DurIng $2022,$ your cllents, Mr$.$ and Mrs$.$ Howell, owned the following Investment assets:

$*$No commissions are charged when no$-$load mutual funds are bought and sold.

Because of the downturn in the stock market, Mr$.$ and Mrs$.$ Howell decided to sell most of thelr stocks and the mutual fund

In $2022$ and to relnvest in municipal bonds. The following investment assets were sold in $2022$:

${?}^{**}$ No commissions are charged when no$-$load mutual funds are bought and sold.

The Howells' broker issued them a Form $1099-$B showing the sales proceeds net of the commissions paid. For example,

the IBM sales proceeds were reported as $$15,100$ on the Form $1099-$B they recelved.

In addition to the sales reflected in the table above, the Howells provided you with the following additional information

concerning $2022$:

The Howells recelved a Form $1099-$B from the Vanguard mutual fund reporting a $$900$ long$-$term capltal galn

distribution. This distribution was relnvested in $31$ additional Vanguard mutual fund shares on $6/30/2022$

In $2016,$ Mrs$.$ Howell loaned $$7,500$ to a frlend who was starting a new multilevel marketing company called LD$3.$ The

frlend declared bankruptcy in $2022,$ and Mrs$.$ Howell has been notlfied she will not be recelving any repayment of the

loan.

The Howells have a $$3,800$ short$-$term capital loss carryover and a $$6,300$ long$-$term capital loss carryover from prior

years.

The Howells did not Instruct thelr broker to sell any particular lot of IBM stock.

The Howells earned $$3,750$ in municipal bond Interest, $$3,750$ In Interest from corporate bonds, and $$5,500$ in qualified

dividends.

Assume the Howells have $$167,500$ of wage income during the year.

a$.$ Use Form $8949$ and page $1$ of Schedule D to compute net long$-$term and short$-$term capltal galns. Then, compute the Howells' tax

Ilability for the year $($Ignoring the alternatlve minimum tax and any phase$-$out provisions$)$ assuming they file a joint return, they have no

dependents, they don't make any special tax elections, and thelr Itemized deductions total $$30,000.$ Assume that asset bases are

reported to the IRS. $($Use the tax rate schedules, DIvidends and Capital Galns Tax Rates.$)$

Mr$.$ Howell social securlty number. $412-34-5670$

Note: Negatlve amounts should be Indlcated by a minus sign. Use $2022$ tax rules regardless of year on tax form.

I also need to know their tax liability for the year