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EXHIBITS 1 close all exhibits Form 1098-Red Cove Car Sale Consolidated 1099-B, Page 3 Form 1098-Springfield Lakes Consolidated 1099-B, Page 1 Form W-2G (Read
EXHIBITS 1 close all exhibits Form 1098-Red Cove Car Sale Consolidated 1099-B, Page 3 Form 1098-Springfield Lakes Consolidated 1099-B, Page 1 Form W-2G (Read Only.). Form W-2 (Read Only.). Consolidated 1099-B, Page 2 Jim and Carol Jenson, ages 48 and 47, respectively, are married and file a joint tax return. Jim and Carol have two dependent children in high school, ages 17 and 18. Jim has provided documentation for his Year 5 income and expenses. The Year 5 married filing jointly (MFJ) standard deduction amount is $25,900. Using the information provided, complete the table below to calculate Jim and Carol Jenson's adjusted gross income and taxable income to ensure that they pay tax on the lowest possible income from the options provided. In column A, rows 2 through 10, select the types of income, gains, losses, and deductions necessary to arrive at adjusted gross income. In column A, rows 13 through 17, select the types of income, gains, losses, and deductions that are necessary to arrive at taxable income from adjusted gross income from the options provided. In column B, enter the corresponding amounts, after any applicable limitations. Enter income and gains as positive values; enter losses and deductions as negative values. An option may be used once, more than once, or not at all in each category. A Income, gains, losses, and deductions to arrive at 1 adjusted gross income: B
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