Angle is 56 years old and the primary rebate she would qualify for in 2023 is O A R25 425 OB.R16 425 OCR9000 OD R.2997
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- Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000Your standard deduction will be $12,400 in 2020 if you are: a. A married individual filing a separate return and your spouse itemizes his deductions. b. Single and 67 years old. c. A nonresident alien. d. Single, 27 years old, and blind. e. Single and 45 years old.Required information [The following information applies to the questions displayed below.] Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2022). In 2022, her net Schedule C income was $130,000. This was her only source of income. This year, Hope is considering setting up a retirement plan. What is the maximum amount Hope may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. Maximum contribution
- Jasmine 29 is filing as a single taxpayer in 2020 she recieve income from the following sources 39000 wage alimony payments totailing 14328 her divorce was finalizes in October 2019 unemployment compensation 6200 Jasmine also made a 2000 timely contribution to a traditional ira 2020 she had no other adjustable income and will claim standard deduction what amounts should jasmine report for other income? What is Jasmine adjustable gross income?Tessa, a self-employed dentist, has the following taxable income and allowable outgoings for 2020: Schedule D Case Il income 140,000 Schedule D Case IV deposit interest net 2,680 Schedule D Case V rental income (net of expenses) 22,000 Qualifying retirement annuity premiums paid 8,500 Tessa is 31 years old and does not.have a medical card. What is Tessa's universal social charge (USC) liability for 2020? O a. €10,081 O b. €11,676 O c. €1,971 O d. €12,116Required information [The following information applies to the questions displayed below.] Amelie, a retired physician, is 66 years old. Determine her standard deduction in 2023 under the following scenarios. c. Amelie is single and her 10-year-old granddaughter, Emma, lives with her. Amelie supports Emma and claims her as a dependent. Standard deduction
- uire anv were- Your Taxpayer, age 16, is claimed as a dependent by his mother. In 2019, he has dividend income of $1,300 and earns $500 from a part-time job. What is his taxable income for 2019? a. r00 b. Suppose he earned $1,100 (not $500) from the part-time job. What is his taxable income for 2019? 950 atoturfes)Harriett is age 52, married, and reported AGI of $118,000 in tax year 2023. She is an active participant in her employer's pension plan. What is the maximum deductible IRA contribution she can make for her own account in 2023? Question options: $750 $6,750 $7,500 some other numberAnswer the following questions: Under a 2017 divorce agreement, Joan is required to pay her ex-husband, Bill, $ 700 a month until their daughter is 18 years of age. At that time, the required payments are reduced to $ 450 per month. 1. How much of each $ 700 payment may be deducted as alimony by Joan?$____________ 2. How much of each $ 700 payment must be included in Bill's taxable income?$____________ 3. How much would be deductible/included if the divorce agreement were dated 2019? $____________ Under the terms of a property settlement executed during 2019, Jane transferred property worth $ 450,000 to her ex-husband, Tom. The property has a tax basis to Jane of $ 425,000. 1. How much taxable gain must be recognized by Jane at the time of the transfer?$____________ 2. What is the amount of Tom's tax basis in the property he received from Jane?$____________
- Minnie owns a qualified annuity that cost 78,000. The annuity is to pay Minnie 650 per month for life after she reaches age 65. Minnie turns 65 on September 28, 2019, and receives her first payment on November 1, 2019. a. How much gross income does Minnie have from the annuity payments she receives in 2019? b. Shortly after receiving her payment on October 1, 2034, Minnie is killed in an automobile accident. How does the executor of Minnies estate account for the annuity on her return for the year 2034? c. Assume that the accident does not occur until November 1, 2043. How does the executor of Minnies estate account for the annuity on her 2043 return?Greg died on July 1,2019 , and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income? $____________
