Question
Calculate the AGI, Taxable Income and Tax Liability for 2023 for Samantha age 63 and Bob age 65 who are married filing jointly and have
Calculate the AGI, Taxable Income and Tax Liability for 2023 for Samantha age 63 and Bob age 65 who are married filing jointly and have the following income and expenses. (6 points)
Salary $148,000
Qualified Dividend Income $2,000
Interest from M&T bank $210
Interest from US Savings Bonds $2,225
Interest from State of New Jersey bonds $330
Loss on sale of personal auto ($2,400)
Loss on sale of section 1244 stock held for 3 years ($50,000)
Net rental income $4,250
Contribution to IRA $6,000 (Neither Samantha or Bob have a pension plan at work)
Gambling Losses ($3,500)
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