Nathan is 14 years old. Nathan's dad opened a bank account for Nathan when he was 2 years old and has been depositing $100 each month ever since. In early 2023, Nathan received a bank statement from CIBC showing the account had a balance of $16,268.34 at the end of 2022 and a T5 for 2022 with $308.15 in box 13. What options do Nathan and his dad have for reporting this income? O Nathan's dad must report income of $16,268.34 Nathan's dad must report income of $308.15 O Nathan must report income of $16,268.34 O Nathan must report income of $308.15 O No income must be reported since Nathan is under 18
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- Jace is trying to determine how to invest $1,234.56 that he inherited from his cousin Elijah. He has the following options at his bank. Certificate of Deposit that pays 4.25% simple interest.Savings Account that pays 3.95% compounded annually.How much will the CD be worth if he left the money untouched for 30 years? A) $2,808.66 B) $5,246.88 C) $4,303.23 D) $28,086.60Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1: What amount will Chris and Allison report for their total income on Form 1040? You may refer to the couple's partially completed Form 1040, page 1, which is shown below, to assist you in answering this question.…Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…
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