Question
Harvey and Donna Specter have been married for 20 years and have four children who qualify as their dependents (Mike, 6; Rachel, 9; Louis, 15;
Harvey and Donna Specter have been married for 20 years and have four children who qualify as their dependents (Mike, 6; Rachel, 9; Louis, 15; and Jessica, 18). The couple received salary income of $270,000 and they sold their home this year. They initially purchased the home 8 years ago for $250,000 and have lived in it ever since. They sold it for $650,000. They sold some stock they had owned for 4 years and had a $8,000 loss on the sale. The Specters also cashed in a Certificate of Deposit early during the year and paid a $975 penalty on the early withdrawal. The Specter's accumulated $29,850 of itemized deductions and they had $10,550 withheld from their paychecks for federal taxes.
Gross Income |
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Deductions FOR AGI |
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Adjusted Gross Income |
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Standard Deduction |
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Itemized Deductions |
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Taxable Income |
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Tax Liability |
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Other Taxes, Prepayments, Credits |
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Amount Due OR Refund |
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Use the table below to show what you did and did not include in Gross Income, Deductions and/or other items and your explanation. Feel free to add additional rows as necessary.
Item | Amount | Explanation |
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