Question 32 of 58. Gerald is a 67-year-old widower. His net income on Line 23600 is $105,000, of which $80,000 is investment income. How much age amount can he claim on Line 30100 in Step 5 Part 87 50 $1,184.70 $2,000 $7,898 Mark for follow up Question 33 of 58. Which of the following is NOT eligible for the pension income amount on the return of a taxpayer who is 66 years old? RPP annuity CPP retirement benefits Foreign pension benefits Qualifying pension income Mark for follow up

Question 32 of 58. Gerald is a 67-year-old widower. His net income on Line 23600 is $105,000, of which $80,000 is investment income. How much age amount can he claim on Line 30100 in Step 5 Part 87 50 $1,184.70 $2,000 $7,898 Mark for follow up Question 33 of 58. Which of the following is NOT eligible for the pension income amount on the return of a taxpayer who is 66 years old? RPP annuity CPP retirement benefits Foreign pension benefits Qualifying pension income Mark for follow up

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 41P

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At his death, Andrew was a participant in his employer's contributory qualified pension plan. His account reflects the following. Employer's contribution $2,894,000 Andrew's contribution 2,315,200 (made with after-tax dollars) Income earned and accumulated 1,447,000 by the plan a. As to this plan, how much is included in Andrew's gross estate? 4,846,560 x Feedback V Check My Work Retirement plan benefits are subject to estate tax. Inclusion in the gross estate occurs irrespective of income tax consequences. b. If the account balance is paid to Andrew's surviving spouse as the designated beneficiary, how much qualifies for the marital deduction? 4,846,560 Feedback V Check My Work Incorrect Feedback V Check My Work Retirement plan benefits are subject to estate tax. Inclusion in the gross estate occurs irrespective of income tax consequences.
Question 32 of 58. Gerald is a 67-year-old widower. His net income on Line 23600 is $105,000, of which $80,000 is investment income. How much age amount can he claim on Line 30100 in Step 5 Part B? so $1.184.70 $2,000 $7,898 Mark for follow up
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Darlene, age 35, and Devin, age 36, are maried. Darlene earns $48,000, and Devin earns S41,000. Their adjusted gross income is $97,000. Darlene's employer provides her with a qualified pension plan; Devin's does not. What is Darlene and Devin's maximum combined IRA contribution and deduction amounts? Contribution Deduction O $12,000 AS10,725 $12,000 $12,000 O S12,000 $6,000 O S12,000 $8,000 O S12,000 $5,000