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I NEED A and B please Alexander and Eliza Hamilton are married taxpayers filing a joint return. The couple have two dependent children under
I NEED A and B please Alexander and Eliza Hamilton are married taxpayers filing a joint return. The couple have two dependent children under age 17 (they qualify for the 2,000 child tax credit). Eliza has wages of $55,000 in 2022. Alexander does not work due to a disability as a result of a duel, but he is a buyer and seller of stocks. He usually holds his stock for a long period of time, but occasionally gets in and out of stocks quickly. The couple's 2022 stock transactions are detailed below. In addition, they have $3,500 of qualified dividends. Item Blue stock (10 shares) Purple stock (100 shares) Beige stock (50 shares) Red stock (100 shares) Black stock (100 shares) Grey stock (100 shares) Date Cost Sales Price Gain/Loss Date Acquired Sold 11/10/21 03/12/22 $3,000 $6,000 12/13/20 05/23/22 36,000 32,000 12/14/17 07/14/22 13,000 14,500 06/29/19 05/18/22 26,000 27,000 05/15/19 10/18/22 67,000 67,800 04/23/20 10/18/22 89,000 88,200 a. If these are the only relevant facts regarding their tax situation, what is the couple's tax liability for the year? I b. Fill out an 8949 and Schedule D for the couple. Assume that the stock sale information was reported to the Hamilton's on a Form 1099-8 and that basis information was provided to the IRS. Alexander's SSN is: 123-45-6789.
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