Question:

Solution: Particulars Amount W-2 Income 90,000.00 Bank Interest 2,000.00 Us Saving Bonds 1,000.00 CT teacher retirement board pension 30,000.00 pension from prior employment 20,000.00 Us Coast guard retirement income 10,000.00 Loss on Sale of CT Tax exempt Bond (3,000.00) Federal Adjusted Gross Income 150,000.00 Less: 2019 Standard deduction for married filing Jointly 24,400.00 CT Federal Adjusted Gross Income 125,600.00 CT Income Tax 19,349.00 CT Withholding tax 7,000.00 Balance Tax Due 12,349.00CT INDIVIDUAL INCOME TAX PROBLEM Compute the 2019 CT individual income tax liability using the info below. Assume MFJ filing status and both taxpayers are 55 years old. Do not prepare using tax forms (although you can use them as a guide). Prepare using spread sheet software. Due Date: December 7 No late submissions will be accepted! FEDERAL RETURN W-2 Income 90,000 INTEREST; Bank Interest 2,000 US Savings bonds 1,000 Tax exempt interest: State of CT tax exempt interest 3,000 State of MA tax exempt interest 5,000 - Puerto Rico tax exempt interest 7,000 Loss on the sale of CT tax exempt band -3000 CT teachers retirement board pension 30,000 Pension from prior employment 20,000 US Coast Guard retirement income 10,000 FEDERAL ADJUSTED GROSS INCOME 150,000OTHER MAYBE RELEVENT INFORMATION: Chet contribution for college savings plan 12,000 Real estate taxes paid on home 6,000 CT withholding taxes deducted from w-2 and retirement income 7,000 Television purchased on the internet from Utah. Cost 2,000 (no sales tax paid on the purchase] FORMAT FOR SOLUTION USING EXCEL : Federal adjusted gross income 150,000 Add: Additions to federal AGI (list separately) Less: Subtractions from federal AGI (list separately) CT FEDERAL ADJUSTED GROSS INCOME (line 5 of CT return) CT income tax [line 14 of CTreturn) Credits (if any) Use tax (if any) CT income tax withheld (line 18 of CT return) Tax due or overpaid (line 25 or 26 of CT return)