The Washington’s standard deduction on their 2021 tax return is $________.
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 52CP
Related questions
Question
The Washington’s standard deduction on their 2021 tax return is $________.
Transcribed Image Text:Gilbert is an elementary school teacher at a public school. Gilbert and Tara are
married and choose to file Married Filing Jointly on their 2021 tax return.
Gilbert worked a total of 1,280 hours in 2021. During the school year, he spent $500
on unreimbursed classroom expenses.
Tara retired in 2018 and began receiving her pension on October 1st of that year. She
explains that this is a joint and survivor annuity. She has already recovered $1,013 of
the cost of the plan.
Gilbert settled with his credit card company on an outstanding bill and brought the
Form 1099-C to the site. They aren't sure how it will impact their tax return for tax
year 2021. The Washingtons determined that they were solvent as of the date of the
canceled debt.
Tara won $3,000 gambling at a casino and had additional lottery winnings of $150.
Tara has documented casino losses of $1,500.
Their son, Chandler, is in his second year of college pursuing a bachelor's degree
in Logistics at a qualified educational institution. He received a scholarship and the
terms require that it be used to pay tuition. Box 2 was not filled in and Box 7 was not
checked on his Form 1098-T for the previous tax year. The Washingtons provided
Form 1098-T and an account statement from the college that included additional
expenses. The Washingtons paid $450 for books required for Chandler's courses.
This information is also included on the College statement of account.
Chandler does not have a felony drug conviction.
The Washington's received the third Economic Impact Payment (EIP3) in the
amount of $4,200 in 2021.
They are all U.S. citizens with valid Social Security numbers.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT