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Theresa and Oliver, Both Over 65 Years of Age and Married

Question 5

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Theresa and Oliver, both over 65 years of age and married filing jointly, have no dependents.Their 2019 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} { l r } \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 2018?

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The couple's taxable income is $168,000....

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