Question
Paul is 66 years old and Tina is 62 years old. In 2020, they file a joint return. They support their 22-year-old son, Jed, who
Paul is 66 years old and Tina is 62 years old. In 2020, they file a joint return. They support their 22-year-old son, Jed, who is a full-time student. He earns $4,000.00 per year as a waiter at a restaurant.
Wages............................................................... $ 170,000.00
Interest from savings.......................................... $12,000.00
Interest on NYS qualified bonds........................... $7,000.00
Inheritance from Tinas Aunt Lucy....................... $6,000.00
Child support from Tinas ex-husband Eric........ $10,000.00
Prize from contest at church.................................. $1,000.00
Paul and Tina own a house in Whitestone. The costs associated with the house were as follows:
Mortgage interest $7,000.00
(Please note: The amount of the indebtedness is under $750,000.00.)
Real estate taxes $8,000.00
They paid hospital bills of $7,000.00 and doctors bills of $6,000.00. Their medical insurance company reimbursed them in the amount of $3,000.00 for the doctors bills. They had prescriptions in the amount of $500.00 and a yearly vitamin expense of $200.00.
Their charitable contributions included:
$2,000.00 paid to St. Marys Church
$ 500.00 paid to Mr. and Mrs. Elm (neighbors) whose house was damaged in a flood
- What is Paul and Tinas gross income?
- What is Pauls and Tinas adjusted gross income ?
- What is Paul and Tinas standard deduction without regard to their itemized deductions?
- What is Paul and Tinas net itemized deduction ?
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