Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2020. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain but occasionally gets in and out of a stock quickly. The couple’s 2020 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.

a. What is Phil and Susan’s AGI? 

b. Complete a 2020 Form 8949 for the Hammonds (Phil’s Social Security number is 123-45-6789). Assume that the stock sale information was reported to the Hammonds on a Form 1099–B and that basis information was provided to the IRS.

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Item Blue stock (10 shares) Purple stock (100 shares) Beige stock (50 shares) Red stock (100 shares) Black stock (100 shares) Gray stock (100 shares) Date Acquired 11/10/19 12/13/18 12/14/15 06/29/19 05/15/19 04/12/18 Date Sold 03/12/20 05/23/20 07/14/20 05/18/20 10/18/20 10/18/20 Cost $ 3,000 36,000 13,000 26,000 67,000 89,000 Sales Price $ 6,000 32,000 14,500 27,000 67,800 88,200