What tax credit did they miss out on in 2019 (because their income was too high)?



1. What is the tax treatment on their bonuses? 


2.  What tax credit did they miss out on in 2019 (because their income was too high)? 


3.  What estate planning documents would you recommend for them?


4.  What could they consider from a financial planning/tax planning perspective when Lucy quits her job (at age 45)?  Ie, what options might become more viable if their income lowers?


5. What two things could they do to lower their Adjusted Gross Income (and therefore lower their tax liability)?


6.  Where does municipal bond interest go on Form 1040?


7.  Where does interest from their bank accounts go on Form 1040?


8.  What was their total combined income in 2019 (before any adjustments, deductions, etc)?


9.  Based on the information in the case study, should they take the itemized deduction or the standard deduction?


10.  What tax form would we calculate their itemized deductions?  From the limited information you have, what information would go on there?

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