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******* Scenario 3: The Impact of Significant Donations Wages: Thomas...

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Accounting

*******
Scenario 3: The Impact of Significant Donations
Wages: Thomas ($98,000), Emily ($32,000)
Long-term Capital Gains: $45,000
Interest and Dividend Income: $800
QBI: None
Itemized Deductions: $15,000(before charitable donations)
Allowable deduction for self-employment tax: None
Additional Information:
Cash Donation to Qualified Charity: $30,000
Calculate:
AGI, Taxable Income, Potential Child Tax Credits, Total Tax Liability
Explore strategies to maximize the tax benefit of the large donation (carryovers, etc.)
Scenario 4: Energy Efficiency Credits
Wages: Robert ($58,000), Sarah ($65,000)
Interest and Dividend Income: $1,600
QBI: None
Itemized Deductions: $21,000
Allowable deduction for self-employment tax: None.
Additional Information:
Installed new energy-efficient windows costing $9,000
Installed a solar energy system costing $18,000
Calculate:
AGI, Taxable Income, Potential Child Tax Credits, Total Tax Liability
Analyze their potential eligibility for energy-related tax credits.

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