(Solved): pls help 150,000 Sale of Qualified Small Business Stock (adj. basis =$500,000 ) 1,250,000 Dividend i ...

150,000 Sale of Qualified Small Business Stock (adj. basis $=\$500,000$ ) $1,250,000$ Dividend income (BMW-based in Germany) 7,000 Long-term capital gains $10,000$ Short-term capital losses $(6,000)$ $\mathrm{ABC}$ limited partnership interest (passive)* 31,000 $\mathrm{XYZ}$ limited partnership interest (passive)* $(34,000)$ * (these limited partnerships are not real estate related) They also incurred the following expenses: Qualified medical expenses $\$10,000$ State \& local income taxes paid Property taxes on home $4,500$ Property taxes on vehicles $750$ Qualified residence interest (original amount borrowed = $\$400,000)11,000$ Cash charitable contributions $(\$5,500$ - church; $\$1,500-\mathrm{St}$. Jude Children's Hospital) 7,000 Tuition paid for qualified educational expenses for older child who attends Big State University 4,500 They have the following federal tax payments: Income tax withheld $\$8,400$ Also, they want to make the maximum contribution possible to Roth IRAs for both of them. Both of them are active participants in qualified plans at work. Richard is 66 , and Greta is 56. Be prepared to answer questions regarding gross (total) income, AGI, taxable income, federal tax liability, and additional tax due to the IRS or refund due back to the taxpayers. You should include any relevant credits that we covered to which the taxpayers are entitled based on the facts. 2