True/False 1. The simplified method is used only for annuity distributions from qualified retirement plans. 2....
True/False
1. The simplified method is used only for annuity distributions from qualified retirement plans.
2. Total gambling winnings must be included in gross income and gambling losses (up to the amount of current year's winnings) are allowable as an itemized deduction.
3. Unemployment compensation is taxable.
4. Income from illegal activities is not taxable.
Homework Answers
1) TRUE
- The simplified method is used only for annuity distributions from qualified retirement plans but not used for any other commercial annuities.
- The simplified method is used in order to figure out the tax free part of the each payment of annuity.
2) TRUE
- Gambling winnings must be included in gross income and they are taxable. Whereas the gambling losses are allowable as a itemized deduction up to the amount of current year's winnings.
3) TRUE
- Unemployment compensation is a source of income for jobless workers, who lost their job after worked for stipulated period, untill they find employement.
- it is taxable and reported as other income.
4) FALSE.
- Income from illegal activities must be include in the income and it are taxable.
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True/False
1. The simplified method is used only for annuity distributions
from qualified retirement plans.
2....
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URGEEEENT 24. What is the taxable portion of Mark’s pension from Pine Corporation using the simplified...
URGEEEENT
24. What is the taxable portion of Mark’s pension from Pine
Corporation using the simplified method? $________.
NOTE: Mark retired and began receiving retirement income on
March 1, 2017 . No distributions were received prior to his
retirement . Mark selected a joint survivor annuity for these
payments . The plan cost at annuity start date was $14,500 . Mark
has already recovered $1,029 of his cost in the plan .
2019 O CORRECTED (if checked) PAYER'S name, street...
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a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
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URGEEEENT
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a. Investment expense
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