Study Questions



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Steven (age 40) and Lori (age 39) Post are married. Lori works as a retail manager and Steven is a self-employed architect (he does not qualify for the QBI Deduction) and does not maintain a home office. Their 2020 tax and other information are as follows:

Salary – Lori  $90,000

Federal income tax withholding on salary  $18,000

CT State Income Tax withholding on salary $ 6,000

CT Municipal bond interest $ 2,000

Savings account interest $ 1,500

Inheritance from Steven’s father’s estate $ 7,000

Dividends from RGR, Inc (all are non-qualified) $ 4,000

Interest paid on Loris’s personal car loan  $ 2,000

Child support paid to Steven’s ex-wife $10,000

Alimony paid to Steven’s ex-wife. Divorced in 2010 $  6,000

Qualified Out of Pocket Medical Expenses $ 5,000

Donations to Church $ 2,500

Real Estate Taxes on primary residence $ 5,000

Mortgage interest paid on primary residence (<$1M) $ 8,000

Steven’s business revenue $60,000

Steven’s business expenses $15,000

Required: Using the tax formula format, determine the following for the Post’s 2020 tax year (show all calculations): 

  1. All Income  $___________
  2. Income Exclusions (if any)  $ ___________
  3. Gross income (including Steve’s SE profit) $      ___________
  4. Deductions For AGI  $ ___________
  5. Adjusted gross income $      ___________
  6. Itemized deduction or standard deduction amount $      ___________
  7. Qualified Business Deduction $      ___________
  8. Taxable income $      ___________
  9. Income tax liability $      ___________
  10. Self-employment tax liability $      ___________
  11. Net tax due or refund (show calculation) $      ___________

Remember: This is for the 2020 tax year. You must use appropriate 2020 amounts for standard deduction, exemptions, and tax calculations. You are not required to use tax forms. SHOW ALL CALCULATIONS

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