The Inouyes Filed Jointly in 2018

question 20

Essay

The Inouyes filed jointly in 2018. Their AGI is $78,000. They reported $2,000 of qualified business income and $22,000 of itemized deductions. They have two children, one of whom qualifies as their dependent as a qualifying child. The 2018 standard deduction amount for MFJ taxpayers is $24,000. What is the total amount of from AGI deductions they are allowed to claim on their 2018 tax return?

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Definitions:

Treasury Stock

Shares of a company's own stock that have been reacquired by the company and held in its treasury.

Issued

When a company distributes or sells new securities, shares, or other financial instruments to investors.

Reacquired

Refers to assets, often shares, that a company buys back from investors or stakeholders.

Par Value

The stated or principal value of a stock or bond as declared by the issuer.