John Jones is unmarried with no dependents. During the year he sold common stock

Question

John Jones is unmarried with no dependents. During the year he sold common stock in the following companies: Company Date acquired Cost Date Sold Sales price 540 shs Salad, inc 05/07/2011 $11,175 02/17/2012 $12,345 140 shs Greed Corp. 04/21/2005 $6,458 09/09/2012 $6,085 700 shs XYZ Corp. 12/11/1998 $17,750 12/12/2012 $23,024 John carried over a long-term capital loss of $3,500 from 2011. His taxable wages were $65,993 in 2012. His employer withheld $8,825 for federal taxes. John's only other items of gross income during the year were $756 of bank interest and $450 of state bond interest. Although he is an active participant in his employer's 401K plan, in November he contributed $2,500 to his traditional IRA. Determine John's tax owed or tax refund for 2012?

Explanation / Answer

its 25%

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