Lana and Rey are married, live in Mountain view California, and have a 12 year old dependent child named Del. The two have wages of $ 100,000 (Lana) and $ 80,000 (Rey) during the calendar year 2016 with total state income tax withholding of $8, 500, total federal income tax withholding $25,000, total social security withholding of $ 11, 160, and total medicare withholding of $2, 610. Lana has interest income of $7, 410 for 2016 and Lana and Rey have the following gains and losses on sales of property. Lana sold land held as an investment, with a cost of $47,000, bought on 5-7-2010 and sold on 3-4-2016 for $71,000. Lana sold 4,000 shares of Pepsi Cola Inc. stock, which were bought on 6-9-2016 for 76 a share and sold on 9/9/2016 for $73 a share (net proceeds after commission). Rey had Tropico Inc, stock bought on 8-8-2011 for $84, 840 which was sold on 8/23/2016 for $65, 230 (also net). Finally, Lana bought a Chevy Malibu at an auction on 6/21/2016 for $4, 840 which Lana was able to sell to a collector for $ 9, 750 on 8/21/2016. Lana and Rey own their home outright, but have a $200,000 home equity loan, which they borrowed to buy stock with, the home value being about $ 1, 200,000. Lana and Rey paid interest on this loan of $14,000 during the year 2016 for 2016, and have paid $13, 500 for home property taxes on both 4-10-2016 and 12-10-2016. Lana loaned a friend, Elizabeth Woolridge, $11,000 on 6-21-2011. Her friend signed a note and had paid all the interest due on the loan until this year, in 2016, when Lana's friend declared bankruptcy. Ms. Woolridge paid Lana only $3,000 of the loan back during 2016 and no interest or any other payments during 2016 prior to when her personal finances went sour, and Lana will not receive the other $8,000 back. Total qualified dividends Lana and Rey received during 2016, for example, Pepsi Cola Inc., qualified dividends and Tropico Inc., (neither stock qualifies for section 1202, nor 1244 since bought from unrelated individuals) qualified dividends, added up to $ 22, 800. Rey donated some shares of Ford stock (all required documentation, and substantiation/appraisals were met) to Saint Jude Children's Research Hospital on 2-2-2016 which were originally bought 12-14-2006 for $57, 660 but were worth $ 26, 760 on the date of the donation. What is Lana and Rey's tax refund or amount due for tax year 2016 (separately state the AG and taxable income totals as well as the capital items netting process and alternative tax for full credit)? Lana and Rey are married, live in Mountain view California, and have a 12 year old dependent child named Del. The two have wages of $ 100,000 (Lana) and $ 80,000 (Rey) during the calendar year 2016 with total state income tax withholding of $8, 500, total federal income tax withholding $25,000, total social security withholding of $ 11, 160, and total medicare withholding of $2, 610. Lana has interest income of $7, 410 for 2016 and Lana and Rey have the following gains and losses on sales of property. Lana sold land held as an investment, with a cost of $47,000, bought on 5-7-2010 and sold on 3-4-2016 for $71,000. Lana sold 4,000 shares of Pepsi Cola Inc. stock, which were bought on 6-9-2016 for 76 a share and sold on 9/9/2016 for $73 a share (net proceeds after commission). Rey had Tropico Inc, stock bought on 8-8-2011 for $84, 840 which was sold on 8/23/2016 for $65, 230 (also net). Finally, Lana bought a Chevy Malibu at an auction on 6/21/2016 for $4, 840 which Lana was able to sell to a collector for $ 9, 750 on 8/21/2016. Lana and Rey own their home outright, but have a $200,000 home equity loan, which they borrowed to buy stock with, the home value being about $ 1, 200,000. Lana and Rey paid interest on this loan of $14,000 during the year 2016 for 2016, and have paid $13, 500 for home property taxes on both 4-10-2016 and 12-10-2016. Lana loaned a friend, Elizabeth Woolridge, $11,000 on 6-21-2011. Her friend signed a note and had paid all the interest due on the loan until this year, in 2016, when Lana's friend declared bankruptcy. Ms. Woolridge paid Lana only $3,000 of the loan back during 2016 and no interest or any other payments during 2016 prior to when her personal finances went sour, and Lana will not receive the other $8,000 back. Total qualified dividends Lana and Rey received during 2016, for example, Pepsi Cola Inc., qualified dividends and Tropico Inc., (neither stock qualifies for section 1202, nor 1244 since bought from unrelated individuals) qualified dividends, added up to $ 22, 800. Rey donated some shares of Ford stock (all required documentation, and substantiation/appraisals were met) to Saint Jude Children's Research Hospital on 2-2-2016 which were originally bought 12-14-2006 for $57, 660 but were worth $ 26, 760 on the date of the donation. What is Lana and Rey's tax refund or amount due for tax year 2016 (separately state the AG and taxable income totals as well as the capital items netting process and alternative tax for full credit)