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We need to calculate for 2 0 2 3 NOT 2 0 2 1 . Here is the quetsion in a photo: In addition to

We need to calculate for 2023 NOT 2021. Here is the quetsion in a photo: In addition to the sales reflected in the table above, the Howells provided you with the following additional information
concerning 2023:
The Howells received a Form 1099-B from the Vanguard mutual fund reporting a $900 long-term capital gain
distribution. This distribution was reinvested in 31 additional Vanguard mutual fund shares on 6/30/2023.
In 2017, Mrs. Howell loaned $6,000 to a friend who was starting a new multilevel marketing company called LD3. The
friend declared bankruptcy in 2023, and Mrs. Howell has been notified she will not be receiving any repayment of the
loan.
The Howells have a $2,300 short-term capital loss carryover and a $4,800 long-term capital 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 of wage income during the year.
a-3. Compute the Howells' tax liability for the year (ignoring the alternative minimum tax and any phase-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.
(Use the tax rate schedules, Dividends and Capital Gains Tax Rates.)
Answer is complete but not entirely correct.
Howells' tax liability for the year
c. Assume the Howells' short-term capital loss carryover from prior years is $82,300 rather than $2,300 as indicated above. If this is
the case, how much short-term and long-term capital loss carryovers remain to be carried beyond 2023 to future tax years?
Note: Leave no cells blank - be certain to enter "0" wherever required.
Answer is complete but not entirely correct.
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