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Charles and Amy are over the age of 66 with grown children. Charles is still employed and hopes to retire in 2024. He works as

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Charles and Amy are over the age of 66 with grown children. Charles is still employed and hopes to retire in 2024. He works as the Manager of People and Culture and Atlanta Piedmont College where his W-2 shows Gross Pay of $117,201. He paid state taxes of $7,020 and federal taxes of $19,924. He maxed out his 401-K plan in anticipation of his retirement in 2024. He paid $11,720 into the plan. No refunds were received from the State or Federal Government during 2019. Charles received the following qualified dividends of $ 4,234 and was paid bank interest $270, they both received Municipal bond interest of $712. There investment was in a government bond. The Bodden's are ardent Church goers and made a contribution of 10% of Charles Sr gross pay for the year to their local Church, the total amount contributed was $11,721. In addition, they contributed clothing and furniture to the local Red Cross valued at $3,500, this was the FMV. Amy is retired from her job as a nurse and receives Social Security payments of $2,743 per month and pays no tax on these payments. Charles and Amy own a two bedroom apartment 15 minutes from their residence and receives $750 per month for it. They still have a mortgage on this property. The mortgage interest on the property for the year is $4,450 and the real estate tax paid is $1875 for the year. The condominium fees for the above property runs at $175.00 per month. The Bodden's began renting this property in 2018 after they bought their new property. The cost of the property for depreciation purposes was $ 92,000(Treat as residential property). The Bodden's pay $1,500 for the real estate taxes and mortgage interest of $12,500 on their Primary Residence. During the year qualified medical expenses incurred and not reimbursed amounted to $7,900, the Bodden's had major dental work done. In addition, they paid for medicines taken for heart and diabetes conditions. Miscellaneous expenses were $3,100. During the year, they went on a cruise and on their return found that the outer car garage was destroyed by a freak tornado that narrowly missed their house. The garage loss was estimated at $15,000, The insurance company agreed to pay $4,000 dollars after their deduction of $1,000. During the year the following stock transactions took place to fund their Around the world trip. Tesla stocks purchased in 2014 for $3,700 was sold for $12, 100 another batch of Coco Cola bought for $1,100 was sold for $4,500. Their investment in dollar tree stocks less than 10 months into the year started spiraling down four months after purchase, the cost at the time of purchase was $5,000, these stocks were sold for $1,200. They thought that they wanted to cut their losses and not lose all

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