or in groups up to 5 people. Place all participating student names on cover sheet.·        Make necessary assumptions for information not given in the problem but needed to complete the return.  Be aware of the possible application of certain tax credits.·        The taxpayers have the necessary substantiation (e.g., records, receipts) to support the transactions involved.·        If a refund results, the taxpayers want it sent to them.·        The Martinez’s do not wish to contribute to the Presidential Election Campaign fund.·        In the past several years, the Martinez’s have itemized their deductions from AGI (have not claimed the standard deduction option). In 2014 they claimed $19,600 in itemized expenses.