During 2019, John and Shelia had the following transactions: Salary Interest income on City of Denver...

 

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During 2019, John and Shelia had the following transactions: Salary Interest income on City of Denver bond Life insurance proceeds paid on the death of John's uncle (He was the designated beneficiary under the policy.) Inheritance from John's uncle $180,000 1,000 30,000 25,000 Contribution to Traditional IRA 3,000 Capital losses 2,600 They also incurred the following expenses during the year: Medical expenses (before the AGI limitation) State and local income taxes State sales tax $13,000 5,200 2,300 7,000 Real estate taxes Interest paid on qualified residence mortgage (acquisition indebtedness) of $300,000 Credit card interest 5,000 900 Charitable contributions 3,000 John and Shelia's employers withheld $21,300 of federal income taxes from their paychecks during the year. John and Shelia have one qualifying child, and the child meets the eligibility requirements for the child tax credit of $2,000. John and Shelia file a joint tax return. Determine John and Shelia's tax refund or taxes due. During 2019, John and Shelia had the following transactions: Salary Interest income on City of Denver bond Life insurance proceeds paid on the death of John's uncle (He was the designated beneficiary under the policy.) Inheritance from John's uncle $180,000 1,000 30,000 25,000 Contribution to Traditional IRA 3,000 Capital losses 2,600 They also incurred the following expenses during the year: Medical expenses (before the AGI limitation) State and local income taxes State sales tax $13,000 5,200 2,300 7,000 Real estate taxes Interest paid on qualified residence mortgage (acquisition indebtedness) of $300,000 Credit card interest 5,000 900 Charitable contributions 3,000 John and Shelia's employers withheld $21,300 of federal income taxes from their paychecks during the year. John and Shelia have one qualifying child, and the child meets the eligibility requirements for the child tax credit of $2,000. John and Shelia file a joint tax return. Determine John and Shelia's tax refund or taxes due.

Answer rating: 100% (QA)

JOHN and sHerhas Salary S180000 Interest income SI000 LiFe insurance S ... View the full answer