Required information

$[$The following information applies to the questions displayed below.$]$

Demarco and Janine Jackson have been married for $20$ years and have four children who qualify as their dependents

$($Damarcus$,$ Jasmine, Michael, and Candice$).$ The Jacksons file a joint tax return. The couple received salary income of

$$105,000$ and qualified business income of $$10,000$ from an investment in a partnership, and they sold their home this

year. They initially purchased the home three years ago for $$200,000,$ and they sold it for $$250,000.$ The gain on the sale

qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $$16,500$ of itemized deductions,

and they had $$4,000$ withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for

each of their children. However, because Candice was $18$ years of age at year end, the Jacksons may claim a child tax

credit for other qualifying dependents for Candice. $($Use the tax rate schedules.$)$

Required information

Part $3$ of $3$

Required C

Required D

Required E

Required F

What would their taxable income be if their itemized deductions totaled $$28,000$ instead of $$16,500?$

eBook

Print

References

$\backslash$table$[[$Description$,],[(1)$ Gross income,$],[(2)$ For AGI deductions,$],[(3)$ Adjusted gross income,$],[(4)$ Standard deduction,$],[(5)$ Itemized deductions,$],[(7)$ Deduction for qualified business income,$],[(8)$ Total deductions from AGI,$],[$Taxable income,$]]$