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How much will Linda and Don adjusted gross income increase

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Question - Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security benefits and $35,000 in taxable pension benefits and interest.

Compute the couple's adjusted gross income on a joint return.

Don would like to know whether they should sell for $100,000 (at no gain or loss) a corporate bond that pays 8% in interest each year and use the proceeds to buy a $100,000 nontaxable State of Virginia bond that will pay $6,000 in interest each year. Assume that their marginal tax rate is 12%.

If Linda in part (a) works part-time and earns $30,000, how much will Linda and Don's adjusted gross income increase?

Reference no: EM132942279

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