1. What is gross total income?

2. What is AGI?

3. What is taxable income?

4. What is the federal tax liability?

5. What is additional tax due or refund due?

During 2020. Richard and Greta Van Fleet, who are married and have two dependent children, ages 14 and 16. and have the following information: $102,000 6,000 3,000 15.000 100,000 1.250.000 5,000 9,000 (5,000) 28.000 (31,000) Total salaries Bank account interest State of Idaho bond interest Gift from Greta's dad Life insurance proceeds (Richard's mom died) Sale of Qualified Small Business Stock (adj. basis =$500,000) Dividend income (BMW-based in Germany) Long-term capital gains Long-term capital losses ABC limited partnership interest (passive)* XYZ limited partnership interest (passive)* * (these limited partnerships are not real estate related) They also incurred the following expenses: Qualified medical expenses State & local income taxes paid Property taxes on home Qualified residence interest (original amount borrowed = $400.000) Cash charitable contributions ($7.000 - church; $3,000 - St. Jude Children's Hospital) They have the following federal tax payments: Income tax withheld Estimated tax payments $ 8,500 7,500 2.400 11,000 10,000 $8,400 2.400 Also, they want to make the maximum contribution possible to Roth IRAs for both of them. Richard is 48, and Greta is 46. During 2020. Richard and Greta Van Fleet, who are married and have two dependent children, ages 14 and 16. and have the following information: $102,000 6,000 3,000 15.000 100,000 1.250.000 5,000 9,000 (5,000) 28.000 (31,000) Total salaries Bank account interest State of Idaho bond interest Gift from Greta's dad Life insurance proceeds (Richard's mom died) Sale of Qualified Small Business Stock (adj. basis =$500,000) Dividend income (BMW-based in Germany) Long-term capital gains Long-term capital losses ABC limited partnership interest (passive)* XYZ limited partnership interest (passive)* * (these limited partnerships are not real estate related) They also incurred the following expenses: Qualified medical expenses State & local income taxes paid Property taxes on home Qualified residence interest (original amount borrowed = $400.000) Cash charitable contributions ($7.000 - church; $3,000 - St. Jude Children's Hospital) They have the following federal tax payments: Income tax withheld Estimated tax payments $ 8,500 7,500 2.400 11,000 10,000 $8,400 2.400 Also, they want to make the maximum contribution possible to Roth IRAs for both of them. Richard is 48, and Greta is 46