SOLUTION: Indiana University Bloomington Individual Income Tax Return Discussion

Attached.Running head: TAXATION1EXECUTIVE SUMMARYNameInstitutionDateTAXATION2Jimmy and Cindy incurred interest on credit card debt, which does not receive a taxbenefit. The taxation laws consider it as a personal interest, therefore, excluding from the listof tax benefit expenses. Only costs that produce additional income are liable for receiving taxbenefits. Further, Jimmy had federal and state income tax withheld from his compensation. Inthis case, he will not receive a tax benefit from the withholding and ought to pay the amountsin full.Interest from the municipal bonds is money borrowed for investment purposes. In thecase, the amount of interest $8,200 that they incurred is a carryover to the year 2020. Theinvestment expense reduces net income. They have a passive loss in rental property tax andhome mortgage, which are investments they are not material participants. Therefore, thetaxation on the costs is liable to carry over into the year 2020. The charitable contributionsshould receive a deduction of up to 50% of the adjusted gross income. In this case, they had acarry…

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