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ACC - LO.3, 8, 11 Bonnie and Jake (ages 35 and 36, respectively)




Question;LO.3, 8, 11 Bonnie and Jake (ages 35 and 36, respectively) are married with no dependents and live in Montana (not a community property state). Because Jake has large medical expenses, they seek your advice about filing separately to save taxes. Their income and expenses for 2013 are as follows:Bonnie?s salary $ 42,500Jake?s salary 26,000Interest income (joint) 1,500Rental loss from actively managed rental property (23,000)Jake?s unreimbursed medical expenses 8,500All other itemized deductions:*Bonnie 9,000Jake 3,400*None subject to limitationsDetermine whether Bonnie and Jake should file jointly or separately for 2013. Show Income, AGI, Deductions and Amount of Tax Owed under both scenarios!


Paper#40723 | Written in 18-Jul-2015

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