Paul is 66 years old and Tina is 62 years old. They file a joint return....

Paul is 66 years old and Tina is 62 years old. They file a joint return. They support their 22-year old son, Jed, who is a full-time student. He earns $4,000 per year as a waiter in a restaurant.

Wages= $170,000

Interest from savings= 12,000

Interest on New York State qualified bond= 7,000

Inheritance from Tina's Aunt Lucy= 6,000

Contribution to IRA= 2,000

Child support from Tina's ex-husband Eric= 1,000

Prize from contest at church= 1,000

Dividend from ABC Corp stock= 2,000

Paul and Tina own a house in Whitestone. The costs associated with the house were as follows:

Mortgage interest= 7,000

Real estate taxes= 8,000

They paid hospital bills of 7,000 and doctor's bills of 6,000. Their medical insurance company reimbursed them in the amount of 3,000 for the doctor's bills. They had prescriptions in the amount of 500 and a vitamin expense of 200.

Their charitable contributions included:

2,000 paid to St. Mary's Church

500 paid to Mr. and Mrs. Elm whose house was damaged in a flood.

1. What is Paul and Tina's adjusted gross income in 2019?

2. What is Paul and Tina's standard deduction for 2019 without regard to their itemized deductions?

3. What is Paul and Tina's net itemized deduction?

4. hat is Paul and Tina's tax liability?

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ekkarill92 answered 1 year ago

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