Doug, age 64, and Joanne, age 71. Andrews are married with no dependents. You are...
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Accounting
Doug, age 64, and Joanne, age 71. Andrews are married with no dependents. You are engaged to prepare their 2020 tax return. They have done some of their own calculations and communicated to you that they had total gross income of $95,000. This total includes an inheritance from Doug's mother of $23,000 and qualified dividends of $5,000. Additionally, they qualify for a refundable credit of $2,000 and have deductions for AGI of $9,000 and total itemized deductions of $26,000. They had estimated tax payments and withholdings of $9,000. Right before the deadline they remembered that they had several stock transactions not included in the above totals. Their long-term capital gains were $6,000 and long-term capital losses were $11,000. In the text box that follows, please include a full tax formula at the top and any supporting work afterwards so that I can award partial credit. The tax formula should be in proper form and calculate the federal income tax due/refundable when the 2020 return is filed. Doug, age 64, and Joanne, age 71, Andrews are married with no dependents. You are engaged to prepare their 2020 tax return They have done some of their own calculations and communicated to you that they had total gross income of $95,000. This total includes an inheritance from Doug's mother of $23,000 and qualified dividends of $5,000. Additionally, they qualify for a refundable credit of $2,000 and have deductions for AGI of $9,000 and total itemized deductions of $26,000. They had estimated tax payments and withholdings of $9,000. Right before the deadline they remembered that they had several stock transactions not included in the above totals. Their long-term capital gains were $6,000 and long-term capital losses were $11,000. In the text box that follows, please include a full tax formula at the top and any supporting work afterwards so that I can award partial credit. The tax formula should be in proper form and calculate the federal income tax due/refundable when the 2020 return is filed
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