Problem
Respond to the following independent situations:
a. Masa and Haiming, husband and wife, filing jointly, earn $250,000 in salaries and do not have any net investment income.
b. Masa and Haiming, husband and wife, filing jointly, earn $180,000 in salaries and $40,000 in capital gains, $40,000 in dividends, and $20,000 in savings interest for a total MAGI of $280,000.
c. Masa and Haiming, husband and wife, filing jointly, earn $300,000 in salaries and $40,000 in capital gains for a total MAGI of $340,000.
How much in surtax will Masa and Haiming be assessed on their Form 1040 for 2016?
In 2016, Rosalva sold stock considered short-term for a gain of $1,345 and stock considered long-term for a loss of $4,370. She also had a $3,360 short-term loss carryover from 2015 and a $1,420 long-term loss carryover from 2014.
a. What amount will be shown as a short-term gain (loss) for 2016?
b. What amount will be shown as a long-term gain (loss) for 2016?
c. How much of the loss is deductible in 2016?
d. What is the amount of long-term carryover to 2017?