Tax return example (ch 16)-1.xlsx

Tax return example (ch 16)-1.xlsx - Tax return example...

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Tax return example worksheet In 2017,Mr and Mrs Peabody have the following income and deductions: W2 income 125,000 (Mr = 60,000; Mrs= 65,000) Interest 5,000 Total ordinary dividends 9,000 Qualified dividends included in total ordinary dividends 6,000 Gross proceeds on sale of stock 15,000 Cost basis of stock 45,000 Rental loss, before limitation (12,000) IRA deduction (neither participates in retirement plan at work) (5,500) Itemized deductions (20,000) They have 2 children ages 4 and 19. The 4 year old is in pre-school (tution = 4,000) The 19 year old attends Temple and has 1098T showing $15,000 in tuition billed for the year and $3,000 in grants and scholarships. Calculate AGI, taxable income and tax liability for 2017. WORKSHEET 2 Use worksheets below - fill in all highlighted cells. Deductible rental loss AGI before rental loss W2 income 125,000 W2 income 125,000 Interest 5,000 WORKSHEET 1 Interest 5,000 Ordinary dividends, taxed at regular rates Deductible capital loss
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  • Fall '16
  • Doc.Kelein
  • Taxation in the United States, ordinary dividends, Total ordinary dividends, LT capital, Mrs Peabody

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