Jim and Wendy have wages of $172,000, interest income of $5,754 and received $60,000 from a life insurance policy due to the death of Jims uncle. They have itemized deductions of $26,333 and had $26,000 withheld in federal taxes from their wages. They file married filed jointly. Determine their AGI, their taxable income, their tax liability and whether they owe or receive a refund. Both are under age 65.