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. Chandler and his wife Monica use the filing status of married filing joint. Both are under the age of 65 and neither are blind.

. Chandler and his wife Monica use the filing status of married filing joint. Both are under the age of 65 and

neither are blind.

They have two dependents and Chandler retired during the year.

They had the following items of income and expense for 2019:

Chandlers Salary, prior to retirement

100,000

Interest income from Bank of Albuquerque

8,900

Interest income from State of California bonds

6,800

Pension (use a 65% exclusion ratio)

24,000

Qualified dividends from Intel Corporation

2,600

Alimony paid (divorce finalized in 2015)

4,250

Child support paid

7,000

Income from illegal activities

2,500

Unemployment compensation

5,300

Lottery winnings!

2,700

Long-term capital loss

(3,800)

Personal loan from his parents

10,000

Itemized deductions

23,875

a. What is Chandler and Monicas Adjusted Gross Income

(line 7, Form 1040) for 2019?

b. What is Chandler and Monicas Tax (line 11, Form 1040) for 2019?

Hint! Dont forget that qualified dividends are taxed at a lower tax rate!

not sure why its cutting off the information but the top is neither are blind

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