Henry Gelb is a 35% partner in the Hunt \& Gelb Partnership. During 2021, the partnership reported the total items below (100\%) on its Form 1065 : (Click the icon to view the items on the Form 1065.) (Click the icon to view more information.) (Click the icon to view the 2021 tax rate schedule.) (Click the icon to view the capital gain rates for 2021.) (Click the icon to view the Standard Deduction amounts.) First calculate the adjusted gross income (AGI), then calculate taxable income, and finally calculate the bal whole dollar. Enter a refund using a minus sign or parentheses. If an input field is not used in the table, lear More info Henry and his wife Denise, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Henry and Denise have two children. During 2021, Denise had $3,500 in federal income taxes withheld from her salary, and Henry made four estimated tax payments of $2,900 each ($11,600 total). More info Reference Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: - Ordinary income tax rates (up to 37% in 2021) for gains on assets held one year or less - 28% rate on collectibles gains and includible Sec. 1202 gains - Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $40,400 if married filing separately. Reference Henry Gelb is a 35% partner in the Hunt \& Gelb Partnership. During 2021, the partnership reported the total items below (100\%) on its Form 1065 : (Click the icon to view the items on the Form 1065.) (Click the icon to view more information.) (Click the icon to view the 2021 tax rate schedule.) (Click the icon to view the capital gain rates for 2021.) (Click the icon to view the Standard Deduction amounts.) First calculate the adjusted gross income (AGI), then calculate taxable income, and finally calculate the bal whole dollar. Enter a refund using a minus sign or parentheses. If an input field is not used in the table, lear More info Henry and his wife Denise, who file a joint return, also had the following income and deductions from sources not connected with the partnership: Henry and Denise have two children. During 2021, Denise had $3,500 in federal income taxes withheld from her salary, and Henry made four estimated tax payments of $2,900 each ($11,600 total). More info Reference Reference Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: - Ordinary income tax rates (up to 37% in 2021) for gains on assets held one year or less - 28% rate on collectibles gains and includible Sec. 1202 gains - Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: * The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $40,400 if married filing separately. Reference