James and Jackie are married and have gross income from salaries of $480,000 in 2020. James is 49 years old and Jackie is 44 years old. They have four dependent children, three of whom are under age 17 at the end of the year and one of them is age 21 and a full-time online student at a local university. Based on the additional information below, show the amount of any additional tax due or refund due for the couple after all allowable tax credits and prepayments using the information below.

- Interest income ............................................................................ $12,370

- Deductions toward AGI ................................................................ 10,000

- Allowable itemized deductions .................................................... 19,300

- Withholding from the couple’s salaries..................................... 104,500

Answer rating: 100% (QA)

Solution Income wages 480000 Interest 12370 Total Income S492370 Standard deduc... View the full answer