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please help $110,000 1,000 30,000 During 2021, John and Shelia had the following transactions: Salary Interest income on City of Denver bond Life insurance proceeds
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$110,000 1,000 30,000 During 2021, John and Shelia had the following transactions: Salary Interest income on City of Denver bond Life insurance proceeds paid on the death of John's uncle (He was the designated beneficiary under the policy.) Inheritance from John's uncle Capital losses 25,000 3,500 They also incurred the following expenses during the year: Medical expenses (before the AGI limitation) State and local income taxes State sales tax Real estate taxes Interest paid on qualified residence mortgage (acquisition indebtedness) of $300,000 Automobile loan interest $13,000 5,200 2,300 7,000 5,000 800 900 Credit card interest 15,000 Charitable contributions (cash) Unreimbursed business expenses (Shelia) 300 John and Shelia's employers withheld $11,500 of federal income taxes from their paychecks during the year. John and Shelia have one qualifying child, and the child meets the eligibility requirements for the child tax credit of $3,000. John and Shelia file a joint tax return. Determine John and Shelia's total itemized deductions. Determine John and Shelia's tax refund or taxes due. . You need to show complete work to get the credit Step by Step Solution
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