In late 2014, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation, you note that they have large medical expenses and a casualty loss, neither of which is covered by insurance. What advice would you give the Polks?
Answer to relevant QuestionsCompute the taxable income for 2014 in each of the following independent situations: a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI ...Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law ...In 2005, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland ...Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and during 2014 earn salaries as follows: $16,000 (Jim) and $5,200 (Mary Jean). To care for their ...Emma Doyle, age 55, is employed as a corporate attorney. For calendar year 2014, she had AGI of $100,000 and paid the following medical expenses: Medical insurance premiums .................. $3,700 Doctor and dentist bills ...
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