Marie’s father died on July 17, 2022 leaving her the sole beneficiary of his life insurance policy. On November 12, 2022, Marie received the $250,000 lump-sum death benefit from the policy and $225 in interest income on the proceeds. What is the taxable income Marie should report for 2022?

In late 2019, Randy and Rachel Erwin paid $7,000 in legal fees, adoption fees, and other expenses directly related to the adoption of an infant son, Jameson. In 2020, the year in which the adoption becomes final, they pay an additional $8,000. Their AGI in 2020 is $135,000. a.  Randy and Rachel are eligible for a $fill in the blank 1 adoption credit in 2020. b.  Assume the same facts but the taxpayer's AGI for 2020 is $220,000. Round any division to three decimal places and round your final answer to the nearest dollar. Randy and Rachel are eligible for a $fill in the blank 2 adoption credit in 2020.

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $304,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.   Problem 13-85 Part b (Algo) b. She sets up an individual 401(k).

Greg died on July 1, 2021, and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income?

Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2021). In 2021, his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations to the nearest whole dollar amount.) a. He sets up a SEP IRA. b. He sets up an individual 401(k).

Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $20,200 and she takes the standard deduction, calculate Clarita's earned income credit and child and dependent care credit for 2020. A. child and dependent care credit? B. Earned income credit?

Charles and his wife Diana divorced on May 1, 2022. During 2023, Charles made court-ordered alimony payments in the amount of $7,000. His alimony payments are: A) Included in the income on Diana's return B) Excluded from the income on Diana's return C) Calculated as a deduction on Charles' return OD) Categorized as a credit on Charles' return Back Submit All Ne

Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,750. Table for Repayment of the Credit Amount   Single Taxpayers OtherThan Single Less than 200% $325 $650 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,350 2,700 At least 400% No limit No limit   Click here to access the 2020 Applicable Figure Table to use for this…

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution

For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2019. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. b. During 2019, Linda, age 32, has a salary of $40,000. She participates in a Section 401(k) plan and chooses to defer 25 percent of her compensation. What is the maximum amount Linda can contribute to the Section 401(k) plan on a tax-deferred basis? If Linda's salary was $125,000, instead of $40,000, what is the maximum amount that she could contribute to the Section 401(k) plan on a tax-deferred basis?