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Ben and Jen are married and plan to file a joint return. The following occurred during 2020 Ben's salary. S 50,000 Jen's business income. 35,000

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Ben and Jen are married and plan to file a joint return. The following occurred during 2020 Ben's salary. S 50,000 Jen's business income. 35,000 Bank account interest income... 1,000 Interest income from state bonds. 5,000 Dividend income.. 2,000 Partnership income.. Jen is a 50% partner in JN partnership. The partnership's net income was $20,000. Jen's draw was $35,000. On July 1, 2020, Ben began collecting S1,500 per month from an annuity he purchased many years before for $180,000 Ben is 59 years of age. They received a $100,000 gift from their uncle Donald for being a nice nephew and niece (and they said they would vote for him, not) Jen's business expenses. 18,000 Jen's contribution to pension plan... 3,000 Itemized deductions. 17,000 Federal tax withheld.. 12,000 Other information: 1. Ben and Jen had the following capital asset transactions: Stock Name Gain/Loss Google S 3,000 Apple 1,000 HSBC (5,000) Exxon/Mobil 12,000 2. Ben supports his mom, Brittany who is 90 years old and lives in Florida. She collects $15,000 from Social Security and $3,500 from a pension. They are also the sole support of Jen's 18 year old son, who resides with Jen's ex-husband. Instructions: For 2020 determine: a. Gross income b.Adjusted Gross Income c. Taxable income dTax liability Refund or amount owed e

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