Joe Taxpay

Please help me with e and f. Thanks!

George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and his IRA is now worth $25,000. He is planning on converting the entire balance to a Roth IRA account. George's marginal tax rate is 24 percent. Note: Leave no answers blank. Enter zero if applicable. Problem 13-76 Part a (Static) a. What are the tax consequences to George if he takes $25,000 out of the traditional IRA and contributes the entire amount into a Roth IRA one week after receiving the distribution? Tax payable Penalty Total $ SA 6,000 2,500 8,500

The Wilmoths plan to purchase a house but want to determine the after-tax cost of financing its purchase. Given their projected taxable income, the Wilmoths are in the 24% Federal income tax bracket and the 8% state income tax bracket (i.e., an aggregate marginal tax bracket of 32%). Assume that the Wilmoths will benefit from itemizing their deductions for both Federal and state purposes. The total cash outlay during the first year of ownership will be $23,400 ($1,200 principal payments, $22,200 qualified residence interest payments).   If required, round your interim calculation to nearest dollar. As a result, the initial year after-tax cost of financing the purchase of the home will be $fill in the blank 1

After you determine the Amount Realized, Type and amount of Basis, and Gain or Loss of the following, explain what will be included in the Taxpayers income and why: Joe owns two residences, one in Rhode Island and one in Montana. From 1999-2004 he lives in Rhode Island for seven months and Montana for five. He sells the Montana house, purchased for 20,000 down and mortgage of 180,000, for 450,000.

Explain

Anita and Jim are considering a home equity loan to build a nice deck and patio in their back yard. They want to borrow $35,000 and are quoted an APR of 10%. If their marginal tax bracket is 24%, how much money can they save in taxes each year if capitalize on the tax-deductibility of interest paid on the home equity loan?

How much and where on the tax return would Jessica James, a cash-basis farmer, deduct $8,544 mortgage interest expense; 20% allocable to her home and 80% allocable to the farm land?   (a) $1,709 on Schedule A, and $6,835 increases the basis of the farm land. (b) $1,709 on Schedule A, and $6,835 on Schedule F. (c) $6,835 on Schedule A. (d) $6,835 on Schedule F.

John and Charlotte are considering contributing $1,000 to their church. This contribution will bring their total itemized deductions to $2,000. Assuming the standard deduction is $10.000 per person and they are in the 15% marginal tax bracket, how much will they save in taxes by contributing this $1,000 to their church? Type your answer here

I want answer with explanation... I'll upvote you... Only typed answer I want...     The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2200/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $2500. If the Johnsons decide to secure a 15-year mortgage, what is the price range of houses that they should consider when the local mortgage rate for this type of loan is 2%/year compounded monthly? (Round your answers to the nearest cent.)   least expensive $ most expensive $