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Use 2022 tax law.
7. Jerry and Jess (under 60) have 3 children. They inherited money in January and retired. Here is their income.
Inherited Assets 2,000,000
Chase Interest Income 75,000
Municipal bond interest 40,000
Qualifying dividends 25,000
They have itemized deductions of $15,000. They provide over half of the support of all of their children who live with them and are:
- Jeff 18 not a student making $10,000
- Barb 20 not a student making $3,000
- Stephanie 21 a full-time student making $8,000
Is Jeff a dependent? Why?
Is Barb a dependent? Why?
Is Stephanie a dependent? Why?
Compute their adjusted gross income.
Compute their taxable income.
Compute their tax liability.
Compute the tax liability for their children.
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