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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 NOT 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 :
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.
Answer is complete but not entirely correct.
Howells' tax liability for the year
c Assume the Howells' shortterm capital loss carryover from prior years is $ rather than $ as indicated above. If this is
the case, how much shortterm and longterm capital loss carryovers remain to be carried beyond to future tax years?
Note: Leave no cells blank be certain to enter wherever required.
Answer is complete but not entirely correct.
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