Homework Answers
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Correct answer is option : Makes a deductible traditional IRA contribution.
Form 8606 is required when filers make non deductible IRA contribution.
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O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete...
Question 60 of 75. Form 8606 is NOT required when a taxpayer Makes a deductible traditional...
Question 60 of 75. Form 8606 is NOT required when a taxpayer Makes a deductible traditional IRA contribution. Takes a qualified Roth IRA distribution. O Converts a SEP IRA to a Roth IRA. O Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Form 8606 is NOT required when a taxpayer __________. Makes a deductible traditional IRA contribution. Takes...
Form 8606 is NOT required when a taxpayer __________. Makes a deductible traditional IRA contribution. Takes a qualified Roth IRA distribution. Converts a SEP IRA to a Roth IRA. Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Form 8606 is not required when the taxpayer: 1. make a deductible IRA contribution 2. Takes...
Form 8606 is not required when the taxpayer: 1. make a deductible IRA contribution 2. Takes a qualified Roth IRA distribution 3. Converts a SEP IRA to a Roth IRA 4. Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Form 8606 is not required when a taxpayer A: Makes a deductible traditional IRA contribution. B:...
Form 8606 is not required when a taxpayer A: Makes a deductible traditional IRA contribution. B: Takes a qualified Roth IRA distribution. C: Converts a SEP IRA to a Roth IRA. D: Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required...
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required minimum distribution from his t O December 31, 2017. O March 1, 2018 O April 1, 2018. O April 18, 2018. Mark for folow up Question 3 of 75 Form 8606 is used for all of the following purposes EXCEPT: O To claim an exception to the penalty on an early distribution from a retirement plan. To calculate the taxable portion of a traditional...
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts...
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts for several years. withdraw $ 12,000 from one of her accounts. Victoriei tirement accounts for several years. In 2018, she decided to 62 years old. How does this transaction affect her 2018 tax vars old. How does this transaction return? O Victoria must report the entire amount of $12,000. U Mark for follow up Question 41 of 50. Evelyn, age 53, takes an early...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted $10,000 from her traditional IRA to a Roth IRA. In 2018, Janelle, then age 47, took a stribution from the Roth IRA. The value of the Roth IRA at the time was $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and...
Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and he qualified for a disaster distribution. He withdrew from his IRA on October 30, 2017, which he included in his gross income on his 2017 tax return. In 2015, Manuel was stieto deposit $60,000 in his IRA. What is the tax treatment of the $60,000 deposit? The deposit reduces his 2017 distribution. He will file a revised Form 8915B and an amended return for...
Question 60 of 75. Form 8606 is NOT required when a taxpayer Makes a deductible traditional IRA contribution. Takes a qualified Roth IRA distribution. O Converts a SEP IRA to a Roth IRA. O Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required minimum distribution from his t O December 31, 2017. O March 1, 2018 O April 1, 2018. O April 18, 2018. Mark for folow up Question 3 of 75 Form 8606 is used for all of the following purposes EXCEPT: O To claim an exception to the penalty on an early distribution from a retirement plan. To calculate the taxable portion of a traditional...
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts for several years. withdraw $ 12,000 from one of her accounts. Victoriei tirement accounts for several years. In 2018, she decided to 62 years old. How does this transaction affect her 2018 tax vars old. How does this transaction return? O Victoria must report the entire amount of $12,000. U Mark for follow up Question 41 of 50. Evelyn, age 53, takes an early...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted $10,000 from her traditional IRA to a Roth IRA. In 2018, Janelle, then age 47, took a stribution from the Roth IRA. The value of the Roth IRA at the time was $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
O $12.000 O $48.000 O $60,000 Mark for follow up Question 2 of 75. All income from a canceled debt may be excluded from income if the taxpayer O Received a Form 1099-C with $18.400 in box 2 and 516,700 in box 7 and they were insolvent by $2,900. Had a debt of $5,400 canceled, and prior to the debt, they were insolvent by $2.750. Had $12,500 of debt canceled, and prior to the cancellation, they were insolvent by $13,000....
Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and he qualified for a disaster distribution. He withdrew from his IRA on October 30, 2017, which he included in his gross income on his 2017 tax return. In 2015, Manuel was stieto deposit $60,000 in his IRA. What is the tax treatment of the $60,000 deposit? The deposit reduces his 2017 distribution. He will file a revised Form 8915B and an amended return for...
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