Katarina and Richard are a busy young couple with a son, Caleb, who is 6 and twin
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Question:
The Bajorshiks are concerned about their 2019 tax issues, but they are also committed to planning for the future of their family.
Next year Richard should be able to pay off the remaining balance of his law school student loans. Contributing to Richard's Roth IRA is an annual priority. The following information reflects tax year 2019.
Gross income $98,712
Student loan interest $1,965
Richard's traditional IRA $1,500
Total itemized deductions $12,000
Standard deduction for 2019 $24,000
Marginal tax bracket 22%
What is Richard and Katarina's taxable income?
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