Al and Mary have been married for 10 years and live in New York. Mary...
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Al and Mary have been married for 10 years and live in New York. Mary works as an accountant and earned $150,000 in salary. They earned interest income in a joint savings account of $300. Also, they have municipal bond interest of $1,000 from the city of Orlando Florida. They sold a vacation home for $95,000. They purchased that property 3 years at a cost of $90,000. In addition, they sold shares of EOX for $45,000. They purchased the shares 5 years ago at $60,000. They are going to file MFJ. What is the amount of their taxable income? Mary purchased an annuity that pays her $500 per month for the rest of her life. She paid $70,000 for the annuity. Based on IRS annuity tables, Mary's life expectancy is 16 years. How much of the first $500 payment will Mary include in her gross income (round to the dollar)
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