Lee and pat are married taxpayers living in louisiana. Lee earns wages of $40,000 and has $5,000 of dividend income from separate property. Lee and pat have interest income from community property of $10,000. If lee and pat file separate income tax returns, what amount of income must be included on lee's separate tax return?
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Lee and pat are married taxpayers living in Louisiana. Lee earns wages of $40,000 and has $5,000 of dividend income from separate property. Lee and pat have interest income from community property of $10,000. If lee and pat file separate income tax returns, what amount of income must be included on lee's separate tax return?
Answer:
$27,500
Explanation:
Lee's wages are = $40,000
Dividend income from Lee's property = $5,000
Interest income from joint property = $10,000
Therefore,
Amount of income that must be included on the separate tax return of Lee are :
= 50% of [Wages earned + Dividend income + Interest income ]
= 0.50 × [ $40,000 + $5,000 + $10,000 ]
= 0.50 × $55,000
= $27,500
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