What is their taxable income for 2022

Reference no: EM133412616

Question: Auggie and Judy Reynolds are married and file a joint return. They have no children. Auggie is 67 and Judy is 61. They contribute over half of the support for Judy's mother, Cora (age 85). Cora earned $875 in interest in 2022 and received $4,850 in social security benefits as her only income. Cora lives in an apartment above the Reynolds' garage and does not pay any of her own expenses.

Auggie earned a salary of $77,650 in 2022 from his job at Korma Corp. Judy worked part-time and earned $29,740. They also received the following:

Life insurance proceeds $95,000

Inheritance of $74,340

Interest on State of Virginia bonds $340 used to finance state budgets

Dividends on stock of a Swiss corporation $625

Interest on certificates of deposit $94

If the Reynolds have itemized deductions of $26,610 what is their taxable income for 2022.

Reference no: EM133412616

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