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John and Jane Jones have an adjusted gross income of $44,000 in 2022. John, who is retired, receives social security benefits of $29,200 per year.
John and Jane Jones have an adjusted gross income of $44,000 in 2022. John, who is retired, receives social security benefits of $29,200 per year. The couple also receives $12,000 a year from a mutual fund that invests solely in tax-exempt municipal bonds.
Part A Determine the modified adjusted gross income for John and Jane Joes
Part B Determine the amount of social security includible in gross income
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