Answered step by step
Verified Expert Solution
Question
1 Approved Answer
question b - What would their taxable income be if their itemized deductuons totaled 28,000 instead of 19,500? question c- what would their taxable income
question b - What would their taxable income be if their itemized deductuons totaled 28,000 instead of 19,500? question c- what would their taxable income be if they had $0 itemized deductions and $6,000 of for AGI deductions? question d- Assume the original facts but now suppose the jacksons also incurred a loss of 5,000 losss havw on their taxablw income? LCHI BWV Vi Tax Project #1 Spring 2021 Peter and Jane Johnson have been married for 15 years and have three children who qualify as their dependents (John, Sarah and Michael). The couple received salary income of 200.000, qualified business income of $20,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $300,000 and they sold it for $420,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $19,500 of itemized deductions and they had $12,050 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax cdedit for each of their children. However, because Michael is 18 years of age, the Johnsons may only claim the child tax credit for other qualifying dependents. a. What is the Johnsons' taxable income and what is their tax liability or (refund)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started