Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $67,600. Meg works part time at the same university. She earns $35,100 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). What is the Comers’ tax liability for 2020 if they report the following capital gains and losses for the year?
Short-term capital gains $ 11,100
Short-term capital losses (4,100)
Long-term capital gains 17,100
Long-term capital losses (8,100)
I keep getting $11,696, but that is not the right answer.