Compute what is the adjusted gross income

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Reference no: EM132807771

Problem 1: Jack and Jill are a married couple with one dependent child. In 2019, their salaries totaled$105,000, and they suffered a capital loss of $10,000. They also received $2,000 of tax-exempt interest. They paid $12,000 in interest on home acquisition indebtedness of $200,000, state and local income and real property taxes of $12,000, and medical expenses of $3,500. They also contributed $5,000 to charity and made a $10,000 deductible IRA contribution. On their 2019Married Filing Joint tax return what is their (a) adjusted gross income; (b) their total itemized deductions; (c) the amount of their exemptions; and (d) their taxable income.

Reference no: EM132807771

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