Without changing your answer to part above assume that the

Reference no: EM13589372

Mr. Mei-Yo Chien is retired. He is married, and the couple have the following sources of income-

Pension income $12,000
Taxable distributions from Mr. Chien's 401(k) 15,000
Taxable interest income 2,000
Mr. Chien's Social Security benefit 14,000
Mrs. Chien's Social Security benefit 7,000

a. Determine the gross income reported on the Chiens' joint tax return.

b. Without changing your answer to part (a) above, assume that the Chiens also had $10,000 interest income on tax-exempt municipal bonds. Would your answer to part (a) above change as a result of this additional source of income? If so, what would their gross income now be?

Reference no: EM13589372

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