question archive Sam, age 43, and Susan, age 40, are married and file a joint tax return
Sam, age 43, and Susan, age 40, are married and file a joint tax return
Subject:BusinessPrice: Bought3
Sam, age 43, and Susan, age 40, are married and file a joint tax return.
In 2020, Sam's salary is $150,000 and Susan's salary is $210,000. In 2020, they each make a $6,000 deductible contribution to a Traditional IRA. They purchased a home in 2014 and obtained a $900,000 mortgage. Their home mortgage interest on their personal residence is $47,000 and their property tax on the residence is $12,000. They own a real estate rental property, which they personally manage. The rental property generated a $14,000 loss in 2020. The state income tax they paid in 2020 is $18,000. Neither Sam nor Susan participates in an employer sponsored pension plan. What is their taxable income?
