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Required information 2 0 2 3 Tax Rate Schedules Individuals Schedule X - Single Schedule Y - 1 - Married Filing Jointly or Qualifying surviving
Required information Tax Rate Schedules
Individuals
Schedule XSingle
Schedule YMarried Filing Jointly or Qualifying surviving spouse Tax Rates for Net Capital Gains and Qualified Dividends
This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table net capital gains and qualified dividends are included in taxable income last for this purpose
The following information applies to the questions displayed below.
During your clients, Mr and Mrs Howell, owned the following investment assets:
No commissions are charged when noload mutual funds are bought and sold.
Because of the downturn in the stock market, Mr and Mrs Howell decided to sell most of their stocks and the mutual fund
in and to reinvest in municipal bonds. The following investment assets were sold in :
No commissions are charged when noload mutual funds are bought and sold.
The Howells' broker issued them a Form B showing the sales proceeds net of the commissions paid. For example,
the IBM sales proceeds were reported as $ on the Form B they received.
In addition to the sales reflected in the table above, the Howells provided you with the following additional information
concerning :
The Howells received a Form B from the Vanguard mutual fund reporting a $ longterm capital gain
distribution. This distribution was reinvested in additional Vanguard mutual fund shares on
In Mrs Howell loaned $ to a friend who was starting a new multilevel marketing company called LD The
friend declared bankruptcy in and Mrs Howell has been notified she will not be receiving any repayment of the
loan.
The Howells have a $ shortterm capital loss carryover and a $ longterm capital loss carryover from prior
years.
The Howells did not instruct their broker to sell any particular lot of IBM stock.
The Howells earned $ in municipal bond interest, $ in interest from corporate bonds, and $ in qualified
dividends.
Assume the Howells have $ of wage income during the year.
a Compute the Howells' tax liability for the year ignoring the alternative minimum tax and any phaseout provisions assuming they
file a joint return, they have no dependents, they don't make any special tax elections, and their itemized deductions total $
Use the tax rate schedules. Dividends and Capital Gains Tax Rates.
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