Jacob and Joria are married and file a joint return. They have the following items for...
Jacob and Joria are married and file a joint return. They have the following items for the current year:
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Determine their AGI for the current year.
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Jacob and Joria are married and file a joint return. They have
the following items for...
Maria, who is single, had the following items for 2018: Salary $80,000 Loss on sale of...
Maria, who is single, had the following items for 2018: Salary $80,000 Loss on sale of § 1244 small business stock acquired 3 years ago ($60,000) Stock acquired 2 years ago became worthless during the year ($5,000) Long-term capital gain $17,000 Nonbusiness bad debt ($8,000) Casualty gain on property held 4 years $4,000 Determine Maria's adjusted gross income for 2018.
(COs 4 and 5) Maria, who is single, had the following items for 2018: Salary $80,000...
(COs 4 and 5) Maria, who is single, had the following items for 2018: Salary $80,000 Loss on sale of $ 1244 small business stock acquired 3 years ago ($60,000) Stock acquired 2 years ago became worthless during the year ($5,000) Long-term capital gain $17,000 Nonbusiness bad debt ($8,000) Casualty gain on property held 4 years $4,000 Determine Maria's adjusted gross income for 2018.
Problem 2 (30 points) In Year 1, Jeff and Kim Jenson (married filing a joint return)...
Problem 2 (30 points) In Year 1, Jeff and Kim Jenson (married filing a joint return) have $200,000 of taxable income before considering the following transactions: On March 2, Year 1, they sold a painting (art) for $100,000 that was purchased 15 years ago for $90,000. A $12,000 loss on 11/1, Year 1 sale of bonds (acquired on 5/12, 5 years ago); A $4,000 gain on 12/12, Year 1 sale of IBM stock (acquired on 2/5, Year 1); A $17,000...
5. Dave and Jennifer Smith are married and file a joint return. They purchased their primary residence in January 2...
5. Dave and Jennifer Smith are married and file a joint return. They purchased their primary residence in January 2018, and had a mortgage outstanding of $800,000. In 2018 they paid $26,000 in total mortgage interest on their mortgage of which $24,375 was due to $750,000 of their mortgage debt, $13,450 in property tax, and made $12,000 in cash charitable contributions. The Smith's AGI for the year was $275,000 and they paid S17,814 in state income tax. What is the...
Sophia and Jacob are married and file a joint return and have come to you to prepare their 2019 tax returns. While revie...
Sophia and Jacob are married and file a joint return and have come to you to prepare their 2019 tax returns. While reviewing their prior year tax returns, you notice that their 2017 tax return included a Form 2106 (Employee Business Expenses) for each of them. Their 2018 tax return, however, included a Schedule C for Sophia. Select from the dropdown lists the appropriate response to complete the statement below that outlines their tax status for the two years. In...
(CO 4) Jane files a tax return as a single taxpayer. She had the following items...
(CO 4) Jane files a tax return as a single taxpayer. She had the following items in 2018: Salary of $80,000 Interest income of $2,000 Loss of $70,000 on the sale of Section 1244 acquired 2 years ago What should be Jane's AGI for 2018? $82,000 $70,000 $12,000 $32,000
In 2019, Jeff and Kim Jenson (married filing a joint return) have $250,000 of taxable income...
In 2019, Jeff and Kim Jenson (married filing a joint return) have $250,000 of taxable income before considering the following transactions: a. On March 2, 2019, they sold a painting (art) for $100,000 that was inherited from Grandma on January 23, 2019. The FMV on the date of Grandma's death was $90,000 and Grandma's adjusted basis in the painting was $25,000; b. A $12,000 loss on 11/1/19 sale of bonds (acquired on 5/12/11); c. A $4,000 gain on 12/12/19 sale...
Problem 3-49 (LO. 8) During 2019, Chester (a married taxpayer filing a joint return) had the...
Problem 3-49 (LO. 8) During 2019, Chester (a married taxpayer filing a joint return) had the following transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been held for more than 1 year) $6,000 Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment) (4,000) Gain on the sale of a city lot (acquired 5 years ago as an investment) 2,000...
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019....
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
Mr. and Mrs. Willet will file their 2020 tax return as married filing joint. They have...
Mr. and Mrs. Willet will file their 2020 tax return as married filing joint. They have an AGI of 35,000, tax exempt income of 2,000, and social security benefits of 15,000 for the year. What amount of their social security benefits must they include in their taxable income? HELP!! ASAP
(COs 4 and 5) Maria, who is single, had the following items for 2018: Salary $80,000 Loss on sale of $ 1244 small business stock acquired 3 years ago ($60,000) Stock acquired 2 years ago became worthless during the year ($5,000) Long-term capital gain $17,000 Nonbusiness bad debt ($8,000) Casualty gain on property held 4 years $4,000 Determine Maria's adjusted gross income for 2018.
5. Dave and Jennifer Smith are married and file a joint return. They purchased their primary residence in January 2018, and had a mortgage outstanding of $800,000. In 2018 they paid $26,000 in total mortgage interest on their mortgage of which $24,375 was due to $750,000 of their mortgage debt, $13,450 in property tax, and made $12,000 in cash charitable contributions. The Smith's AGI for the year was $275,000 and they paid S17,814 in state income tax. What is the...
(CO 4) Jane files a tax return as a single taxpayer. She had the following items in 2018: Salary of $80,000 Interest income of $2,000 Loss of $70,000 on the sale of Section 1244 acquired 2 years ago What should be Jane's AGI for 2018? $82,000 $70,000 $12,000 $32,000
In 2019, Jeff and Kim Jenson (married filing a joint return) have $250,000 of taxable income before considering the following transactions: a. On March 2, 2019, they sold a painting (art) for $100,000 that was inherited from Grandma on January 23, 2019. The FMV on the date of Grandma's death was $90,000 and Grandma's adjusted basis in the painting was $25,000; b. A $12,000 loss on 11/1/19 sale of bonds (acquired on 5/12/11); c. A $4,000 gain on 12/12/19 sale...
Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income
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