Ella is 71 years old and lives in a retirement home. She paid a total of $9,000 in attendant care fees, which she decided to claim as a O $0 $130 $8,870 O $9,000
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- Linda Smith paid $25,000 in premiums on a 20-year endowment policy on her life. The policy has a face value of $40,000. At age 60, Linda decides to collect the face value of the policy. In the year of collection, how much will Linda include in her taxable income?Nancy, who is 59 years old, is the beneficiary of a $235,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? Note: Do not round any intermediate division. Round your final answer to the nearest whole dollar amount. a. She receives the $235,000 proceeds as a lump-sum payment. b. She receives the proceeds at the rate of $4,525 a month for five years. c. She receives the proceeds in monthly payments of $1,370 over her remaining life expectancy (assume she will live 25 years). d. Use the information from (c). If Nancy lives beyond her 25-year life expectancy, what amount of each monthly payment will be taxable in the 26th year? a. Taxable insurance proceeds b. Taxable insurance proceeds per month c. Taxable insurance proceeds per month d. Taxable insurance proceeds per month $Ashvinn
- LO.2Barbara incurred the following expenses during 2020: $840 dues at a health club she joined at the suggestion of her physician to improve her general physical condition, $240 for multiple vitamins and antioxidant vitamins, $3,500 for a smoking cessation program, $250 for nonprescription nicotine gum, $2,600 for insulin, and $7,200 for funeral expenses for her mother who passed away in June. Barbara's AGI for 2020 is $54,000. What is Barbara's medical expense deduction for 2020? 1Amy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the following amounts during the year: Contribution to Traditional IRA : 5000 PreTax Cuts and Jobs Act Alimony she paid to her ex husband: 10,000 Medical expenses: 6000 What is Amy's Adjusted Gross Income? (AGI) a. 29000 b. 34000 c. 35000 d. 39000Marcelo took out a life insurance policy for Php 1,000,000 naming his only son as beneficiary. The term of the insurance policy is 20 years. Total premiums paid on the policy was Php 700,000. Marcelo outlived the policy and received the proceeds of Php 1,000,000. a. Is the amount received by Marcelo taxable? b. If Marcelo died on the tenth year and his son received the Php 1 million, is the amount received taxable?
- HansabenGramps purchased a joint survivour annuity that pays $1100 monthly over his remaining life and that of his wife gram . Gramps is 70 years old and Gram is 65 years old . Gramps paid $259182 for the contract. How much income will Gramps recognize on the first payment ? ( hint:-review Table VI from reg sec 1.72-9 on the IRS website)Monica has a Roth IRA to which she contributed $15,000. The IRA has a current value of $37,500. She is 54 years old and takes a distribution of $25,000. How much of the distribution will be taxable to Monica? $15,000 $10,000 $0 $25,000 $37,500
- Sam died on January 15, 2011 and left his wife, Terry, an insurance policy with a face value of $100,000. Terry elected to receive the proceeds over a 10-year period ($10,000 plus interest each year). This year Terry receives $11,500 ($10,000 proceeds plus $1,500 interest) from the insurance company. How much income must Terry report from this payment? a.$1,500 b.$0 c.$500 d.$11,500 e.None of these choices are correct.Val died on May 13, 2021. On July 3, 2018, she gave a $400,000 lite insurance policy on her own lite to son Ray. Because the value of the policy was rela- tively low, the transter did not cause any gift tax to be payable. a. What amount was included in Val's gross estate as a result of the 2018 gift? 6. What amount was included in Val's gross estate if the property given was land instead of a life insurance policy? C. Refer to Part a. What amount would have been included in Val's gross estate if she instead gave Ray the policy on April 30, 2017?Glenda is 71 years old and lives in a retirement home. She paid a total of $9,000 in attendant care fees, which she decided to claim as a medical expense. Form T2201 is certified by the CRA. How much can Glenda claim on Line 31600? gha $0 $130 $8,870 $9,000