Homework Tax questions?
I am doing two problems for my tax class homework and believe I have come to the correct solutions but want to make sure before he goes over it in class. The 2 questions are as follows
Robert had the following transactions for 2009
Salary 80,000
Alimony Paid 6,000
Recovery from Car Accident
Person Injury Damages 60,000
Punitive Damages 30,000
Gift From Parents 26,000
Property Sales
Loss on sale of personal use camper 2000
Gain on sale of Chevron Stock (held for 8 months as an investment) 3000
What is Roberts AGI? I got 107,000
Homer (Age 68) and his wife Jean (age 70) file a joint return. They furnish all of the support for Luther, Homer’s Father (age 90) who lives with them. In 2009 they received $6,000
of interest income on city of chicago bonds and interest income on corporate bonds of 48,000. Computer homer and jean’s taxable income for 09?
I ended up with 33,950.
I did I didn’t add the chicago bonds because they are city issued bonds but took the married standard deduction and added 3 additional deductions for each of their ages, ended up doing it this way
$48,000 Interest from Corporate Bonds
$(10,900) Standard Deduction
$(3,150) Additional Standard Deduction
$33,950 Taxable Income
And ps everyone I did do it I just want to make sure I did everything correctly hints how I got the answer, you couldn’t get the answer without doing it.
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