Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2021 income tax factsare: Theresa’s wages $65,000 Oliver’s wages 33,000 Long-term capital gain 56,000 Long-term capital loss? (51,000) What is their AGI for 2021? Carol had the following transactions during 2021: a painting held for two years and sold at a gain of $125,000; 100 shares of Gray stock held sixteen months and sold for a loss of $8,000; 50 shares of Yellow stock held 18 months and sold for a loss of $146,000. Carol also had $264,000 of taxable income from other sources than these property transactions. What is Carol’s AGI for 2021?

Chris 45 and Alison  46 are marries  and they will file a joint return . During the year they earned 82500 wages. They also jad investment  income consisting of 200 interest income from a savng account 350 interest  income from a certificate  of deposit held with another bank 250 interest  income  from a us treasury 500 tax exempt  interest  income from municipal bond and 1700 in ordinart dividends from a mutual fund what amout will cris and allison report for taxable interest in their 1040

In 2022, Tom and Alejandro Jackson (married filing jointly) have $232.000 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 $114,000 that was inherited from Grandma on July 23, 2020. The fair market value on the date of Grandma's death was $92,000, and Grandma's adjusted basis of the painting was $25,800. b. They applied a long-term capital loss carryover from 2021 of $10,400. c. They recognized a $12,200 loss on the 11/1/2022 sale of bonds (acquired on 5/12/2012). d. They recognized a $4,240 gain on the 12/12/2022 sale of IBM stock (acquired on 2/5/2022). e. They recognized a $17,960 gain on the 10/17/2022 sale of rental property (the only 51231 transaction), of which $8,640 is reportable as gain subject to the 25 percent maximum rate and the remaining $9.320 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2016). f. They…

John, age 52, and Lucy, age 49, are married filing jointly.  Both are self employed and report their business income on  Schedule C.  John’s Schedule C showed $12,500 in profits during 2022 while Lucy had a loss of $4,200 on her Schedule C.  Lucy also earned $5,600 from a seasonal part-time job at Target.  Together, they own a residential rental property that earned $45,000 in passive income for the year.  What is the maximum allowable IRA contribution for each in 2022?

In 2023, Mickey and Minnie Mouse are married, and their taxable income is $600,000, which includes $100,000 of unrecaptured $1250 gains from the sale of real estate (taxed at a maximum rate of 25 %) and $200,000 of long-term capital gain from the sale of stock. SHOW YOUR WORK. Questions 1. What is the Mouse's ordinary income for 2023? 2. What is the Mouse's ordinary tax liability for 2023? on the gain from selling the real estate in 2023? the net long-term capital gain from the sale of stock in 2023? Mouse's total income tax liability in 2023? 3. What is the Mouse's tax 4. What is the Mouse's tax on 5. What is the

The Tax Formula for Individuals, A Brief Overview of Capital Gains and Losses (LO 1.3, 1.9) In 2020, Manon earns wages of $54,000. She also has dividend income of $2,800. Manon is single and has no dependents. During the year, Manon sold silver coins held as an investment for a $7,000 loss. Table for the standard deduction Filing Status Standard Deduction Single $12,400   Married, filing jointly 24,800   Married, filing separately 12,400   Head of household 18,650   Qualifying widow(er) 24,800   Calculate the following amounts for Manon: a.  Adjusted gross income $fill in the blank b.  Standard deduction $fill in the blank c.  Taxable income $fill in the blank

Samuel Jenkins made two investments; the first was 13 months ago and the second was two months ago. He just sold both investments and has a capital gain of $5,000 on each. If Samuel is single and has taxable income of $40,000, what will be the amount of capital gains tax on each investment? See Capital Gains table and Taxable income rate table. Investment 1 (held 13 months) Investment 2 (held 2 months) Capital Gains Tax

In 2020, Cindy is married and files a joint return. She operates a sole proprietorship in which she materially participates. Her proprietorship generates gross income of $225,000 and deductions of $525,000, resulting in a loss of $300,000. What is Cindy's excess business loss for the year? a. $30,000. b. $250,000. Oc. $300,000. Od. $-0-.

John, age 40, is single and has the following income and expenses for 2020: Salary   $170,000 Net rental income $7,200 Dividend income (qualified) $4,000 Interest from TD bank $65 Interest from City of Phila bonds $1,200 Loss on sale of section 1244 stock purchased directly from the Corporation $40,000. Alimony payment (divorce finalized December 30, 2018) $12,000. Loss on personal auto as a result of an auto accident $2,500 Contribution to traditional IRA $5,000 Charitable contributions $750 Mortgage interest on personal residence $12,000 Real estate taxes $4,500 State income taxes $5,219 Parking ticket (occurred during work related meeting) $100. Medical expenses (not reimbursed) $4.980.   Calculate John’s AGI, taxable income and tax liability for 2020.

Helena has the following long-term capital gains and losses for 2019: $94,000 28% gain, $75,200 28% loss, $42,300 25% gain, and $37,600 0%/15%/20% loss. She also has a $47,000 short-term loss and a $84,600 short-term gain. She has no other income. a.  What is Helena’s AGI from these transactions? b.  If she has a net long-term capital gain, what is its makeup in terms of the alternative tax rates?Helena has a net LTCG of ___________, all of which is 25%  gain 37600 net STCG.