Explain how much the total tax is and how much the tax can be reduced with citations
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Explain how much the total tax is and how much the tax can be reduced with citations of the tax code.
You have a client (Fred Cheng), who has been working with you for many years. He makes a lot of money, is single, but after a lot of moving around, he decides he wants to purchase a home. He has no real financial assets other than the following (respective values are at the end of the previous month:
• Current Employer 401(k): $250,000
• Previous Employer 401(k): $300,000
• Tax Deferred IRA: $5000
• ROTH IRA: $25,000
• Savings account: $5,000
The home he wants to purchase is on the river and located in Jacksonville, FL and the estimated purchase price is going to be $225,000. Of which, he needs to get 20% down.
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