Clara and Arthur are married and file jointly. Clara receive…
Clara and Arthur are married and file jointly. Clara received a salary of $76,500 and Arthur received a salary for $77,000. Clara’s employer covered $4,200 in medical and dental insurance premium. The couple rented out an apartment to a tenant for a loss of $5,500 this year. They paid state income tax of $12,000. They have one son, Oliver, who is 12 that they care for.If the tax year is 2026, will the couple take the standard deduction or itemize?
Read Details