I received a lump sum from disability last year, I filed my taxes and I'm getting hammered on taxes, I just found out that I can assign some of the lump sum to the previous years that it applies to. But I don't know how to do that.

Jalen just turned 71 years old on December 16, 2023. He knows nothing about personal income taxes and has always relied on his accountant and investment advisor to look after him. He is not too clear on what was said or by which advisor but he remembers one of them mentioning that he needed to take action on his Registered Retirement Savings Plan (RRSP) before the end of the year. He also can't remember what was said about the different conversion options but remembers that one of the options was not tax-efficient. Which is the least tax-efficient? Select one: O a. Purchase a term annuity.. b. Withdraw the RRSP. c. Transfer the funds to a Registered Retirement Income Fund (RRIF). . d. Transfer to a registered annuity.

Below is your client’s actual list of her family’s unreimbursed medical ex-penses for the year. Of course she wants to deduct everything, so it’s up to you to tell her which items really are deductible as medical expenses. (Ignore the % of AGI floor.)   My Family’s Medical Expenses:   (A)  Aspirin   (B)  Contact lenses   (C)  Medical marijuana (bought in Oklahoma – it’s legal!)   (D)  Veterinary bills (for “Whiskers” the cat, but she’s family, too!)   (E)  Acupuncture (it worked!)   (F)  Sunscreen (preventing skin cancer!)   (G)  Botox injections (Wonderful for my mental health – I look 10 years younger!)   (H)  Running shoes (heart health!)   (I)  Viagra (brought home from Mexico, much cheaper!)   (J)  Mileage for driving to/from doctors’ offices   (K)  Birth control pills   (L)  Parking at the hospital (visiting Aunt Mary)   (M)  Massage therapy (at the Elizabeth Arden “Red Door” Salon, wonderful!)   (N)  A book on meditation and self-hypnosis (I now feel so calm and serene!).…

Josh is a MFJ taxpayer and decides to return to school to get a graduate degree at night school while still working his full-time job. He is able to take class part time. Josh and his husband have an AĞI of $124,000, his tuition costs were $15,000, and his books are $1,500. Josh already attended four years of college and used the American Opportunity Tax Credit all four years. How much of a LTL tax credit is he eligible to take in 2020? Group of answer choices $1,500 $2,000 $1,000 None of these amounts.

The year before last, Victor earned $85,000 from his retail management position, and Maria began working full-time and earned $52,000 as a medical technician. After they took the standard deduction and claimed four exemptions (themselves plus their two children), their federal income tax liability was about $20,000. After being convinced by friends that they were paying too much in taxes, the cou- ple vowed to try to never again pay that much. Therefore, the Hernandezes embarked on a yearlong effort to reduce their income tax liability. This year they tracked all of their possible itemized deductions, and both made contribu- tions to retirement plans at their places of employment. A.) Calculate the Hernandezes’ income tax liability for this year as a joint return (using Table 4-2) given the following information: gross salary income (Victor, $85,000; Maria, $52,000); state income tax refund ($400); interest on checking and savings accounts ($250); holiday bonus from Maria’s employer…

Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or (losses). Attach Form 4797. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…