Mr. and Mrs. Fowler, both age 60, each make the maximum allo…

Mr. and Mrs. Fowler, both age 60, each make the maximum allowed contribution to their 2020 traditional IRAs. Mr. Fowler is an active participant in his employer’s qualified retirement plan, but Mrs. Fowler is not an active participant in an employer plan. Their AGI before any IRA deduction = $144,900. Compute their AGI.

In 2018, Ms. Y paid $50,000 for 3,000 shares of a mutual fun…

In 2018, Ms. Y paid $50,000 for 3,000 shares of a mutual fund. She reinvests year-end dividends in additional shares. In 2018 her reinvested dividend was $4,800 for 240 shares. In 2019 her reinvested dividend was $3,150 for 150 shares. If Ms. Y sells 1,000 of her shares in 2020 for $22 per share and uses the average basis method, what is her recognized gain?

Tracy paid the following taxes this year: Federal income tax…

Tracy paid the following taxes this year: Federal income tax $12,034 Employee payroll tax (FICA and Medicare) $4,590 State income tax $5,725 State and local sales tax $2,998 Local property tax on personal residence $3,300 What is Tracy’s itemized deduction for taxes?