Zach and Melissa Nieland file a joint tax return, and they itemize deductions. Assume their marginal...

Zach and Melissa Nieland file a joint tax return, and they itemize deductions. Assume their marginal tax rate on ordinary income is 25 percent. The Nielands incur $3,000 in miscellaneous itemized deductions, excluding investment expenses. They also incur $2,320 in noninterest investment expenses during the year. What tax savings do they receive from the investment expenses under the following assumptions: (Round your answer to the nearest whole dollar amount.)

a. Their AGI is $112,000.

Tax savings from investment expense: ____________

b. Their AGI is $154,250.

Tax savings from investment expense: ____________

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ekkarill92 answered 9 months ago

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