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****** Scenario 1: Retirement Account Movements Wages: Michael ($78,000), Jessica...

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Accounting

******
Scenario 1: Retirement Account Movements
Wages: Michael ($78,000), Jessica ($62,000)
Interest and Dividend Income: $1,200
QBI: None
Itemized Deductions: $22,000
Allowable deduction for self-employment tax: None
Additional Information:
Michael contributes $6,000 to a Traditional IRA (he's age 45).
Jessica takes a $10,000 distribution from her Roth IRA (contributions were $25,000, earnings are $5,000). She's age 62.
Calculate:
AGI, Taxable Income, Potential Child Tax Credits, Total Tax Liability

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