What is Phil and Susan AGI

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Question - Phil and Susan Hammond are married taxpayers filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2018. Phil does not work due to a disability, but he is a buyer and seller of stocks. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. The couple's 2018 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.

Item

Date Acquired

Date Sold

Cost

Sales Price

Blue stock (10 shares)

11/10/17

03/12/18

$3,000

$6,000

Purple stock (100 shares)

12/13/16

05/23/18

36,000

32,000

Beige stock (50 shares)

12/14/13

07/14/18

13,000

14,500

Red stock (100 shares)

06/29/17

05/18/18

26,000

27,000

Black stock (100 shares)

05/15/17

10/18/18

67,000

67,800

Gray stock (100 shares)

04/23/16

10/18/18

89,000

88,200

Required - What is Phil and Susan's AGI?

Reference no: EM133042661

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