Julie and Jack earned $109,698 last year in joint income. They have a home with
ID: 1221705 • Letter: J
Question
Julie and Jack earned $109,698 last year in joint income. They have a home with deductible mortgage interest. Julie is a self-employed business writer. She keeps all receipts associated with this business endeavor, analyzing them at tax time to determine deductibility. Based on this information, they will need to file Form As they begin the process of preparing their tax return, they have the following information available: Jack's annual earnings were $59,835 Julie earned $29,918 as a business writer. Julie also worked part-time as a clerk at Hannaford, earning $19,945. They received from CitiBank interest of $1,500 on their savings account. The received $1,125 of dividend income on the P&G; shares they own. They sold shares of Target stock, generating a capital gain of $225. They held these shares for less than 12 months. Based on the data provided, identify the schedule on which each of the listed items should appear. If Julie and Jack's adjusted gross income or AGI is determined to be $102,164, respond to the following: They incurred $9,473.88 of medical and dental expenses last year. What amount can they include when analyzing their itemized deductions? They had mortgage interest of $11,967.00. How much will be listed as an itemized deduction?Explanation / Answer
Citi Bank interest payments - Schedule B
P & G Stock dividend - Schedule B
Capital gain from sale of Target stock - Schedule D
Income and expenses as part of Julie's business writer job - Schedule C
If Julie and Jack's gross income of AGI is determined to be $102,164, respond to the following:
* They incurred $9,473.88 of medical and dental expenses lastl year. What amount can they include when analyzing their itemized deductions? $19,216.3
* They had mortgage interest of $11,967.00. How much will be listed as an itemized deduction? $___.
*****
Citi Bank interest i ncome - Schedu
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