Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2019. They pay $7,000 in 2018 and $7,500 in 2019 for qualified adoption expenses.  In 2019, Carl and Jenny have AGI of $150,000. a. what is the adoption credit Carl and Jenny can claim in 2019? b. How much credit could they calaim if the adoption fall through and is never fianlized? c. How much credit could they claim if their AGI was $217,160?

n 2021 Betty loaned her son, Juan, $10,000 to help him buy a car. In 2023, before he repaid the $10,000, Betty to Juan that she was "tearing up" the $10,000 note as a graduation present. How should Juan treat the amount forgi O A. taxable income in year of forgiveness B. excludible gift in year of forgiveness OC. taxable income in year of loan O D. excludible gift in year of loan

Benny is supported by the people listed below. 19-year-old child 15-year-old child 67-year-old mother In 2021, how many of these dependents will be eligible for the $500 nonrefundable Other Dependents Credit?

Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up

Mr. Babu Kamil is a married person and have a net income of $85,000 in 2021. His spouse has a net income of $4500 and she has no mental or physical infirmity. Calculate the spousal amount to be claimed in Line 30300 $13808 – 4500 = $9,308 Calculate the spousal credit (how much credit Mr. Babu gets from this amount). $9308*15% = $1396.20

You are a dual-income, no-kids family. You and your spouse have the following debts: Mortgage = $261,000; Auto loan = $10,000; Credit card balance = $2,150; and other debts = $6,200. Further, you estimate that your funeral will cost $9,000. Your spouse expects to continue to work after your death. Using the DINK method, what should be your need for life insurance? Total insurance need $ 288,350

Ted and Alice Hansel have a son who will begin college 10 years from today. School expenses of $48,000 will need to be paid at the beginning of each of the four years that their son plans to attend college. What is the duration of this liability to the couple if they can borrow and lend at the market interest rate of 10.8 percent? (Do not round intermediate calculations and round your answer to 5 decimal places, e.g., 32.16161.) Answer is complete but not entirely correct. 10.09238 Duration

In 2020, Emily and Mark are married. Emily earns $150,000 from her job as a finance executive. Mark earns $25,000 per year as a part-time florist. They have two children, Peter and Sam, ages 2 and 5. Emily’s great aunt Joan gave her a check for $17,000 during the year because she is her favorite niece. Also, Emily’s job reimbursed him $5,000 for childcare for his two sons.Mark owns a 20% interest in Flowers to Go (a partnership). The partnership earned $75,000 in operating income during the year, it also paid a cash distribution of $15,000 to Mark during the year.Emily and Mark have a joint checking account that earned interest of $165 for the year. Emily also own City of Scranton bonds which paid interest of $1,000.They also have the following expenses during the year:· Medical Expenses: $22,000· State & Local Taxes: $11,500· Federal Income Tax Payments: $10,000· Cash Charitable Contributions: $3,000The standard deduction amounts for 2021 are listed below:· Single: $12,550· Head…

Lanny and Shirley divorced in 2018 and do not live together. Shirley has custody of their child, Art, and Lanny pays Shirley $23,000 per year. All property was divided equally.

Marie wants to provide retirement income for her dependent parents for 35 years should she die. Marie earns $67,500 and feels that her parents could live on 65% of that amount. If the insurance funds could be invested at 5%, how much life insurance does she purchase using the desired income method? Group of answer choices $1,273,499 $1,450,087 $932,743 $877,500