Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They contributed $4,200 to their retirement pl
Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They contributed $4,200 to their retirement pl
Chapter16: Property Transactions: Capital Gains And Losses
Section: Chapter Questions
Problem 3BCRQ
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Question
Victor and Roberta Sanchez file jointly and had a combined income of $87,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,111.
Are they entitled to a refund)) or do they owe additional taxes?
a.owe additional taxes or
b. entitled to a refund
How much (in $)?
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