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Interest carned $($of which $$400$ is tax$-$exempt$)90,0001,200$Proceeds from new bank loan taken out$100,000$Flow$-$through partnership income$/($loss$)(10,000)$IRA contribution$7,000$Business income$420,000>1-30000$ Business expenses $($deductible$)360,0004000$x$12$x$10$Annuities received $($in total$)48,000$Self$-$employment taxes paidSantiago MoaQUIZIDate: $09/16/2023$Ben White is $60$ and is deaf. His wife, Rose White, is $66.$ They provide $100\%$ of the support for Rose's mother who does not live with them and has no income. The Whites present the following information:SalaryFOr AGI forAGI$48006$Nel Business Income $=600$g$1,600$ FOr AGI deduction opale $12=18000$Interest expense on qualified education loan$3,800$ Tox ACI deductionFor the annuity, Ben had originally invested $$300,000$ in $2018$ and he is to receive a monthly payment of $$4,000$ over the $10$ years. The Whites run an accounting service business $($i$.$e$.,$ included in a specified service trade or business$)$ as a sole proprietorship. Their net business income that qualifies for a deduction for QBI is $60,000.$ The Whites use the standard deduction.If they jointly file their $2024$ tax return, what is their taxable liability? Make sure to show ALL of your work, and any support for any decisions you may make!

Ben White is $60$ and is deaf. His wife, Rose White, is $66.$ They provide $100\%$ of the support for

Rose's mother who does not live with them and has no income. The Whites present the

following information:

For the annuity, Ben had originally invested $$300,000$ in $2018$ and he is to receive a

monthly payment of $$4,000$ over the $10$ years. The Whites run an accounting service business

$($i$.$e$.,$ included in a specified service trade or business$)$ as a sole proprietorship. Their net business

income that qualifies for a deduction for QBI is $60,000.$ The Whites use the standard deduction.

If they jointly file their $2024$ tax return, what is their taxable liability? Make sure to show ALL

of your work, and any support for any decisions you may make.

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