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if its pissible to show calculations that would be helpful! im not sure where im messing up on my calculations here. Abby, a single taxpayer,

if its pissible to show calculations that would be helpful! im not sure where im messing up on my calculations here. image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Abby, a single taxpayer, purchased 10,000 shares of $ 1244 stock several years ago at a cost of $20 per share. In November of the current year, Abby received an offer to sell the stock for $12 per share. She has the option of either selling all of the stock now or selling half of the stock now and half of the stock in January of next year. Abby will receive a salary of $80,000 for the current year and $90,000 next year. Abby will have long-term capital gains of $8,000 for the current year and $10,000 next year. If Abby's goal is to minimize her AGI for the two years, determine whether she should sell all of her stock this year or half of her stock this year and half next year. a. Determine Abby's total AGI under both options for the current year and next year. If an amount is zero, enter "O". Sell all of the stock this year: Current year's AGI Salary $80,000 Ordinary loss Long-term capital gain $8,000 Less: long-term capital loss Equals: net long-term capital loss Deductible net long-term capital loss II Adjusted gross income Net long-term capital loss carryover $90,000 Next year's AGI Salary Long-term capital gain Less: net long-term capital loss carryover $10,000 Equals: net long-term capital loss (before limitation) Deductible net long-term capital loss V Adjusted gross income Total AGI DIT TO Current year Next year Total Sell half of the stock this year and half next year: Current year's AGI $80,000 Salary Ordinary loss $8,000 Long-term capital gain Less: no capital loss Equals: net long-term capital gain Taxable net long-term capital gain Adjusted gross income $90,000 Next year's AGI Salary Ordinary loss $10,000 Long-term capital gain $ Less: no capital loss Taxable net long-term capital gain M Adjusted gross income Total AGI Current year Next year III Total

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