what amount of taxes and/or early distribution penalties will Javier be required to pay on this distribution?
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Hw.5.
Javier, who is 61 years old, had some surprise medical expenses during the year. To pay for these expenses (which were above the 10% of AGI threshold and claimed as itemized deductions on his tax return), he received a $20,000 distribution from his traditional IRA (he has only made deductible contributions to the IRA). Assuming his marginal ordinary income tax rate is 15 percent, what amount of taxes and/or early distribution penalties will Javier be required to pay on this distribution?
Multiple Choice
$0 income tax; $0 early distribution penalty
$3,000 income tax; $0 early distribution penalty
$0 income tax; $2,000 early distribution penalty
$3,000 income tax; $2,000 early distribution penalty
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- 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 b (Static) b. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, pays the taxes due from the traditional IRA distribution, and contributes what's left from the distribution to the Roth IRA one week after receiving the distribution? Tax payable Penalty Total $ $ A 6,000 (600) 5,400George (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 8,500Graham has wages of $165,000 and $400 of deductible expenses. He has a tax offset of $100. He has private hospital health insurance. His PAYG withholding tax was $50,600. Thus his income tax payable / refundable in the current income tax year is: a. None of the options are correct. b. $1,164.67 c. $979.00 d. $961.22 e. $1,135.54
- 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. 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=? b. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, pays the taxes due from the traditional IRA distribution, and contributes what's left from the distribution to the Roth IRA one week after receiving the distribution? Tax Payable=? Penalty=? c. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, keeps $10,000 to pay taxes and to make a down payment on a new car, and contributes what's left from the distribution to the Roth IRA one week after receiving…[The following information applies to the questions displayed below.] 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 answer blank. Enter zero if applicable. Problem 6-59 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?You and your spouse have the following retirement accounts. Tell me how much you can take out or borrow from each account without incurring a tax penalty. Assume that you are a first time home buyer and you are in the 17% Federal and state tax brackets. Your IRA $9,000 Your Spouse's IRA $8,000 Your Roth IRA $18,000 (10,000 of contributions) Your Spouse's Roth $15,000 (8,500 of contributions) Your 401(k) $110,000 Based on the information above, answer the following questions: * number your answers 1,2,3 1) How much can you take out or borrow without penalty for a down payment? 2) What is the maximum amount you can pay for a house if you put 20% down. Assume that you can borrow any amount.
- Malcolm Moore, single, had medical expenses of $5,000 last year and was able to deduct $3,000 of them. He was reimbursed $4,500 of these expenses this year by his insurance company. His total itemized deductions last year were $19,000. What amount must he include in this year's tax return as gross income?38. Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $20,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 37 percent this year and next year, and that she can earn an after-tax rate of return of 12 percent on her investments. When should she pay the $20,000 bill this year or next?Use the following information for the next three questions:Maricel started a laundry business last year. At the end of 2018, he earned a taxable income of P350,000 in total. He did not opt the 8% income tax rate.6. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,0007. What is the tax due?a. 0b. 20,000c. 55,000d. 70,0008. What is the percentage tax?a. 0b. 600c. 10,500d. 30,500
- Mrs. Nunn, who has a 24 percent marginal tax rate on ordinary income, earned $3,670 interest on a debt instrument this year. Required: Compute her federal income tax on this interest assuming that the debt instrument was: Note: For all requirements, round your final answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "0" wherever required. a. An unsecured note from her son, who borrowed money from his mother to finance the construction of his home. b. A certificate of deposit from a federal bank. c. A 30-year General Electric corporate bond. d. A U.S. Treasury note. e. A City of Memphis municipal bond. a. Federal income tax b. Federal income tax c. Federal income tax d. Federal income tax e. Federal income tax AmountUse the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000K is self-employed. His annual estimated tax payment for 2021 to be $4500. K has over payment of $120 of last year's taxes which he will apply in his first quarter estimated payment. What should be the amount of tax voucher for the first quarter? O $255 $365 $250 O $260