Rich and Cathy Ovechkin are married and have 2 young children, ages 5 & 10 Income...
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Rich and Cathy Ovechkin are married and have 2 young children, ages 5 & 10 Income items are as follows: Salary - $105,600, Savings account - Bank interest - $3,325, and Stock transactions are XYZ stock for a short-term gain of $16,000 and Fanta Inc stock for a long-term loss of $25,000. Traditional IRA contribution for Rich was made - $6,000 Their itemized deductions were mortgage interest of $18,750, real estate taxes of $8,770, and donations of $3,200. Also, the W-2s showed $13,775 being withheld for federal income tax. What is the AGI for the clients What is the taxable income for the clients Calculate the amount of tax liability C. d. What is the amount of net tax due/refund a. b. Rich and Cathy Ovechkin are married and have 2 young children, ages 5 & 10 Income items are as follows: Salary - $105,600, Savings account - Bank interest - $3,325, and Stock transactions are XYZ stock for a short-term gain of $16,000 and Fanta Inc stock for a long-term loss of $25,000. Traditional IRA contribution for Rich was made - $6,000 Their itemized deductions were mortgage interest of $18,750, real estate taxes of $8,770, and donations of $3,200. Also, the W-2s showed $13,775 being withheld for federal income tax. What is the AGI for the clients What is the taxable income for the clients Calculate the amount of tax liability C. d. What is the amount of net tax due/refund a. b.
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step 1 step 2 step 3 NB Capital loss deduction is limited to 3000 per year Passive loss is not deduc... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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