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During 2020, Richard and Greta Van Fleet, who are married and have two dependent children, ages 14 and 16, and have the following information:

Total salaries $102,000

Bank account interest 6,000

State of Idaho bond interest 3,000

Gift from Gretas dad 15,000

Life insurance proceeds (Richards mom died) 100,000

Sale of Qualified Small Business Stock (adj. basis =$500,000) 1,250,000

Dividend income (BMW-based in Germany) 5,000

Long-term capital gains 9,000

Long-term capital losses (5,000)

ABC limited partnership interest (passive)* 28,000

XYZ limited partnership interest (passive)* (31,000)

* (these limited partnerships are not real estate related)

They also incurred the following expenses:

Qualified medical expenses $ 8,500

State & local income taxes paid 7,500

Property taxes on home 2,400

Qualified residence interest (original amount borrowed = $400,000) 11,000

Cash charitable contributions ($7,000 - church; $3,000 St. Jude

Childrens Hospital) 10,000

They have the following federal tax payments:

Income tax withheld $8,400

Estimated tax payments 2,400

Also, they want to make the maximum contribution possible to Roth IRAsfor both of them. Richard is 48, and Greta is 46.

What is the gross (total income), AGI, taxable income, Federal tax liability, and additional tax due or refund due?

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