Essay
Jeff and Kathy O'Connor file a 1040 jointly. Jeff earned $39,000 and Kathy earned $13,700 working part time. The O'Connors have four children. Jeff contributed $3,500 to his IRA. They had $5,200 in medical and dental expenses. They paid $4,390 in real estate taxes, $7,260 in mortgage interest, and made $1,500 in charitable contributions. Together they had $1,825 withheld for income tax during the year. Using a tax table, how much additional tax do they owe or what is their refund?
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The O'Connors will receive a $472 refund...View Answer
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Correct Answer:
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