During all of 2023, Mr. and Mrs. Clay lived with their four children (all are...
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During all of 2023, Mr. and Mrs. Clay lived with their four children (all are under the age of 17). They provided over one-half of the support for each child. Mr. and Mrs. Clay file jointly for 2023. Neither is blind, and both are under age 65. They reported the following tax-related information for the year. (Use the tax rate schedules, 2023 Alternative minimum tax (AMT) exemption)
Salary income $ 125,000 Prize from local radio station 1,500 Medical expenses (no health insurance) 4,000 Real estate taxes 4,200 Alimony paid by Mr. Clay (divorced in 2015) 12,000 State income taxes withheld in 2023 1,800 State income taxes paid with 2023 tax return (return was filed in April 2024) 1,500 Federal income tax withholding 7,500 Qualified home mortgage interest (acquisition debt of 300,000) 15,000 Charitable contributions 9,000
Required Calculate Clays' taxes payable or refund due? (Ignore the alternative minimum tax.)
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