Susan and Thomas are married, have three young children, and file a joint return in $2023.$ If they have adjusted gross income $($ AGI $)$ of $$95,000$ and itemized deductions of $$14,000,$ what is their taxable income for $2023?($If an input field is not used, leave the input field$($s$)$ empty. Do not select a label or enter a zero.$)$ $$14,000?$

View the standard deduction amounts.

If Susan and Thomas have adjusted gross income $($AGI$)$ of $$95,000$ and itemized deductions of $$14,000,$ what is their taxable income for $2023?($If an input field is not used, leave the input field$($s$)$ empty. Do not select a label or enter a a zero.$)$

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Taxable income

Alternatively, what is their taxable income if the itemized deductions are $$29,000$ rather than $$14,000?($If an input field is not used, leave the input field$($s$)$ empty. Do not select a label or enter a zero.$)$

Standard Deduction

These amounts are $$3,000$ and $$3,700,$ respectively, for a taxpayer who is both aged and blind.

Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and

Jobs Act reduces the personal exemption amount to $$0$ for tax years from $2018$ through $2025,$ effectively suspending the exemptions for

these years.

eir taxable income if the itemized deductions are $$29,000$ rather than $$14,000?($If an input field is not used, leave the input field$($s$)$ empty. Do not select a label or enter a zero.$)$

Standard Deduction

These amounts are $$3,000$ and $$3,700,$ respectively, for a taxpayer who is both aged and blind.

Personal and Dependency Exemptions Suspended: In conjunction with the increased standard deduction amount, the Tax Cuts and

Jobs Act reduces the personal exemption amount to $$0$ for tax years from $2018$ through $2025,$ effectively suspending the exemptions for

these years.