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14 December, 15:48

Jan and Sam have all of their 2018 tax documents ready to bring to George to prepare their return. These documents include a W-2 for Jan ($52,300), a W-2 for Sam ($48,700), a state tax refund of $475, canceled debt income of $1,800 for Jan, and state lottery winnings of $2,000. They never itemize deductions. What will be their total on Form 1040, line 7? a. $105.275 b. $104,800 c. $103,275 d. $103,000?

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  1. 14 December, 16:00
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    The answer is b. $104,800

    Explanation:

    W-2 for Jan $52,300 + Sam $48,700 + canceled debt income of $1,800 + state lottery winnings of $2,000 = $104,800
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