During 2020, Noah and Steph (who are married, file a joint return and have no dependents) have the following financial information and would like you to determine their taxable income. A review of their records reveal the following. Note that Steph works and generates all of the family income. Noah does not work and earns no income.

Selected Items of Income: Guaranteed payment from Osprey LLP

100,000

Passthrough of income from Osprey LLP

275,000

Distribution from Osprey LLP

150,000

Interest income-Bank of America

5,000

Dividend income from various investments

25,000

Inheritance received from father's estate

1,000,000

Total

1,555,000

Selected Cash Expenditures: Gambling losses

2,000 Mortgage interest on primary residence - loan balance is $500,000 18,000

Mortgage interest on vacation home - loan balance is $200,000

10,000

Real estate taxes on primary residence

12,000

Real estate taxes on vacation home

5,000

Interest expense on a personal car loan

3,000

State income taxes paid

20,000

Charitable contributions

50,000

Self-employment tax

22,468

Purchase of another second vacation home in Naples, Florida

750,000

Total

892,468

Compute Noah and Stephs taxable income for 2020. Ignore any potential QBI deduction.