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Theresa and Oliver, Married Filing Jointly, and Both Over 65

Question 90

Essay

Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their 2014 income tax facts are:
 Theresa’s wages $165,000 Oliver’s wages 33,000 Short-term capital gain 36,000 Long-term capital loss (41,000)\begin{array}{lr}\text { Theresa's wages } & \$ 165,000 \\\text { Oliver's wages } & 33,000 \\\text { Short-term capital gain } & 36,000 \\\text { Long-term capital loss } & (41,000)\end{array}

 What is their taxable income for 2014?\text { What is their taxable income for } 2014?

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The couple's taxable income is $172,300....

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