Calculate the AGI, Taxable Income and Tax Liability for 2021 for Samantha age 63 and Bob age

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Calculate the AGI, Taxable Income and Tax Liability for 2021 for Samantha age 63 and Bob age 64 who are married filing jointly and have the following income and expenses.
Salary $185,000
Qualified Dividend Income $2,000
Interest from M&T bank $400
Interest from US Savings Bonds $225
Interest from State of New Jersey bonds $300

Charitable contributions $450
Loss on sale of personal auto ($2,200)
Loss on sale of section 1244 stock held for 3 years ($50,000)
Net rental income $4,250
Contribution to IRA $6,000
Gambling Losses ($3,500)

Posted Date: Nov 22, 2021 02:35 PM

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Calculate the AGI, Taxable Income and Tax Liability for 2021 for Samantha age 63 and Bob age

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Sotution let us Consider given data Loss on Sale of personal aset is not deductible ... View the full answer

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