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calculate thr tsx tefund, thetes a child tax phase out 2. Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file
calculate thr tsx tefund, thetes a child tax phase out
2. Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file a joint return. Louis has a salary of $450,000 and he had $90,000 withheld for his federal income tax in 2020. Lucy home schools their three children Larry, age 5, Loni, age, 7, and Laura, age 9. Louis's employer pays $18,000 each year to Blue Cross to provide Louis and his family with health insurance coverage. Lucy received a $20,000 cash inheritance from her uncle in 2020. In 2020, they pay home mortgage interest of $50,000 on their personal residence. The home, purchased in 2009, had a $1,000,000 mortgage obtained in 2009. They paid $8,000 property tax on their personal residence. What is Louis and Lucy's tax due or refund? 2. Louis, age 45 and Lucy, age 40 live in Louisiana, are married, and file a joint return. Louis has a salary of $450,000 and he had $90,000 withheld for his federal income tax in 2020. Lucy home schools their three children Larry, age 5, Loni, age, 7, and Laura, age 9. Louis's employer pays $18,000 each year to Blue Cross to provide Louis and his family with health insurance coverage. Lucy received a $20,000 cash inheritance from her uncle in 2020. In 2020, they pay home mortgage interest of $50,000 on their personal residence. The home, purchased in 2009, had a $1,000,000 mortgage obtained in 2009. They paid $8,000 property tax on their personal residence. What is Louis and Lucy's tax due or refund Step by Step Solution
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