If I turn 65 in January 2025 can I contribute the maximum amount to my hsa in 2024?
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If I turn 65 in January 2025 can I contribute the maximum amount to my hsa in 2024?
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- BhaDerek can deposit $19,305.00 on each birthday beginning with his 26.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,825,432.00 in it when he retires?On 1 November 2020, James was eligible to receive the following three annuities.(a) $2000 per annum payable on 1 February each year, with the FInal payment to be made on 1 February 2042;(b) $3200 per annum payable quarterly on 1 January, 1 April, 1 July and 1 October each year, with the FInal payment to be made on 1 January 2037;(c) $1800 per annum payable monthly on the FIrst day of each month, with the FInal payment to be made on 1 August 2039. Immediately after receiving the monthly payment due on 1 November 2020, James asked that these three annuities be combined into a single annuity payable half-yearly on 1 February and 1 August in each sub- sequent year with the FInal payment to be made on 1 February 2042. Find the amount of the revised annuity, given it was calculated assuming an interest rate of 8% per annum effective. Assume all months are of equal length.
- 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?During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty.Mark, who is single, must start making distributions from his pension plan beginning April 1, 2022. At the end of 2020, when Mark was 71 years old, the plan had a balance of $220,000. He will use a single life expectancy. What amount must Mark take as a distribution from the pension plan no later than April 1, 2022? Use Table I, Table III, and Table V. Multiple Choice $8.907 $8,594 $14,193 $8,302 220000 16.3 X = 13496.9325153 X
- Sarah will receive a perpetual annul income of $50,000 on her retirement, commencing in 3 years time. If the interest rate is 8% per annum, how much is this worth as a single sum today?25. Ms. Bates purchased an annuity contract that pays her $120 per month beginning March 1, 2020. The annuity cost her $16,900 and has an expected return of $26,000. How much of this annuity is included in her gross income for 2020?In December 2020 Sally purchased an annuity that pays her $1,000 per month for 16 years. She paid $150,000 for the annuity. Of the $12,000 Sally received in 2021, how much will she include in her gross income? $9,375 $2,625 $12,000 $3,600 $0
