Question: i need help In 2022, Tom and Alejandro Jackson (married filing jointly) have $228,000 of taxable income before considering the following events: (Use the dividends


In 2022, Tom and Alejandro Jackson (married filing jointly) have $228,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules) a. On May 12, 2022, they sold a painting (art) for $113,500 that was inherited from Grandma on July 23, 2020. The fair market value on the date of Grandma's death was $91,750, and Grandma's adjusted basis of the painting was $25,700. b. They applied a long-term capital loss carryover from 2021 of $10,350, c. They recognized a $12,175 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012). d. They recognized a $4,210 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022). e. They recognized a $17,840 gain on the 10/17/2022 sale of rental property (the only $1231 transaction), of which $8,560 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,280 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2016). f. They recognized a $12,350 loss on the 12/20/2022 sale of bonds (acquired on 1/18/2022) g. They recognized a $7175 gain on the 6/27/2022 sale of BH stock (acquired on 7/30/2013). h. They recognized an $11,350 loss on the 6/13/2022 sale of Quik Co stock (acquired on 3/20/2015). 1. They received $640 of qualified dividends on 7/15/2022. After completing the required capital gains netting procedures, what will be the Jacksons' 2022 tax liability? Total tax liability 2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 10,275 10% of taxable income $ 10,275 $ 41,775 $ 89,075 $ 170,050 $215,950 $ 539,900 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 20,550 10% of taxable income $ 20,550 $ 83,550 $ 178,150 $ 83,550 $ 178,150 $340,100 $431,900 $647,850 $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174.253.50 plus 37% of the excess over $647,850 $ 340,100 $431,900 $ 647,850 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,650 10% of taxable income $ 14,650 $ 55,900 $ 55,900 $ 89,050 $ 89,050 $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 $ 170,050 $215,950 $539,900 $ 170,050 $ 215,950 $ 539,900 - Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 10,275 $ 41,775 $ 10,275 $ 41,775 $ 89,075 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $ 89,075 $4,807.50 plus 22% of the excess over $41,775 $170,050 $15,213.50 plus 24% of the excess over $89,075 $215,950 $34,647.50 plus 32% of the excess over $170,050 $323,925 $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925 $ 170,050 $215,950 $323,925
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