Question
Emil and Judy Ryan are married and file a joint return. They have no children. Emil is 68 and Judy is 60. They contribute over
Emil and Judy Ryan are married and file a joint return. They have no children. Emil is 68 and Judy is 60. They contribute over half of the support for Judys mother, Cora (age 85). Cora earned $1,970 in 2015 and received $2,900 in social security. Cora lives in an apartment in the Ryans basement and does not pay any of her own expenses..
Emil earned a salary of $72,400 in 2015 from his job at Korma Corp. Judy worked part-time and earned $19,520. They also received the following:
Life insurance proceeds $70,000
Interest on State of Virginia bonds $320
Dividends on stock of a Swiss corporation $920
Interest on savings accounts $93
If the Ryans have itemized deductions of $12,560, what is their taxable income for 2015.
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