Keith and Diane, age 70 and 68 respectively, have the following income items: Pension distribution: ($25,000)

Question:

Keith and Diane, age 70 and 68 respectively, have the following income items:

• Pension distribution: $$25,000$

• Municipal bond interest income: $$1,000$

• Social Security benefits: $$24,000$

a. What are their taxable Social Security benefits?

b. What are their taxable Social Security benefits if the pension distribution is $$40,000$?

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