• Janet and Jill Franklin are a married filing jointly couple who live at 123 George Mason St, Fairfax, Virginia 22030 after purchasing it on Jan 1, 2020.
• They paid $1 million dollars with a $200,000 down payment. They have a 30 year fixed loan with 4.25% interest rate. Each month they pay $3,935.52. They were given the following loan amortization schedule on their purchase date. They have $725/month in property taxes, $150/month in homeowner association dues, and $250/month in homeowner insurance.
• Janet is a lawyer and received a W-2 with 145,000 salary and 18,250 in withholding.
• Jill is working part-time and received a W-2 with 30,000 salary and 3,000 in withholding.
• Their employers withheld $12,500 in Virginia income taxes.
• Janet purchased a Virginia bond for $10,000 and earned 3% interest in 2020.
• They earned 1.0% interest on a CD worth $10,000 at Discover Bank.
• For the full year, they invested $45,000 in the S&P 500 index (ticker: VOO), which has a dividend yield of 1.5%. In 2020, their investment in the S&P 500 index appreciated from $45,000 to $46,500.
• Excited for the launch of a new iPhone, they bought 100 shares of Apple stock at $221/share on 9/12/20. Disappointed by the new iPhone, they sold their 100 shares for $261/share on 9/13/20.
• They each contributed $5,500 to their Roth IRAs.
• They also donated $500 worth of clothing to Goodwill and $150 to the re-election campaign.
• Jill has a $25,000 student loan with interest rate at 6%. She is currently studying for the and her employer purchased her a review course for $2,500.
• Jill has recently been in poor health and had frequent overnight visits to the hospital. She had medical expenses of $89,000 and insurance paid for $79,000 so out-of-pocket was $10,000.