During 2021, Richard and Greta Van Fleet, who are married and have 1 dependent child (age 16), have the following information:

Total salaries $110,000

Bank account interest 7,000

State of Idaho bond interest 4,000

Gift from Gretas dad 15,000

Life insurance proceeds (Richards mom died) 200,000

Sale of Qualified Small Business Stock (adj. basis =$500,000) 1,250,000

Dividend income (BMW-based in Germany) 6,000

Long-term capital gains 10,000

Long-term capital losses (6,000)

ABC limited partnership interest (passive)* 31,000

XYZ limited partnership interest (passive)* (34,000)

* (these limited partnerships are not

real estate related)

They also incurred the following expenses:

Qualified medical expenses $ 9,000

State & local income taxes paid 6,500

Property taxes on home 4,500

Property taxes on vehicles 750

Qualified residence interest (original amount borrowed = $400,000) 11,000

Cash charitable contributions ($3,500 - church; $2,500 St. Jude

Childrens Hospital) 6,000

They have the following federal tax payments:

Income tax withheld $8,400

Estimated tax payments 2,400

Also, they want to make the maximum contribution possible to Roth IRAs for both of them. Both of them are active participants in a qualified plan at work. Richard is 52, and Greta is 48.

The Van Fleets will have AGI equal to $?

Based on the fact pattern provided for Richard and Greta Van Fleet, the Van Fleets will have additional federal income owed to the IRS or refund due back to them equal to $________________________ (if it is a refund due, enter your answer with parentheses () around the amount and round your answer to a whole number).?

Based on the fact pattern provided for Richard and Greta Van Fleet, the Van Fleets will have taxable income equal to $________________________.