a. Carl and Carla are a very wealthy retired couple in their late sixties and file a joint tax return. During 2011 they had AGI of $980,000. Their only itemized deduction was a $20,000 charitable contribution because they had sold their homes last year and spent all 2011 traveling around the world. What is their taxable income for 2011 and their income tax? How would your answers change if they claimed the standard deduction instead of itemizing?

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The Answer of a. Carl and Carla are a very wealthy retired couple in their late sixties and file a joint tax return. During 2011 they had AGI of $980,000. Their only itemized deduction was a $20,000 charitable contribution because they had sold their homes last year and spent all 2011 traveling around the world. What is their taxable income for 2011 and their income tax? How would your answers change if they claimed the standard deduction instead of itemizing?

A Carl and Carla Are a Very Wealthy Retired Couple