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Harvey and Betty Duran, both age 37, are married with one dependent child.
Determine their taxable income from the following information for 2012, and their tax liability. Both the ABC and XYZ partnerships are passive activities. Assume dividends are taxed as ordinary income.
Harvey's salary
$45,000
Betty's salary
62,000
Dividends received from domestic corporations (nonqualified)
11,000
Interest
7,000
Itemized deductions
6,920
Net loss from ABC Partnership (acq. 1983)
(14,200)
Net loss from XYZ Partnership (acq. 1988)
(6,000)
Harvey's business income (moonlighting)
7,700
Harvey's business deductions (before home office expenses)
22,000
Harvey's home office expenses
10,500
Net loss on rental property
(31,000)
Federal Income tax withheld
9,600
File it in the tax form 1040.
Attached is the form 1040:-
Attachment:- Form 1040.rar
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