Question: Scroll down to answer all parts of this task. Patrick and Amanda Thompson, married filing jointly (MFJ) taxpayers, have Year 2income from several sources. Tax
Scroll down to answer all parts of this task.
Patrick and Amanda Thompson, married filing jointly (MFJ) taxpayers, have Year 2income from several sources. Tax documents for their Year 2income are provided, along with the MFJ regular and preferential tax rate schedules. Patrick and Amanda are not eligible for the Section 199A qualified business income (QBI) deduction. They have no other sources of income or adjustments to income in Year 2 and do not itemize deductions. The Year 2 standard deduction for married filing jointly taxpayers is $27,700.
Using the tax documents and individual tax rate schedules provided in the exhibit, calculate the amount of Patrick and Amanda's Year 2 federal taxable income and tax liability. Enter the amount of taxable income, long-term capital gain (LTCG) preferential income tax, regular income tax, and net investment income (NII) tax in the table below. Enter all amounts as positive values, using whole numbers. If the amount is zero, enter a zero (0).
| A | B | |||
|---|---|---|---|---|
| 1 | Year 2 taxable income | |||
| 2 | Year 2 tax liability: | |||
| 3 |
| |||
| 4 |
| |||
| 5 |
| |||
| 6 | Total Year 2 tax liability | $0 |
Step by Step Solution
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To calculate Patrick and Amanda Thompsons Year 2 federal taxable income and tax liability please follow these steps Step 1 Determine Gross Income Iden... View full answer
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