Andy and Marcia Tufts, both age 35, are married with two children and file a joint return.
Question:
Andy and Marcia Tufts, both age 35, are married with two children and file a joint return. Assume the children do not qualify for the child tax credit (Ch. 9), and the mortgage is not over $750,000. From the following information, compute their tax owed or refund due for 2019.
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Andy's salary Federal income tax withheld Marcia's salary Federal income tax withheld Andy's contribution to an IRA (assume IRA is deductible for AGI) Dividends received from domestic corporations Prescription drugs and medicines Eyeglasses for one of the children Interest on home mortgage Interest on credit cards Medical expenses for doctors and hospitals 8,200 Premiums for health insurance 2,600 800 175 12,800 300 6,300 5,800 125 480 Real property taxes on residence State income taxes $50,000 4,000 42,000 5.000 2,000 Fee for preparation of tax returns Union dues and subscriptions 950
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Related Book For
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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