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Interest on City of Corbin bonds 900 Interest on First Bank CD 382 The $382 from First Bank was an original issue discount. Dan and
Interest on City of Corbin bonds 900 Interest on First Bank CD 382 The $382 from First Bank was an original issue discount. Dan and Freida collected $16,000 on the First Bank CD that matured on September 30, 2022. The CD was purchased on October 1, 2019, for $14,995, and the yield to maturity was 3.3%. Dan participated on a game show and won a cash prize of $7,000. In addition to the above information, Dan and Freida's itemized deductions included the following: Paid on 2022 Kentucky income tax $ 700 Personal property tax paid 600 Real estate taxes paid 1,800 Interest on home mortgage (Corbin S&L)" 4,900 Sales tax from the sales tax table is $1,860. Dan and Freida made Federal estimated tax payments of $6,000. They have never owned or used any digital assets, and they do not wish to contribute to the Presidential Election Campaign. The Kentucky income tax rate is 4%. Compute Dan and Freida's 2022 Federal income tax payable (or refund due), and complete their 2022 tax return using the appropriate forms and schedules. Suggested software: ProConnect Tax.
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