Sara and Joseph McCoy are married and have one child. Joseph is putting together some figures so that he can prepare the McCoy's joint 2023 tax return. So far, he's been able t determine the following concerning income and possible deductions: Total unreimbursed medical expenses incurred $1,150 Gross wages and commissions earned 81,930 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 1,400 months Income from limited partnership 700 Interest paid on credit cards 360 Qualified dividend income 610 Interest earned on bonds 220 Sales taxes paid 2,470 Charitable contributions made 1,200 Capital losses realized 3,450 Interest paid on a car loan 570 Social Security taxes paid 2,700 Property taxes paid State income taxes paid 1,500 1,700 Assume that Joseph is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $27,700 for married filing jointly applies. How much taxable income will the McCoys have in 2023? Note that personal exemptions were suspended for 2023. Do not round your intermediate computations. Round answer to the nearest dollar. $
Sara and Joseph McCoy are married and have one child. Joseph is putting together some figures so that he can prepare the McCoy's joint 2023 tax return. So far, he's been able t determine the following concerning income and possible deductions: Total unreimbursed medical expenses incurred $1,150 Gross wages and commissions earned 81,930 IRA contribution 5,000 Mortgage interest paid 5,100 Capital gains realized on assets held less than 12 1,400 months Income from limited partnership 700 Interest paid on credit cards 360 Qualified dividend income 610 Interest earned on bonds 220 Sales taxes paid 2,470 Charitable contributions made 1,200 Capital losses realized 3,450 Interest paid on a car loan 570 Social Security taxes paid 2,700 Property taxes paid State income taxes paid 1,500 1,700 Assume that Joseph is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $27,700 for married filing jointly applies. How much taxable income will the McCoys have in 2023? Note that personal exemptions were suspended for 2023. Do not round your intermediate computations. Round answer to the nearest dollar. $
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 44P
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Question
Transcribed Image Text:Sara and Joseph McCoy are married and have one child. Joseph is putting together some figures so that he can prepare the McCoy's joint 2023 tax return. So far, he's been able t
determine the following concerning income and possible deductions:
Total unreimbursed medical expenses incurred
$1,150
Gross wages and commissions earned
81,930
IRA contribution
5,000
Mortgage interest paid
5,100
Capital gains realized on assets held less than 12
1,400
months
Income from limited partnership
700
Interest paid on credit cards
360
Qualified dividend income
610
Interest earned on bonds
220
Sales taxes paid
2,470
Charitable contributions made
1,200
Capital losses realized
3,450
Interest paid on a car loan
570
Social Security taxes paid
2,700
Property taxes paid
State income taxes paid
1,500
1,700
Assume that Joseph is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $27,700 for married filing jointly
applies. How much taxable income will the McCoys have in 2023? Note that personal exemptions were suspended for 2023. Do not round your intermediate computations. Round
answer to the nearest dollar.
$
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