Question: Tim and Tammy will both be age 7 3 on their respective birthdays this year. They have been married for over 5 0 years and

Tim and Tammy will both be age 73 on their respective birthdays this year. They have been married for over 50 years and have greatly enjoyed their life together. They began taking Social Security benefits in 2018 at age 67 and are living off their benefits and a small amount ($1,050) of municipal bond interest. They have been able to save money in an IRA which they have contributed to over the years. The balance at the end of 2023 was $662,500. For purposes of this item set, assume the current year is 2024 and that the income tax rates and standard deduction remain unchanged from 2023.1. Assuming their combined Social Security benefits are $36,500 in 2024, how much of their Social Security benefit is taxable? How much federal income tax do they have for 2024? Only consider their municipal bond income and their Social Security.

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