Bob and Melissa Grant are married and live in Lexington, Kentucky. The Grants would like to file a joint tax return for the year. They have 19-year-old twin-daughters who still qualify as their dependents on the tax return. For this project, we assume that they do not claim any tax credits.
1. Taxable interest on Line 2b? 2. The phase-out percentage for the student loan interest deduction is 20, 40, 60, 80 or 100%? 3. 2021 Form 1040 Line 11 (Adjusted Gross Income)? 4. Schedule A, Line 15 Casualty and Theft Losses (All items are considered one event)? 5. Schedule-A Line 16 (Other Itemized Deductions)? 6. […]