Jack and Jill are married and have two dependent children, and they have the following items in 2015: Income: Salaries $150,000 Bank Interest $25,000 STCG $4,000 STCL ($1,500) LTCL ($3,500) Expenses: Qualified medical expenses $8,525 State income taxes $11,525 Real estate on their primary residence $2,300 Qualified residence interest $9,200 Investment interest expense $7,500 Cash charitable contributions $12,575 Tax return preparation fees $2,500 Unreimbursed employee business expenses $3,500 This family is asking you to prepare their tax return. What is the taxable income and tax liability? (MUST SHOW ALL COMPUTATIONS AND IN GOOD FORM) QUESTION 2: Annie and Joe incurred and paid the following amounts of interest during 2015: Home acquisition debt interest $15,000 Credit card interest $5,000 Home equity loan interest $6,500 Investment interest expense $10,000 With 2015 net investment interest income of $2,000, calculate the amount of their allowable deduction for investment interest and their total deduction for allowable interest. Home acquisition principle is less than $1,000,000, and the home equity loan principle is less than $100,000. What is the allowable interest deduction before any phase-out limits, if any? (MUST SHOW ALL COMPUTATIONS IN GOOD FORM) What is the allowable investment interest expense deduction before any phase-out limits? (MUST SHOW ALL COMPUTATIONS IN GOOD FORM) Do you want your assignment written by the best essay experts? Order now, for an amazing discount.
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