Howard Gartman is a 40% partner in the Honon &

Howard Gartman is a 40% partner in the Honon & Gartman Parmership. During 2019, the parmership reponed the roral irems below (100%) on irs Form 1065:

Ordinary income ……………. $180,000

Qualified dividends ……………. 10,000

Long-term capital loss ……….. (12,000)

Long-term capital gain …..……. 28,000

Charitable contributions ………… 4,000

Cash distributions to partners … 150,000

Howard and his wife Dawn, who file a joint return, also had the following income and deductions from sources nor connected with the partnership:

Income

Dawn’s salary

$400,000

Qualified dividends

3,000

Deductions

Mongage interest

12,000

Real estate taxes

5,800

Charitable contributions

3,000

Howard and Dawn have two children. During 2019, Dawn had $4,500 in federal income taxes withheld from her salary and Howard made four estimated tax pay-ments of $2,500 each ($10,000 total). Compute Howard and Dawn’s Federal income tax liability for 2019 and whether they have a balance due or a tax refund. Ignore the child tax credits.

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