Chad Boudreaux is a 58-year riverboat captain. He grew up in New Orleans and has worked on the Mississippi River his entire life. He works for a private company in New Orleans called Crescent River Pilots Inc. (CRP) and is married to Patricia, who is 35 years old. They have a seven-year-old son, named River. CRP sponsors a 401(k) plan that offers a Roth account and a separate ESOP. Chad has the following retirement plan accounts: Account Description Current FMV Beneficiary ESOP account from CRP – consists of CRP shares. The cost basis for the shares is $75,000. $400,000 Patricia 401 (k) Plan From CRP Inc. $800,000 Patricia 401 (k) Plan from Schlumberger, where he worked in his thirties $90,000 Patricia Roth IRA (established in 2000 with a $2000 initial contribution; three years ago he rolled over a traditional IRA with a balance of $10,000 $45,000 Patricia Traditional IRA (established twenty years ago with $15,000 of after-tax contributions) $90,000 River Inherited IRA from the death of his Mama. She died in the same year Chad turned 50 years old. $120,000 River 1. If Chad took $20,000 distribution from his traditional IRA to pay for the vacation, what are the tax implications?

Donald Jefferson and his wife, Maryanne, live in a modest house located in a Los Angeles suburb. Donald has a job at Pittsford Cast Iron that pays him $50,000 annually. In addition, he and Maryanne receive $2,500 interest from bonds that they purchased 10 years ago. To supplement his annual income, Donald bought rental property a few years ago. Every month he collects $3,500 in rent from all of the property he owns. Maryanne manages the rental property, and she is paid $15,000 annually for her work. During 2015, Donald had to have the plumbing fixed in the houses that he rents as well as the house in which he and Maryanne live. The plumbing bill was $1,250 for the rented houses and $550 for the Jeffersons’ personal residence. In 2015, Donald paid $18,000 for mortgage interest and property taxes—$12,650 was for the rental houses, and the remaining $5,350 was for the house occupied by him and his wife. The couple has three children who have graduated from medical school and now are…

Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $650 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $7,000 and never have to pay annual membership dues.Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 5.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $650 in annual membership dues? (Note: Round your answer up to the nearest…

Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old. The Grangers spent $13,750 in qualifying expenditures for their two youngest children's child care in 2021. How much of their qualifying expenditures may they consider when claiming the Child and Dependent Car Credit?

Bha

Please help me.  Thankyou.

Chad Boudreaux is a 58-year riverboat captain. He grew up in New Orleans and has worked on the Mississippi River his entire life. He works for a private company in New Orleans called Crescent River Pilots Inc. (CRP) and is married to Patricia, who is 35 years old. They have a seven-year-old son, named River. CRP sponsors a 401(k) plan that offers a Roth account and a separate ESOP. Chad has the following retirement plan accounts: Account Description Current FMV Beneficiary ESOP account from CRP – consists of CRP shares. The cost basis for the shares is $75,000. $400,000 Patricia 401 (k) Plan From CRP Inc. $800,000 Patricia 401 (k) Plan from Schlumberger, where he worked in his thirties $90,000 Patricia Roth IRA (established in 2000 with a $2000 initial contribution; three years ago he rolled over a traditional IRA with a balance of $10,000 $45,000 Patricia Traditional IRA (established twenty years ago with $15,000 of after-tax contributions)…

avid R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a elf-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2022 . He maintains his own office and pays for all business expenses. The Coles are adequately covered by the medical plan provided by Ella's employer but have chosen not to participate in its §401(k) retirement plan. David's employment-related expenses for 2022 are summarized below. \table[[Airfare,$8,800

Mr. & Mrs Grnager both work full time.  They have three children ages 16, 6, and 3.  In 2021, the Grangers' paid $13,750 of qualifying expenses for child care for their two youngest children.  For purposes of claiming the Child and dependent Car credit, how much of their qualifying expenses can they consider?

Kyle (44) and Elise (39) Terry have four children. Kyle works for Lockheed Martin as a flight engineer and Elise is a freelance writer/editor. Their family is covered by a qualified High Deductible Health Insurance Plan. Kyle's gross pay is $120,000 nd Elise's net earnings from self-employment is $75,000. Their children are Jacob(16), Katie(14), Rachael(12), and Luke(10). For the current tax year, Kyle and Elise prepared for retirement. Kyle's plan is a profit sharing plan and Elise utilizes a SEP IRA. Kyle's employer contributes 14% of his gross pay to the profit sharing plan. Kyle pays the health insurance premiums through his employer's cafeteria plan, his portion of the health insurance premiums are $7,000 per year. Kyle also incurred the following expenses during the year: $1,900 in student loan interest, $4,000 contribution to Utah's 529 plan ($1,000 for each child, kyle lives in Georgia); State income taxes of $12,000; property taxes of $4,000; mortgage interest of $10,000; and…