Required Information The following information applies to the questions displayed below] During 2023, your clients, Mr. and Mrs. Howell, owned the following investment assets "No commissions are charged when no-load mutual funds are bought and sold. Becouse of the downturn in the stock market. Mr and Mrs. Howell dectded to sell most of their stocks and the mutual fund in 2023 and to reirvest in municipal bonds. The following investment assets were sold in 2023 : *No commissions are charged when no-load mutual funds ore bought and sold. The Howe th' broker isstued them a Form 1090 s showng the sales proceeds net of the commissions paid. For example, the BM sales proceeds were reported as \$13,600 on the form 1099-B they recelved. In addition to the sales reflected in the table above, the Howelis provided you with the following additional information concerning 2023 : - The Howeits recetved a Form 1099-8 from the vanguard mutual fund reporting a $900 iongterm capitai gain - The Howells recelved a Form 1099-B from the Vanguard mutual fund reporting a $900 iong-term capital gain distribution. This distribution was relinvested in 31 additional Vanguard mutual fund shares on 6/30/2023 - In 2017, Mrs. Howell loaned \$6,000 to a fitend who was starting a new multievel marketing company called LD3, The friend declared bankruptcy in 2023 , and Mrs. Howell has been notifed she will not be receiving any repayment of the loan. - The Howelis have a $2,300 short-term capital loss carryover and a $4,800long-term capital loss carryover from prior years. - The Howells did not instruct their broker to sell any particutar lot of IBM stock. - The Howells earned $3,000 in municipal bond interest, $3,000 in interest from corporate bonds, and $4,000 in qualified dividends. - Assume the Howells have \$130,000 of wage income durtng the year a. Use Form 8949 and page 1 of Schectule D to compute net long-term and short-term capltal gains. Then, compute the Howells' tax liablity for the year (ignoring the alternative minimum tax and any phose-out provisions) assuming they file a joint return, they have no dependents, they don't make any special tax elections. and their itemized deductions total $30,000. Assume that osset bases are reported to the IRS. (Use the tax rote schedutes. Olvidends and Capitat Goins Tox Rotes.) Mr. Howell social security number: 412345670 Note: Negotive omounts should be indicated by a minus sign. Use 2023 tox rules regardiess of year on tox form. Complete this question by entering vour answers in the tabs be Win. Complete this question by entering vour answers in the tabs below. Form 8949 Page 1 and 2. Form 8949 Schedule D. (1) Required information Part II L Long-Term Capital Gains For Papermork Reduction Act Notice, see your tar return instructions. loan. - The Howells have a $2,300 short-term copltal loss carryover and a $4,800 longterm capltal loss carryover from prior years. - The Howells did not instruct their broker to sell any particular lot of IBM stock - The Howells earned \$3,000 in municipal bond interest, $3,000 in interest from corporate bonds, and $4,000 in qualified dividends. - Assume the Howells have $130,000 or wage income during the year. a. Use Form 8949 and page 1 of Schedule D to compute net long-term and short-term capltal gains. Then, compute the Howell' tax llability for the year (ognoring the alternative minimum tax and any phase-out provisions) ossurning they file a joint refurn, they have ny dependents, they don't make any special tax elections, and thelf ttemized dedactions total $30.000. Assume that asset bases are reported to the IRS. (Use the tax rate schedules, Omdends and Capital Goins Tox Raters) Mr. Howell social security number, 41234.5670 Note: Negattve amounts thould be indicated by a minus slgn. Use 2023 tex rules regardless of year on tax form. Complete this question by entering your answers in the tabs below. Compute the Howells' tax lability for the year. Required Information The following information applies to the questions displayed below] During 2023, your clients, Mr. and Mrs. Howell, owned the following investment assets "No commissions are charged when no-load mutual funds are bought and sold. Becouse of the downturn in the stock market. Mr and Mrs. Howell dectded to sell most of their stocks and the mutual fund in 2023 and to reirvest in municipal bonds. The following investment assets were sold in 2023 : *No commissions are charged when no-load mutual funds ore bought and sold. The Howe th' broker isstued them a Form 1090 s showng the sales proceeds net of the commissions paid. For example, the BM sales proceeds were reported as \$13,600 on the form 1099-B they recelved. In addition to the sales reflected in the table above, the Howelis provided you with the following additional information concerning 2023 : - The Howeits recetved a Form 1099-8 from the vanguard mutual fund reporting a $900 iongterm capitai gain - The Howells recelved a Form 1099-B from the Vanguard mutual fund reporting a $900 iong-term capital gain distribution. This distribution was relinvested in 31 additional Vanguard mutual fund shares on 6/30/2023 - In 2017, Mrs. Howell loaned \$6,000 to a fitend who was starting a new multievel marketing company called LD3, The friend declared bankruptcy in 2023 , and Mrs. Howell has been notifed she will not be receiving any repayment of the loan. - The Howelis have a $2,300 short-term capital loss carryover and a $4,800long-term capital loss carryover from prior years. - The Howells did not instruct their broker to sell any particutar lot of IBM stock. - The Howells earned $3,000 in municipal bond interest, $3,000 in interest from corporate bonds, and $4,000 in qualified dividends. - Assume the Howells have \$130,000 of wage income durtng the year a. Use Form 8949 and page 1 of Schectule D to compute net long-term and short-term capltal gains. Then, compute the Howells' tax liablity for the year (ignoring the alternative minimum tax and any phose-out provisions) assuming they file a joint return, they have no dependents, they don't make any special tax elections. and their itemized deductions total $30,000. Assume that osset bases are reported to the IRS. (Use the tax rote schedutes. Olvidends and Capitat Goins Tox Rotes.) Mr. Howell social security number: 412345670 Note: Negotive omounts should be indicated by a minus sign. Use 2023 tox rules regardiess of year on tox form. Complete this question by entering vour answers in the tabs be Win. Complete this question by entering vour answers in the tabs below. Form 8949 Page 1 and 2. Form 8949 Schedule D. (1) Required information Part II L Long-Term Capital Gains For Papermork Reduction Act Notice, see your tar return instructions. loan. - The Howells have a $2,300 short-term copltal loss carryover and a $4,800 longterm capltal loss carryover from prior years. - The Howells did not instruct their broker to sell any particular lot of IBM stock - The Howells earned \$3,000 in municipal bond interest, $3,000 in interest from corporate bonds, and $4,000 in qualified dividends. - Assume the Howells have $130,000 or wage income during the year. a. Use Form 8949 and page 1 of Schedule D to compute net long-term and short-term capltal gains. Then, compute the Howell' tax llability for the year (ognoring the alternative minimum tax and any phase-out provisions) ossurning they file a joint refurn, they have ny dependents, they don't make any special tax elections, and thelf ttemized dedactions total $30.000. Assume that asset bases are reported to the IRS. (Use the tax rate schedules, Omdends and Capital Goins Tox Raters) Mr. Howell social security number, 41234.5670 Note: Negattve amounts thould be indicated by a minus slgn. Use 2023 tex rules regardless of year on tax form. Complete this question by entering your answers in the tabs below. Compute the Howells' tax lability for the year
