15 Feb Donald has the following capital asset transactions during the year. ST LT 20%(15%) 20,000 10,000 (15,000) (12,000) Net 5,000 (2,000) STCG 3,000 6: Donald has the following capit
5:
Donald has the following capital asset transactions during the year.
ST LT
20%(15%)
20,000 10,000
(15,000) (12,000)
Net 5,000 (2,000)
STCG 3,000
6:
Donald has the following capital asset transactions during the year.
ST LT
20%(15%)
20,000 19,000
(15,000) (12,000)
Net 5,000 7,000
STCG 5,000
LTCG 7,000
7:
Donald has the following capital asset transactions during the year.
ST LT
20%(15%)
20,000 20,000
(25,000) (46,000)
Net (5,000) (26,000)
Deduction for AGI 3,000 STCL CF (2,000) LTCL CF (26,000)
Example 8:
Donald has the following capital asset transactions.
2020 ST 20%(15%)
20,000 20,000
(25,000) (46,000)
Net (5,000) (26,000)
Deduction for AGI (3,000) STCL CF (2,000) LTCL CF (26,000)
2021 ST 20%(15%)
15,000 30,000
(7,000) (12,000)
Net 8,000 18,000
STCL CF (2,000) LTCL CF (26,000)
6,000 (8,000)
Deduction for AGI (2,000)
9:
T & S(under 65, good vision) are MFJ and have 2 qualifying children. They have the following:
Combined Salary $115,000
Withholding $17,000
Sold Stock A (12/15/21) $2,000
Bought Stock A (6/10/21) $500
Sold Stock B (12/15/21) $3,500
Bought Stock B (1/5/19) $5,500
Other Ded. For AGI $4,000
Itemized Ded.$10,000
Qualified Dividends$5,000
Bank Interest $2,000
What is the TP’s amount due (refund)? Marginal Rate? Effective Rate?
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