Saji and Henry Roberts are married for all of 2024 and have an AGI of $130,000, taxable income of $120,000 and calculated income tax liability of $50,000. Their income tax liability in 2023 was $40,000 (And 2023 AGI was $125,000), and they made the minimum amount of withholding and estimated income tax payments to ensure that they will not be subject to any estimated tax penalties. In addition, they had $5,700 withheld from their wages for their portion of Social Security and Medicare taxes and provided you with the following information:
They maintained a home for Saji’s dependent 85 year old father.
They have one child, Joshua, who is 15 years old and meets the requirements of a qualifying child.
Required: What is the Lozano’s net tax due(refunded) for 2024?