Mabel turned 18 in 2001. She opened a TFSA in Jan 2024. She has not contributed to the TFSA so far. What is the maximum that Mabel contribute today?

Malcolm knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate if for him and his wife. In 2020, the OAS pension is clawbacked or reduced by 15% above $79,054. Malcolm and his wife are both receiving monthly pensions of $613.54. His net income is $130,000 while his wife's net income is $85,000. What is the total amount they have to repay in 2020? Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,054 $8,254 $14,725 $892 $13,833 $7,362 $128,137

Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023. they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. If they can contribute to an HSA  what is their maximum contribution and deduction? ________________

Joey, who is single, is not covered by another qualified plan and earns $126,000 at his job in 2020. How much can he contribute to a traditional IRA or to a Roth IRA in 2020?

Urmilaben

Kiara (31) is married. However, she and her two children, Xavier (3) and Shandra (5), moved back in with her parents in 2019, after she separated from her husband. She will not be filing a joint return with her husband. They are all U.S. citizens and have valid social security numbers. Kiara's divorce had not been finalized by the end of 2020, but her husband did not live with her during the year. The children stayed with him 150 nights and the rest of the nights with Kiara. He did not pay any of her household expenses. Since the separation, Kiara and her children have lived in the finished basement apartment that her parents used to rent to local college students. Kiara pays more than half the cost of maintaining the apartment, and neither of the children provided any of their own support. Kiara’s wages and AGI were $43,250; Xavier’s gross income was $0; Shandra’s was $0. Kiara had no other income including foreign income. Kiara will not be releasing any dependent exemptions she may…

Rex Luther is an Anesthesiologist. He is single and has an adjusted gross income of $244,500.  He paid $5,200 in student loan interest in 2022.  How much can he deduct in student loan interest as an adjustment to his income?

Nancy Kapiolani lives in a duplex that she owns at 1218 Park Ave S., Tacoma, WA 98447. Nancy rents one-half of her duplex and lives in the other half. In 2023, her existing tenant’s lease expires and the tenant moves out. The tenant paid $2,500 in rent during 2023. Nancy had collected first and last months’ rent from the tenant in 2022. Due to the condition of the unit, Nancy keeps $200 of the security deposit to make repairs. Her new tenant moves in and pays $1,000 per month for a one-year lease starting July 1, 2023. The new tenant is also required to pay Nancy first and last months’ rent plus a $500 security deposit. The unit is rented for 365 days during 2023. Nancy’s basis for depreciation on the rental portion is $120,000, and she uses straight-line depreciation with a 27.5 year useful life. Repairs to the rental half of the unit are $400 (including the $200 from the security deposit). On the whole duplex, real estate taxes are $2,200, interest on the mortgage is $3,400,…

In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs.What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. (Leave no answer blank. Enter zero if applicable.)   a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages.

Would you help me with this problem. Thank you