Phil and Susan are married, filing a joint return. The couple have two dependent children. Susan has wages of $34,000 in 2012. Phil does not work due to a disability, but he is a buyer and seller of stocks on the Internet. He generally buys and holds for long term gain, but occasionally gets in and out of a stock quickly. The couple’s 2012 stock transactions are detailed below. In addition, they have $2,300 of qualifying dividends.
|
Item |
Date Acquired |
Date Sold |
Cost |
Sales Price |
|
Blue stock |
11/10/11 |
03/12/12 |
$ 3,000 |
$ 6,000 |
|
Puce stock |
12/13/10 |
05/23/12 |
36,000 |
32,000 |
|
Beige stock |
12/14/07 |
07/14/12 |
13,000 |
14,500 |
|
Red stock |
06/29/11 |
05/18/12 |
26,000 |
27,000 |
|
Black stock |
05/15/11 |
10/18/12 |
67,000 |
67,800 |
|
Gray stock |
04/23/10 |
10/18/12 |
89,000 |
88,200 |
What is Phil and Susan’s AGI?